Arbitral proceedings (also known as arbitration) provide a flexible and effective method of dealing with disputes resulting in an arbitral award, which resolves the given dispute with final and binding effect. The process is governed by Act No. 216/1994 Coll., on arbitral proceedings and enforcement of arbitral awards. Unlike in court, one or more arbitrators are called upon to hear and decide disputes in arbitration – they are experts in the given field who dedicate their full attention and efforts to the dispute. This significantly reduces the duration of the whole process, especially compared to litigation. Moreover, an arbitral award is rendered by an expert in the given field of business in which (s)he specialises.
An arbitral award serves in the Czech Republic as a fully-fledged enforcement title, which is enforceable in more than 150 countries of the world in the case of international disputes.
Arbitration held before the International Arbitration Court of the Czech Commodity Exchange guarantees the highest standard of services based on accurately phrased rules and careful selection of experts serving on the Arbitration Court as arbitrators.