The establisher of the Riga International Commercial Arbitration Court is the society „European lawyers’ chamber” which determined the following objectives and principles of arbitration:
To secure an impartial settlement of disputes, including for parties with different legal, public and economic systems.
LegalityThe arbitration proceedings and arbitration court resolutions fully comply with provisions of law, arbitration rules and agreement of the parties.
TransparencyThe arbitration proceeding is transparent and clear, especially in questions of appointment and challenge to arbitrators, apportionment of arbitration costs and other questions.
Equality of the parties and controversialityThe parties have equal opportunities to express their opinions and to protect their rights, along with active and competitive participation in the arbitration proceeding.
Impartiality and independence of arbitratorsThe arbitrator carries out his obligations fairly, without being affected by any influence; he is impartial and independent, and he is also obliged to reveal to the parties any circumstances that can raise justified doubts in his impartiality and independence.
ConfidentialityAll information pertaining to court the arbitration proceeding is confidential and without the consent of the parties it cannot be disclosed, published or given out to third parties.
In addition to the conventional advantages of arbitration, such as the speed of the process, flexible dispute settlement, confidentiality, the recognition and enforcement of foreign arbitral awards, qualification of arbitrators and language of arbitration, the Riga International Commercial Arbitration Court possesses a number of specific advantages:
AccessibilityAccessible location in Europe, Riga’s modern infrastructure and prompt feedback.
TechnologyHigh level of standardisation and automation allows us to manage arbitration proceedings most effectively.
PortalEach of the dispute parties is given access to the commercial arbitration court’s portal, which, as well as providing additional feedback, allows the parties to work comfortably with their case materials from anywhere in the world and at any time.
Competitive priceWe do not charge parties excessive or unreasonable fees to resolve disputes and to meet the requirements. We objectively calculate the work of the professionals involved according to their qualifications and the results produced; this determines our position regarding the competitiveness of tariffs offered by us.
- Amount of the Claim: 155 450
- Number of arbitrators: 8
- Fees of the Arbitral Tribunal: 5 450
- Administrative charge: 10 000
- Total: 15 450 EUR