The Bucharest International Arbitration Court (BIAC), a new independent Romania-based arbitration center was launched on November 2, under the auspices of the American Chamber of Commerce in Romania (AmCham Romania).

The new court will try to solve business and commercial disputes in Romanian and English languages, focusing on disputes related to foreign investors and multinationals active in Romania.

The BIAC’s rules of arbitration are based on a combination of "best practices" arising from various international arbitration rules such as UNCITRAL, the LCIA, the ICC and the AAA/ICDR, according to a press release issued by AmCham.

The BIAC is also one of the few courts of arbitration in the Central and East European region which is implementing the “Equal Representation in Arbitration” pledge to improve the profile and representation of women in arbitration.

The BIAC recently appointed Annet van Hooft, a well-known international arbitration practitioner, as its Honorary President. Mrs. van Hooft has extensive arbitration experience under the rules of various international arbitration institutions, including the International Court of Arbitration (ICC), the Stockholm Chamber of Commerce (SCC), and the World Intellectual Property Organisation (WIPO), as well as in ad hoc proceedings.

Two other arbitrage courts operate in Romania: the Court of International Commercial Arbitration next to the Chamber of Commerce and Industry of Romania (CCIR) and the Arbitration Court next to the German Chamber of Commerce in Romania (AHK Romania).

The arbitration courts aim to provide a quicker and more efficient alternative for solving business and commercial disputes between investors.

editor@romania-insider.com