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Arbitration Agreement

Under the Law on commercial Agreement,an arbitration agreement or an An arbitration clause shall be concluded between the parties in written. The conclusion of the written agreement may be in any of these form s.

Written document, signed by both parties ( including the written agreement which includes arbitration clause)

Exchange of documents ( notices, telegram, faxes or the other documents) between the parties. These documents shall indicate the subject of arbitration agreement or exchange of claim and response to claim between the parties.

In these documents one if the parties shall claim the arbitration agreement and the other shall not dispute it. Arbitration agreement shall include the settlement of the parties to transfer their disputes ( all or part of them) to the arbitration.

This is the main element of agreement. There are other elements common in practice,such as the name of the arbitration institution, seat of the arbitration, number of arbitrators, language if procedure, and procedural rules, governing material Law, that are highly recommended but not compulsory.

The plaintiff may claim in courts despite the apparent arbitration agreement and the dispute may be settled by the concerned court s, provided that the defendant does not demand to apply the arbitration agreement.

There is a significant change in the approach ,since under the previous legislation court refused to start court proceedings or discontinued the started proceeding s irrespective of defendant s position ( a valid arbitration agreement used to be an absolute obstacle to any court proceedings).

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