International Commercial Arbitration at Czech Republic
Are you looking for information about International Commercial Arbitration in the Czech Republic? Here's a concise overview to get you started:
International Commercial Arbitration in the Czech Republic
1. Legal Framework:
The Czech Republic is a signatory to the New York Convention (1958) on the recognition and enforcement of foreign arbitral awards.
Arbitration is mainly governed by the Czech Arbitration Act (Act No. 216/1994 Coll.), which implements the UNCITRAL Model Law on International Commercial Arbitration.
This law applies to both domestic and international arbitration proceedings.
2. Arbitration Institutions:
The Czech Arbitration Court at the Economic Chamber of the Czech Republic and Agricultural Chamber of the Czech Republic is the main arbitration institution.
Other bodies like the International Court of Arbitration (ICC) or LCIA also administer arbitration proceedings in the Czech Republic if parties choose them.
3. Arbitration Agreement:
Parties must have a written arbitration agreement to refer disputes to arbitration.
The agreement can specify rules, place, language, and the number of arbitrators.
4. Seat of Arbitration:
The seat (legal place) of arbitration is important as it determines the procedural law. Prague is a popular seat in the Czech Republic.
5. Recognition and Enforcement:
The Czech courts generally respect arbitration agreements and arbitral awards.
Awards can be enforced domestically under the New York Convention framework.
6. Advantages:
Neutral forum for international disputes.
Flexibility in procedure, choice of arbitrators, and confidentiality.
Finality and enforceability of awards.
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