The Romanian commercial arbitration market reported an increase of over 85 percent on the peak values arising in arbitration cases, in the last three years, according to Chiuariu & Asociatii law firm. The highest amount disputed in a case registered at The Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania was some EUR 2 million in 2008, while the highest average amount of the cases registered between 2009 and 2011 reached almost EUR 16 million.

“The increase of confidence in arbitration proceedings is fueled by weaknesses in the Romanian judiciary system – starting from 2008, terms of settlement have become extremely long, and arbitration can get much faster results. Also, parties can choose arbitrators with so much experience and specialization in a given area, that judges rarely can measure up with them," said Tudor Chiuariu, arbitrator of The Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania. Chiuariu, a former Justice Minister in Romania and member of the National Liberal Party, is the founder of the law firm Chiuariu & Asociatii.

Arbitration proceedings are a form of private justice that provides parties implied with advantages that are not found in state justice, reads a statement of the law firm. Fees charged to the Court of Arbitration of the Chamber of Commerce and Industry of Romania start from EUR 800 for arbitration cases with values of up to EUR 20,000.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: photoxpress.com)