Riga International Arbitration Court was established in October, 1995. It is a private institution acting independently and being entitled by law to settle civil disputes through arbitration between legal entities and individuals irrespective of their place of registration or residence.
Riga International Arbitration Court rewievs cases pursuant to its Regulations, unless the parties have agreed on another specific procedure for their dispute settlement. The arbitration procedure is also governed by the Latvian Law on Civil Procedure which sets the main principles for issuance and enforcement of arbitral awards. The Regulations of Riga International Arbitration Court have been developed by incorporation of the UNCITRAL Rules of Arbitration and its Model Law, and therefore, the standards of international arbitration procedure are being met.
Provided that the parties have referred to Riga International Arbitration Court in writing, it may accept and review any civil law dispute, unless there is a specific reference in Latvian law that the dispute is within the exclusive jurisdiction of the State courts.
We recommend to include arbitration as the means of dispute settlement between entrepreneurs because it provides several important advantages to compare with the general procedure of litigation by courts:
- The competence of arbitrators is higher in light of their expertise in the various fields of business. The parties in arbitration may freely select the arbitration panel which shall review their case.
- Arbitration provides impartial review since the parties may each appoint a person of its trust for the particular case.
- Arbitration is confidential in comparison to the State court system which may be subject to disclosure requirements and public attendance. Other persons may not be present at the arbitration proceeding, unless the parties expressly permit them to participate. The arbitration panel may not disclose its findings or reward to general public.
- Arbitration is less expensive because the charge for dispute settlement through Riga International Arbitration Court does not exceed the state fee payable for the initiation of a regular court review under Latvian procedural laws. There is also no need for additional expenses since there is usually no appeal from the arbitral award.
- The review of cases at Riga International Arbitration Court takes place in casual atmosphere which is set by the parties themselves.
- The parties submitting their dispute to arbitration may agree on the language of review and even specify the place of review of such dispute.
- The enforcement of arbitral awards is ensured in more than 100 countries, including Latvia, by the Convention on Recognition and Enforcement of Arbitral Awards done at New York on 10 June 1958.
Palasta str 10, Riga, Latvia
Opening hours: every working day 11.00 - 13.00
Legal expenses of the Riga International Arbitration Court are substantially lower than the court fees of the state’s courts of law and there are no expenses for appeals and the Supreme Court of Cassation needed.
Arbitration Court has an extensive list of arbitrators, consisting of highly competent professionals.
Arbitration Court settles any disputes with no unnecessary delay - within a period between a month and 3 months, depending on the complexity of a case.