Rules of Riga International Arbitration Court
§2. The arbitration agreement.
The Arbitration Agreement is an agreement to settle a dispute which has already arisen or may arise in the future, by arbitration. The Arbitration Agreement may be concluded by any capable natural person, legal person, or public legal person in the field of private law.
The Arbitration Agreement shall be concluded in writing.
The Arbitration Agreement as a separate provision may be included in any agreement of the parties (the “Arbitration Clause”) that includes an obligation which is related to or may be related to the origin of the civil dispute.
A written agreement is considered to be an agreement that is concluded by means of exchange of mail or by use of electronic means of communication by ensuring that the intent of the parties to settle the arisen or potential civil dispute by arbitration is recorded by secure electronic signature.
If the parties have agreed to settle the dispute by arbitration, but the specific place of arbitration has not been stipulated, and the Claimant has submitted its Request for Arbitration to the Riga International Arbitration Court, and another party has agreed to it, the dispute is within the jurisdiction of this Arbitration Court.
By concluding of the Arbitration Agreement, the parties may in addition agree upon the number of arbitrators, the procedure of arbitration, to choose verbal or written process, the place of arbitration, the language of arbitration, the applicable law as well as on other issues according to the law.
The persons who have concluded an Arbitration Agreement on settlement of their civil dispute by arbitration may not rescind it, provided that the Arbitration Agreement was not altered or cancelled in the manner determined in the law or Agreement.
The Arbitration Agreement is modified or cancelled by means of written agreement between the parties.
The Arbitration Agreement shall be valid until the legal relationships, in connection with which it was concluded, are terminated.
If the Arbitration Agreement is included as a separate provision in the agreement concluded between the parties, the Arbitration Agreement shall be considered as an independent agreement. The Arbitration Agreement also remains in force in case if an agreement in which it is included has expired or rendered ineffective.
By cession of claim, the right of claim is transferred to cessionary, but not the arbitration clause that is included in the agreement to resolve the civil dispute in the Arbitration Court.
The parties may agree, on the basis of laws of which country the validity of the Arbitration Agreement should be considered. If the parties have not agreed, the applicable law shall be determined in accordance with Articles 19 and 25 of the Civil Law of Latvia and Regulation (EC) No 593/2008 of the European Parliament and of the Council.