Aceris Law on International Commercial Arbitration in Serbia
On October 3, 2017, Aceris Law shared a news about the current scenario of international arbitration in Serbia.
- (1888PressRelease) October 13, 2017 - On October 3, 2017, a news was shared on the website of Aceris Law related to international arbitration in Serbia. International commercial arbitration is a popular method for resolving international commercial disputes in Serbia and a preferable alternative to State courts, where proceedings remain slow and can take years to a final judgment.
The arbitration regime in Serbia was enhanced when, in 2006, the Serbian government passed a new Serbian Arbitration Act, a modern law adopted as part of a wider reform in an attempt to make Serbia a more business-friendly location for foreign companies.
The Arbitration Act gathers provisions previously contained in the Civil Procedural Law and the Serbian Act on Conflict of Laws and is largely based on the UNCITRAL Model Law (1985). There are two main permanent arbitration institutions in Serbia, which are the Foreign Trade Court of Arbitration established as a part of the Serbian Chamber of Commerce and Industry in 1947 and the recently established Belgrade Arbitration Center about which we have previously reported.
Concerning choice of law, the parties are free to choose any law to govern their contract. Absence the parties’ agreement, the tribunal may apply such law or rules as referred to by the relevant conflict of law rules and will always take into account the terms of the parties’ contract and usages.
To know more details, you can visit https://www.acerislaw.com/international-commercial-arbitration-in-serbia/
About Aceris Law
Aceris Law LLC’s offices are located in Geneva and Paris, but its lawyers have permanent access to offices in over 110 countries to meet and work with clients. Aceris works closely on cases with the other highly specialized international arbitration lawyers of the IAA Network, who are based in London, Paris, Madrid, Istanbul, Singapore, New York, Los Angeles and Pretoria, South Africa.
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