New Arbitration Rules Enter Into Force In Romania

On 1 January 2018, New Rules of Arbitration entered into force for commercial arbitration proceedings before the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania (CCIR), the main arbitral institution in Romania The aim of the New Rules is to improve the functioning of commercial arbitration proceedings.

The New Rules comply with the applicable legal provisions of the new Romanian Civil and Civil Procedure Codes, and are aligned with the arbitration rules of the main arbitral institutions in the European Union and of the United Nations Commission on International Trade Law (UNCITRAL).

Unless stated otherwise in an arbitration clause, the New Rules apply to all disputes submitted to CCIR as of 1 January 2018.