Comment: What Are Advantages And Disadvantages Of The Arbitration Centres That Exist In Ukraine?

There are two international arbitration institutions at the Ukrainian Chamber of Commerce and Industry (UCCI): International Commercial Arbitration Court (ICAC) and International Maritime Commission (IMC). The main advantages of those dispute resolution forums are the reasonable costs of arbitration and a less formal procedure compared to litigation in Ukrainian courts. At the same, time the rules of the ICAC and IMC at the UCCI may be not the best choice for complex, complicated and multi-party disputes.

One of the features of arbitration at the ICAC or IMC at the UCCI is a list of recommended arbitrators. The most famous international arbitral institutions, such as LCIA, SCC or ICC, do not have this type of list. At the same time, taking into account that arbitration is still quite a "young" dispute resolution mechanism for Ukraine and most practitioners are not familiar with all the details of its procedure, the list of recommended arbitrators may be quite helpful