The Bucharest International Arbitration Court – BIAC – a new independent Romania-based arbitration center was launched on November 2nd, under the auspices of the American Chamber of Commerce in Romania (AmCham Romania).
The American Chamber of Commerce in Romania is launching a new independent Romania-based arbitration center – the Bucharest International Arbitration Court (BIAC) that comes to answer the ever sophisticated demands of local and foreign represented business community. The need for time effectiveness, respecting business principles and solving business disputes with a higher pace than the regular courts was seized by the AmCham community.
BIAC will focus on business and commercial disputes, especially involving foreign investors and multinationals active in Romania and will assist business persons as well as local and multinational companies doing business in our country, with respect to the adjudication of all types of contractual disputes between parties which have a presence here, including parties which have concluded contracts in a language other than Romanian.
BIAC will ensure arbitration services provided in a fair, transparent and expeditious manner, based on rules of arbitration that aggregate “best practices” in line with those of well-known international arbitration institutions. Also, the new court is appointing Romanian and foreign arbitrators which have strong reputations and substantial professional experience.
“These premises make us confident that BIAC will become an important pillar within arbitration in Central and Eastern Europe especially since we are aware of the high efforts we need to make in terms of promoting the principles of arbitration and also in educating the market for this kind of procedures. We have a lot of work to do and I invite you to join us in these efforts and get involved in the future success of BIAC”, mentioned Anda Todor, Member of the AmCham Romania Board of Directors.
To see photos from the event, please check the Gallery.