About the ICAC under the EAC
The International Commercial Arbitration Court under the European Arbitration Chamber (the ICAC) is an independent permanent arbitration court, operating under its Rules, Articles 1676-1723 of the Belgian Judicial Code and Statute of the European Arbitration Chamber.
The Secretariat of the ICAC is located in Brussels, having also its representative offices in Italy, Poland, Georgia, Ukraine, the UAE and other countries.
The competence of the ICAC includes the resolution of disputes arising in the course of international trade and other types of economic relations, including but not limited to:
- contracts for the sale or supply of goods;
- performance of work and provision of services;
- exchange of goods and/or services;
- financial transactions;
- insurance and related matters.
Features of the ICAC under the EAC:
A Diverse and Multinational Panel of Arbitrators
- The ICAC under the EAC brings together leading experts in international arbitration from 35 jurisdictions. Accredited arbitrators include practicing lawyers with expertise in international trade, investment, contract and corporate law, logistics, intellectual property, information technology, and other business-related areas. Disputes are resolved by arbitrators selected by the parties and appointed by the President of the ICAC from the recommended panel of arbitrators.
ICAC Principles
- The ICAC under the EAC is guided by the standards of independence, impartiality and integrity as paramount and crucial features for its proper functioning.
Flexible arbitration procedure
- The parties have autonomy regarding the choice of substantive and procedural law governing the dispute, as well as the language of the proceedings, the place of the hearings, the number of arbitrators and the format of the arbitration (traditional arbitration or expedited online procedure of arbitration).
Use of Advanced Technologies
- Disputes can be resolved online, significantly reducing legal costs and saving time.
Optimal timing and cost
- The accelerated process of dispute resolution and the fixed amount of the arbitration fee make the dispute resolution procedure not only quick and cost-efficient.
Final and binding arbitral award
- In accordance with the ICAC Rules the arbitral award is final and binding for the parties. The dispute resolution procedure in the ICAC under the EAC does not provide an appeal.