In Nizhny Novgorod opened a Branch of the International commercial arbitration court at the RF CCI
In Nizhny Novgorod opened Department of the International commercial arbitration court at the chamber of Commerce and industry of the Russian Federation (hereinafter – ICAC).
ICAC is a type of alternative litigation that has number of advantages:
- possibility of independent choice of judges-highly qualified specialists in their field;
- minimum terms of dispute resolution (up to 2 months);
- possibility of dispute resolution in one instance (absence of appeal and cassation instance)
- confidentiality of dispute resolution (disputes are considered in closed session);
- reduced costs for the trial (taking into account the proceedings in one instance);
- preservation of partnership relations and business reputation of contractors;
- obtaining writ of execution for decisions of the ICAC.
"The ICAC is a serious tool for improving the investment climate, which will give a new impetus to the use of such courts. Nizhny Novgorod branch will serve a number of regions, and this recognition of Nizhny Novgorod as a center of commercial activity» - marked Gleb Nikitin at the opening of the Department in Nizhny Novgorod.