Arbitration Lawyers in Czech Republic - Cost-Effective Solutions
Arbitration Lawyers in Czech RepublicUpdated on Friday 28th January 2022
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The Czech Arbitration Act of 1963 is the basis for resolving various types of disputes, whether domestic or international. This set of laws has been changed over time to cover as many cases as possible that can be resolved through arbitration. Discover in this article some details about arbitration, but also about the legal help offered by our arbitration lawyers in the Czech Republic. We can properly manage the cases brought to our attention and provide optimal solutions.
Institutions empowered to resolve disputes through arbitration
From the very beginning, we mentioned that there are three arbitration courts in the Czech Republic, with the help of which various conflicts are resolved. We mention them here:
- Prague Arbitration Court - The only court that offers grounds for commercial arbitration.
- The Exchange Court of Arbitration - It is attached to the Stock Exchange in Prague and issues decisions in areas such as capital markets, trading, investment, etc.
- International Arbitration Court of Czech Commodity Exchange - issuing decisions for domestic and international disputes.
We mention that the Czech Arbitration Act was adopted in 1994, after a series of amendments to the legislation, after the end of the communist era, as part of the major reforms that took place in the Czech Republic. Our Czech arbitration lawyers are at your disposal if you want to know more about the procedures involved.
Arbitration as an alternative to the dispute resolution
Arbitration is also known as alternative dispute resolution and is used as a method of resolving disputes without involving the court. Thus, the arbitration award is the decision taken by the arbitrators regarding the presented conflicts and for which a correct and concrete solution is sought. Here are some other details about arbitration in the Czech Republic:
- Arbitration is used for commercial disputes, including international ones.
- Arbitration is flexible, transparent, and efficient.
- The Czech Arbitration Court has general jurisdiction and oversees settlement proceedings. It also provides administrative support to arbitral tribunals.
- The disputed parties shall present their case before the arbitrators, with evidence and supporting documents.
- One or more arbitrators will analyze the evidence presented and then decide on the resolution of the dispute.
- As a formality, the decision and the accepted solutions will be mentioned in an arbitration agreement, in addition to its standard terms and conditions.
It is important to note that the arbitration agreement must comply with Czech law, but also with international standards, where applicable. Please note that you can discuss more with our arbitration lawyers in the Czech Republic if you are interested in resolving disputes without going to court.
What are the responsibilities of arbitrators?
When arbitrators are elected, a document must be drafted stating full details about them. Arbitrators have several responsibilities, including:
- He/she must be aware of the legislation in force in the Czech Republic, but also with the international ones if the dispute is made between local and foreign parties.
- All details and information received by the arbitrators must be kept confidential. In cases where the parties involved in the dispute want to relieve the arbitrators from confidentiality obligations, the ordinary district court may come to their attention.
- If necessary, certain information may be disclosed by the arbitrators.
Competence to rule on the jurisdiction in Czech Republic
It is important to note from the start that the terms of the arbitration agreement between the parties determine the jurisdiction of the arbitral tribunal. According to Czech Arbitration Law, the arbitral tribunal has the power to rule on its jurisdiction, but if it finds that it does not have the necessary jurisdiction, it will order the termination of the arbitral proceedings. Full details of jurisdictions and jurisdiction in arbitration can be found in our team of arbitration lawyers in the Czech Republic.
As for foreign investors and businesses in the Czech Republic, the country offers a stable climate from an economic and political point of view. There are several incentives and tax cuts that attract a large number of foreign investors each year. Here are some statistics in this direction:
- In 2020, the Czech Republic recorded around USD 188 billion in total FDI stock.
- According to the 2020 Doing Business report, the Czech Republic ranked 41st out of 190 world economies in terms of business conditions and optimal development climate.
- The Netherlands is the largest investor in the Czech Republic, followed closely by Germany, Austria, and Luxembourg.
Want to know more about the legal services offered by our arbitration lawyers in the Czech Republic? Contact us immediately and ask for more details.