On 21 September 2007 three decisions of the Lithuanian Arbitration Association adopted on 9 June 2007 came into force: on the approval of the Regulation of the Procedure of International Commercial Arbitration, the Regulation of the Procedure of National Commercial Arbitration, the Rules of Arbitration Fees and Costs and from 28 September 2007 the Regulation of the Procedure of Mediation and Conciliation came into force. These regulations are applicable to the activities of the Vilnius Court of Commercial Arbitration. The first two regulations govern the settlement of national or international commercial disputes by arbitration in cases where the parties to the dispute either agree in writing to settle their disputes at the Vilnius Court of Commercial Arbitration or agree to settle their disputes by arbitration in accordance with the regulation. The regulations establish the wording of an arbitration clause which if included in the parties agreement binds the contracting parties. The parties are also free to waive the application of these regulations. The regulations also explain relevant definitions, establish jurisdiction of disputes, composition of arbitral tribunal, conduct of arbitral proceedings, making awards, enforcement of arbitral awards and conduct of arbitral proceedings in Klaipeda Maritime Court of Arbitration. The size, calculation, distribution of the arbitration fees and other conditions regarding costs are set out in the Rules of Arbitration Fees and Costs (e.g. registration fee is 400 EUR for international disputes, 200 EUR for national disputes and the administration fee depends on the amount of the claim but will be at least 1 000 EUR). Mediation and conciliation procedure is organized by the Vilnius Court of Commercial Arbitration in accordance with the adopted Regulation of the Procedure of Mediation and Conciliation in cases where parties to the dispute wish to resolve the dispute without the state court or a court of arbitration.
For further information please contact Irmantas Norkus (firstname.lastname@example.org), Managing Partner at Norcous & Partners in Vilnius.