Conformity of The Riga International Arbitration Court to the Arbitration Law

2015. year 03 march

The Riga International Arbitration Court implementing the paragraph 8 section 6 requirements of the Arbitration Law confirms to the Register of Enterprises of the Republic of Latvia its list of arbitrators as updated. This fact also confirms that arbitrators of the Riga International Arbitration Court are suitable to the paragraph 14 sections 2 and 4 of the Arbitration Law, and that they are not subjects of restrictions mentioned in the paragraph 15 of the Arbitration Law.

At the same time the Riga International Arbitration Court in accordance with the paragraph 1 of the Arbitration Law Transitional Provisions has shown that it is fully consistent with the paragraph 2 sections 4 and 7 of the Arbitration Law.

The Register of Enterprises of the Republic of Latvia on February 26th, 2015 with its resolution No. 6-26/30109 recognized presented documents as appropriate to requests of laws and regulations, wherewith the Register of Enterprises of the Republic of Latvia accepted and added these documents to the registration file of the Riga International Arbitration Court.

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Legal expenses of the Riga International Arbitration Court are substantially lower than the court fees of the state’s courts of law and there are no expenses for appeals and the Supreme Court of Cassation needed.

Competence

Arbitration Court has an extensive list of arbitrators, consisting of highly competent professionals.

Quickness

Arbitration Court settles any disputes with no unnecessary delay - within a period between a month and 3 months, depending on the complexity of a case.