The Arbitration Law has adopted

2014. year 03 october

On September 11, 2014 the Saeima made the decision to adopt the Arbitration Law, which has been promulgated on October 1, 2014. The Arbitration Law is set to come into force on 1 January 2015.

The adoption of the new Arbitration Law is going to change the legal regulation of arbitration action. The full text of the law can be viewed on the webpage likumi.lv -http://likumi.lv/doc.php?id=269189.

The Riga International Arbitration Court already fully complies with the requirements defined in the Arbitration Law in relation to both the arbitration and its organization.

Nevertheless, due to the adoption of the new law the Riga International Arbitration Court has begun work on a new edition of its  Arbitration Rules, in order to fully harmonize the Rules with the new Arbitration Law.

The new edition of the Arbitration Rules shall take effect starting from 1 January 2015, and their full text will be available on the Riga International Arbitration website.

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Why we?

Expenses

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.