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The legal status of the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (hereinafter, - the ICAC), i.e. its judicial personality, its operational setup, and its scope of competence are determined by:
According to the aforesaid Regulation, the ICAC is an independent and permanently operational arbitration body, which operates in compliance with the Ukrainian Law titled «On the International Commercial Arbitration»
The aforesaid legislation is based on the recognition of arbitration as a method widely applied to the resolution of disputes arising in the field of international trade. This legislation heeds the provisions on such a kind of arbitration as contained in the international treaties where Ukraine is a party to. First of all, it is the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards
The arbitration activity, same as the other methods of resolving disputes in Ukraine, is first of all based on the constitutional provision stating that everyone is entitled to protection of his or her rights against any violation and criminal intrusion in every legally permitted manner possible (Constitution of Ukraine, Article 55). One of such generally accepted methods to resolve a dispute under the civil law is an application to an arbitration court, which may be institutional or formed by the litigants in order to resolve a particular dispute (
The ICAC accepts for its consideration any disputes within its scope of competence, provided that there is a written agreement between the litigants to refer to the said court all or some particular disputes, which arise or may arise between the litigants with regard to any specific legal relationship, no matter whether it is of contractual nature or otherwise. An arbitration agreement may be reached for in the form of an arbitration clause in a contract or as a separate agreement.
The procedure for the application to the ICAC and for the consideration of cases is determined by the Rules of the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry, while the size of the arbitration fee collected on a case going into the court's consideration is determined by the Schedule of Arbitration Fees and Costs (Appendix to the Rules of the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry).
Organizationally, the ICAC at the Ukrainian CCI consists of the Arbiters, the Presidium, the President, two Vice Presidents and the Secretariat. The proceedings in cases are carried out by the arbiters elected or appointed from the List of Arbitrators approved by the Presidium of the Ukrainian Chamber of Commerce and Industry.
The ICAC awards are final for and binding upon the litigants; if refused from voluntary fulfillment, such arbitrary awards shall be enforced.
Although it operates under the aegis of the Ukrainian Chamber of Commerce and Industry, the ICAC remains an independent and separate arbitrary institution. The Ukrainian CCI is not a superior agency for, and has no administrative power in relation to,
In accordance with Article 1 of the Ukrainian Law titled «On Arbitration Courts», the said law is not applicable to international commercial arbitration and, hence, it is not applicable to the setup and operations
The ICAC is one of the largest and most influential centers of arbitration and it is recognized by both domestic and foreign business communities. The court maintains close cooperation with many permanent arbitration bodies and it is also a member of the International Federation of Commercial Arbitration