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Commercial arbitration
| Information presented in this booklet is intended for general use and may change without prior notice. For up-to-date and detailed data, please consult your legal adviser . |
| All rights reserved by the author. |
| First edition 1998 |
| Published by : |
| IRAN CHAMBER OF COMMERCE, INDUSTRIES AND MINES |
| Arbitrating the national and international differences which may arise between businesspersons, is a function legally delegated to the Iran Chamber Arbitration Center. The Center has been active in resolving differences on the basis of domestic arbitration regulations. however, since september 1997, when the Law of international Commercial Arbitration (LICA) was approved, an amicable settlement of disputes involving Iranian and foreign businesspersons can be reached through a more comprehensive and updated legal instrument. The Law is based primarily on the principles enshrined in the Model Arbitration Rules of the United Nations Commission on International Trade Law, known as UNCITRAL. |
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What is the acceptable form of an arbitration agreement according to the Law of International Commercial Arbitration (LICA) ? |
| The form is varied. An arbitration agreement can be conceived by a document signed by the parties, or through a letter, telex, telegram and the like, indicating the creation of an agreement . If one of the parties in his application for arbitration or in his defense, proclaims the existence of an agreement and the other party accepts it in practice, it is considered that there is an arbitration agreement . |
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When is arbitration considered international ? |
| In the event that one of the parties is not considered an Iranian, as stipulated by Iranian law, at the time of the conclusion of the arbitration agreement, then the proceeding is defined as being international . |
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Who is entitled to ask for arbitration ? |
| All persons who are competent to litigate, may ask for settlement of their disputes through arbitration, in line with the rules set out in the LICA. Even pending lawsuits already in the courts, can be put to arbitration . However, based on the stipulation of Principle 139 of the Iranian Constitutional Law, putting governmental and public assets to arbitration needs special permission . |
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In which areas of commercial activities can arbitration be applied, according to the LICA ? |
| Recourse can be had to arbitration for resolving disputes emerging from international commercial relations such as the sale and purchase of goods and services, transport, insurance, financial affairs, consulting services, investment, technical cooperation, representation, commission agency, commission, contracting and similar activities. |
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What about the number and manner of the designation of arbitrators ? |
| The designation of arbitrators lies with the disputing parties. if not designated, a panel of three arbitrator shall be appointed to resolve the difference. |
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Should the arbitrator or arbitrators have Iranian nationality ? |
| They can be foreign persons, too. However, as long as a dispute is not arisen, the Iranian side can not bind itself in the transaction contract, by stipulating that in the event of the development of a difference, it would be nationality as that of the other party. |