BIAC – The New Player Among European Arbitration Centers
In cooperation with some of the major international law firms in Bucharest and the American Chamber of Commerce Romania, the Bucharest International Arbitration Court (BIAC) has become the newest addition to the body of arbitration centers seated in Europe. It is designed to introduce a world-class alternative to the current arbitration offering in Bucharest and the region and to contribute to the strengthening of the business environment and of the rule of law in Central and Eastern Europe.
The Bucharest International Arbitration Court (BIAC) is a new Romania-based arbitration center under the auspices of the American Chamber of Commerce in Romania (AmCham Romania), which will focus on business and commercial disputes in the Romanian and English languages, especially involving foreign investors and multinationals active in Romania. BIAC will have an initial closed list of almost 60 Romania-based and foreign arbitrators, all with strong reputations, substantial professional experience and specializations in niche areas such as FIDIC/construction law, intellectual property (IP) rights and securities law.
BIAC’s rules of arbitration are based on a combination of “best practices” arising from various international arbitration rules such as UNCITRAL, the LCIA, the ICC, the AAA/ICDR, etc., and by reference therein has adopted the International Bar Association’s Guidelines on Conflicts of Interest in International Commercial Arbitration and the International Bar Association’s Rules on the Taking of Evidence in International Commercial Arbitration. The rules of arbitration will also ensure that arbitration awards will generally be rendered within 6 to 9 months of the commencement of an arbitration procedure.
More details will be available soon on www.bucharestarbitration.org.