First Sarajevo Arbitration Day
The first Sarajevo Arbitration Day, held on 28 October 2014, gathered both representatives of leading business companies and relevant stakeholders in the BiH market. Panelists gave insightful inputs on arbitration from both international and local level, which was followed by fruitful discussion throughout the day.
Mr. Florian Haugeneder, Partner from WOLF THEISS, gave opening presentation on arbitration from counsel’s perspective. Aside, basic aspects of this dispute settlement mechanism, Florian especially focused on classical mistakes that parties make and which can be avoided if the parties are advised adequately.
“Both business companies and the arbitration practitioners agree that arbitration is preferred dispute settlement mechanism. However, many opt for arbitration without knowing what it actually is. Consequently, almost 30 percent of costs and disputes arise from such mistakes, which can be effectively avoided.“
Ms. Nevena Jevremović, president of the Association ARBITRI, presented relevant framework for arbitration in Bosnia and Herzegovina, focusing in particularly on possibilities and perspectives for use arbitration of arbitration in practice. Namely, Ms. Jevremović pointed out that current legal framework provides for arbitration in energy disputes, infrastructure projects, concessions agreements and labor law.
Prof. dr. Abedin Bikić as presented of the Arbitration Court attached to BiH Foreign Chamber of Commerce presented current practice of this institution and once again emphasized why arbitration is a dispute resolution mechanism more beneficial to business companies that the classical court litigation.
“Arbitration is based on parties consent and gives the parties sufficient freedom to tailor the process to their needs and still be able to obtain a final and binding and typically easily enforceable award“, prof. Bikić emphasized.
Prof. Dr. Veljko Trivun, professor of business law at the School of Economics and Business of University of Sarajevo, presented his experience as arbitrator from the perspective of both practice and current legal framework.
“Arbitration is a way that one good process is not completely won, and that one bad process is not completely lost“, prof. Trivun quotes Cicero in order to illustrate the basic nature of arbitration.
Representatives of Siemens, Elektroprivreda, Messer, Hypo-Alpe-Adria Bank, as well as BiH Foreign Chamber of Commerce, RS Chamber of Commerce, Foreign Investors Council, USAID and FBiH Union of Employers expressed the need for a continuous education and implementation of activities focused on raising awareness on arbitration among local business community!
Sarajevo Arbitration Day will become an annual event and will hopefully continue its success in upcoming years. Association ARBITRI will continue to work on bringing the local business together in order to create a network that will raise and address issues relevant for them and thereby contribute to reforming the arbitration framework in BiH.