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Arbitration Court at the Chamber of Economy of Montenegro

Arbitration Court at the Chamber of Economy of Montenegro

The Arbitration Court at the Chamber of Economy of Montenegro (the ACCEMN) is an autonomous and independent institution before which domestic commercial disputes and disputes with an international element are resolved in accordance with the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro and other rules and procedures agreed by the parties.

Apart from the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro, the parties may agree that the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) be applicable on conduct of dispute before the ACCEMN.

The ACCEMN conducts the proceedings so as to ensure a fair and efficient resolution of disputes and to avoid unnecessary delay and costs.

Legal framework

Law on Arbitration (Official Gazette of Montenegro 47/15)

Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro (adopted at the meeting of the Assembly of the Chamber of Economy of Montenegro held on 11 November 2015)

Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL)

Code of Ethics of Arbitrators (adopted at the meeting of the Presidency of the ACCEMN)

Law on Arbitration and the Arbitration Rules have been harmonized with the international rules, and in particular with the provisions of the UNCITRAL Model Law on International Commercial Arbitration.

Organization of the ACCEMN

The ACCEMN is composed of the Presidency and the Secretariat.

The Presidency consists of the President, Vice-President and five members.

The following are the members of the Presidency of the ACCEMN:

President: Vesko Božović, attorney-at-law from Podgorica

Vice-President: Stanko Zloković, Vice-President of the Chamber of Economy of Montenegro

Members: Nataša Sekulić, judge of the Commercial Court in Podgorica; Dragoljub Drašković, PhD, judge of the Constitutional Court of Montenegro; Nikola Martinović, attorney-at-law from Podgorica; Pavle D. Radovanović, Secretary General of the Chamber of Economy of Montenegro; Vuksan Vuksanović, Director of the Directorate of Legal Affairs in CrnogorskaKomercijalna Banka AD Podgorica

The Secretariat  has a professional service to supervise the efficiency of the proceedings and the work of the arbitrators as well as to perform other tasks in accordance with the Arbitration Rules. The Secretariat is managed by the Secretary. Maja Golović Vojinović, LL.B., holds the position of the Secretary of the ACCEMN.

Arbitrators

The parties have the right to choose arbitrators.  Any natural person having a capacity to contract may act as an arbitrator, regardless of his or her nationality.

At the ACCEMN there is a recommended list of arbitrators.

Advantages of arbitration

  • The Parties can freely decide on the matters relating to arbitrationsuch as: the choice of arbitrators, place of arbitration, rules of procedure, applicable law, the language to be used in the proceedings, confidentiality or openness of the proceedings;
  • The  proceedings  are limited to one instance (an arbitral award made by an arbitral tribunal has the force and effect of an enforceable document);
  • Cost-effectiveness (the costs of arbitration are lower thanthose of proceedings before other courts as the arbitral proceedings are fast and simple).
  • Efficiency (arbitral proceedings are finalized, as a rule, within six months from the date of initiating the proceedings);
  • Confidentiality  (unless otherwise agreed by the parties, arbitral proceedings are closed to the public);
  • Recognition and enforcement (arbitral award adopted in Montenegro may be enforced in Montenegro and in almost all countries in the world, considering that Montenegro is a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards – the “New York” Convention); 

How to use recommended arbitration clause

The parties wishing to refer their dispute to the ACCEMN are obliged to include into their contract a recommended arbitration clause or to conclude a separate agreement.By inclusion of an arbitration clause in their contract or by concluding a separate agreement the parties agree that they will resolve their dispute in the arbitral proceedings before the ACCEMN and thus ensure fast, efficient and professional resolution of their dispute.

The parties should be precise when drafting the arbitration clause. It is important that the arbitration clause is defined in such a manner that it exhibits a clear and unambiguous agreement of the parties that any dispute that may arise will be finally settled by arbitration and that it will be submitted for arbitration at the ACCEMN.

Recommended clause

„Any dispute, controversy or claim arising out of or in connection with this contract, including the breach, termination or validity thereof, shall be finally settled by arbitration in Podgorica in accordance with the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegroby applying the substantive law of Montenegro and in the Montenegrin language''.