Affirming arbitration helps to create a better business climate in Montenegro, which will attract new investments and contribute to the further growth of the Montenegrin economy, announced the president of the Chamber of Commerce (PKCG), Nina Drakić.
She said that arbitration, as a flexible, reliable and internationally recognized dispute resolution process, has a key role in preserving business interests and creating a favorable investment environment.
"The Chamber, together with the Arbitration Court, has been promoting arbitration for many years and has succeeded in making this process available and positioning it as an effective alternative to court proceedings," stated Drakić at the second Montenegrin arbitration day on the topic Why settle commercial disputes before the Arbitration Court at Chamber of Commerce of Montenegro?
The President of the Arbitration Court at the PKCG, Vesko Božović, assessed that this institution can boast of a series of activities carried out between the two Arbitration Days, among which the entry into force of two normative acts - the revised Arbitration Rules before the Arbitration Court at the Chamber of Commerce and the Rules on Arbitration - stand out. .
Among the newspapers, as announced by the PKCG, the participation of third parties in arbitration is particularly distinguished if it does not violate the rights of the parties, and which opens up opportunities for example for businesses, investment funds and other financial organizations, strong law firms to be participants in the proceedings.
The Minister of Justice, Bojan Božović, greeted the meeting via video connection, congratulating everyone who participated in the creation of an improved regulatory framework for the development of arbitration.
Božović announced the organization of a series of meetings with the PKCG and the Arbitration Court in order to achieve the level of readiness that Montenegro strives for in this area.
Professor Vladimir Pavić from Belgrade said that arbitration represents an effective alternative to classic court processes, especially for complex economic and international disputes.
He believes that with less formality, flexibility of the procedure and the possibility of choosing an arbitrator, arbitration enables speed and adaptation to the specific needs of the parties.
"Arbitration provides speed, efficiency of cross-border recognition and enforcement, and the possibility of contracting a neutral forum in international frameworks, which is of great importance for parties from different legal cultures," Pavić said.
He stated that when agreeing on arbitration, the main question is often which arbitration is to be brought before, which he considers wrong, because there are very few differences whether the process will be in London, Paris, Berlin or somewhere else.
Along with all the advantages, Pavić pointed out the possible disadvantages of the arbitration procedure. Some factors, such as language, bankruptcy or a large number of participants, can complicate the course of the proceedings, while in investment arbitration there are challenges due to specific legal issues.
Professor Davor Babić believes that arbitration is a key instrument in international law, enabling parties to quickly and efficiently resolve disputes.
He stated that the selection of the arbitration tribunal is essential, because its quality directly affects the quality and outcome of the arbitration. When choosing an arbitrator, the parties should strive for cooperation and trust, because well-chosen arbitrators, who enjoy the trust of both parties, contribute to a fairer and better procedure.
Babić also emphasized the importance of the flexibility of arbitration, which enables the adjustment of the procedure to the specifics of the dispute and international standards. This facilitates faster and more transparent resolution of disputes in accordance with the needs of all participants.
He believes that it is important to acquaint the public with the existing experience that the Arbitration Court at PKCG has created in its practice, because the developed arbitration practice and the support of state courts for arbitration represent a significant advantage for investors.
The arbitrator, former judge of the Appellate Court of Montenegro, Dijana Raičković, spoke about the legal framework that regulates arbitration in Montenegro, emphasizing the key laws and international conventions that enable efficient resolution of disputes.
"The Law on Arbitration (2015) defines domestic and international arbitration, and according to the Law on Enforcement and Security, arbitration decisions have the force of an enforceable document on the territory of Montenegro," said Raičković.
The participants agreed that it is necessary to further improve the legislative framework, in order to ensure the efficiency, transparency and reliability of the arbitration procedure, and thus the improvement of international commercial law.
The discussion showed that further education and strengthening of the legal community are the key to the successful application of arbitration in Montenegro.
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