Given that there is no economic court in Armenia, the commercial disputes are solved in two judicial structures – the Financial Arbitrage established by the Union of Banks of Armenia and the Arbitration Court at the Chamber of Commerce and Industry. Representatives of both structures say that the number of those using their services increases year by year.
The Financial Arbitrage created in 2010 is already a full-fledged structure, its President Naira Margaryan told reporters today, adding that no one has ever been dissatisfied with the verdict. It’s usually banks and crediting organizations applying to the Fanatical Arbitrage.
The Arbitration Court also solves commercial disputes. Although established five years ago, the court is still in the stage of development, its secretary Armen Voskanyan said. Representative of the court says it has several advantages over others. For example, it has a four-month maximum term for consideration of cases and ensures the secrecy. Besides, the hearings on the case can be held in a foreign language.
According to Armen Voskaynan, most of the cases refer to the failure to meet the financial commitments. If the parties sign an arbitration agreement when concluding a deal, they will have to apply either to the Financial Arbitrage or the Arbitration Court in case commercial disputes emerge. No other court will take up the issue.
An important factor is that the verdicts of both above-mentioned structures are final and are not subject to reconsideration in other instances.