The July number of the legal revue „Curierul Judiciar” published the article „New Regulations on Arbitration” signed by Ms Cristiana Irinel Stoica, Founding Partner at STOICA & Asociatii. The article discusses in detail the structure of the arbitral regulations as reflected in the new Code of Civil Procedure. We can speak of a real restructuring both formal and in substance of the institution of arbitration. Ms Stoica analyzes in the article the novelty brought by the new Code of Civil Procedure in relation with arbitration. There are presented in details regulations related to the definitions of arbitration and institutional arbitration, the representation of parties in the arbitration procedure, arbitral convention, arbitral court, arbitral procedure, enforcement of the arbitral decision.
One of the novelty brought by the new arbitration regulation is the introduction of arbitral definitions. The arbitration is defined as „alternative jurisdiction with private character”. The institutional arbitration is defined as „juridical arbitral functioning permanently attached to an organization or to an internal or international institution”.
It is noted the significant contribution brought by the new Code of Civil Procedure in the arbitration and international arbitration. The new stipulations are more adapted to current requirements related to initiation and organization of arbitration, requirements imposed by the commercial exchanges between EU states, as well as by the European Union legislation.
For arbitrators, these new regulations are likely to contribute to the effectivness of the arbitration act on condition they are applied both in letter and spirit of the respective provisions.
The complete article can be read here.
In November 2010, STOICA & Asociatii will celebrate 15 years since its foundation. Set-up in November 1995, by the association of two Romanian pre-eminent lawyers, Professor Valeriu STOICA and Cristiana I. STOICA, the law firm STOICA & Asociaţii has constantly extended the area of expertise and has developed a team of 40 lawyers with solid professional background.