Romanian Arbitration Journal 2011 was published. The prestigious journal in Romanian , English and French languages, brings latest information about arbitral law, reviews, studies and articles signed by well-reputed Romanian and international arbitrators.
Ms. Cristiana Irinel Stoica, Founding Partner at STOICA & Asociatii, published the article called “New Regulation on Romanian Arbitration”.
The article discusses in detail the structure of the arbitral regulations as reflected in the New Romanian Civil Proceedings Code. 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 Romanian Civil Proceedings Code 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.
It is noted the significant contribution brought by the New Romanian Civil Proceedings Codein 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.