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Arbitration Clause

By making a deal and finalizing the contracts in writing it is very important to include into the text of agreement definite procedure of dispute settlement. If such cases before concluding the contract it is crucial to pay attention to the procedure of dispute settlement in your contract. If you want to settle the dispute at Riga Arbitration Court, you have to include one of the following Clauses into the documents (contracts, agreements, consignment notes):

1. “Any dispute, disagreement or claim deriving from this contract and related to it or its violation, termination or invalidity shall be settled at Riga Arbitration court (Reg. № 40003756873) according to the Statutes of the arbitrage in a body of one Arbitrary.”

When this Clause is used, the dispute will be settled in spoken (viva voce) procedure in presence of both parties.

“Any dispute, disagreement or claim deriving from this contract and related to it or its violation, termination or invalidity shall be settled at Riga Arbitration court (Reg. № 40003756873) according to the Statutes of the arbitrage in a body of one Arbitrary in written procedure on bases of submitted documents.”

When this Clause is used, the dispute will be settled on bases of submitted documents in absence of the parties.

3. “Any dispute, disagreement or claim deriving from this contract and related to it or its violation, termination or invalidity shall be settled at choice of Claimant at Riga Arbitration court (Reg. № 40003756873) according to the Statutes of the arbitrage in a body of one Arbitrary or in Court of the Republic of Latvia .”

When this Clause is used, the Claimant has a right to choose where to submit the claim – to Riga Arbitration court or official Court of the Republic of Latvia.

For more detailed comments and explanations please call or write.