Yulia Litovtseva has joined the panel of arbitrators of the AEB's Arbitration Court

The Arbitration Court of the Association of European Businesses was created as an independent permanent arbitration institution operating on the basis of the New York Convention “On the recognition and enforcement of foreign arbitral awards” dated 10 June 1958. The AEB emphasises that international arbitration courts are crucially important for the economic and legal systems when multilateral and bilateral legal disputes are resolved. Many countries have not signed mutual legal assistance treaties and/or enforcement treaties. For this reason a resolution of a state court of one country is often not enforceable in another country. Awards of international arbitration courts, such as the Arbitration Court of the AEB, are enforceable in each member state. 

“At present, self-regulation in a civil society when legal conflicts are resolved is an important aspect for shaping an ethical business environment," comments Ms Litovtseva. "With the workload of courts being very high and the number of business entities and of disputes between them steadily on the rise, interest is growing to different types of conciliation procedures. Commercial arbitration has some key advantages. The terms and conditions of the procedure for settling a dispute are known in advance and laid down in regulatory documents. Also, each party has a right to participate, on an equal footing, in the formation of the collective arbitration panel”.