Arbitration Court

About the Arbitration Court

The Arbitration Court at the Chamber of Economy of Montenegro is an independent and autonomous institution that resolves domestic commercial disputes and disputes with international elements, in accordance with the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro and other rules and procedures agreed upon by the parties.

The parties may agree that, in addition to the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro, the UNCITRAL Arbitration Rules (United Nations Commission on International Trade Law) may also apply to the procedure.

The procedure before the Arbitration Court at the Chamber of Economy of Montenegro is conducted in a manner that ensures fair and efficient dispute resolution, avoiding unnecessary delays and costs.

Regulations

• Law on Arbitration (“Official Gazette of Montenegro”, No. 47/15)

• Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro (adopted at the Assembly session of the Chamber on November 11, 2015)

• UNCITRAL Arbitration Rules

• Code of Ethics for Arbitrators (adopted by the Presidency of the Arbitration Court at the Chamber of Economy of Montenegro)

Organization of the Arbitration Court

The Arbitration Court consists of the Presidency and the Secretariat.

The Presidency includes the President, Vice President, and five members:

• President: Vesko Božović

• Vice President: Dr. Dragoljub Drašković

• Members:

  • Prof. Dr. Nebojša Vučinić

  • Dijana Raičković

  • Rada Marković

  • Vuksan Vuksanović

  • Pavle D. Radovanović

The Secretariat has a professional service responsible for overseeing the efficiency of proceedings and the work of arbitrators, as well as performing other duties in accordance with the Arbitration Rules. It is headed by the Secretary.

Arbitrators

The parties have the right to choose arbitrators. Any legally competent natural person, regardless of citizenship, may be appointed as an arbitrator.
A recommended list of arbitrators is available at the Arbitration Court of the Chamber of Economy of Montenegro.

Advantages of Arbitration

• Party Autonomy: Parties independently decide on key aspects of the arbitration such as the selection of arbitrators, seat of arbitration, procedural rules, applicable law, language of the proceedings, and confidentiality.

• Single Instance: The arbitral award has the power of a final and enforceable court decision.

• Cost-Effective: Arbitration is generally less expensive due to its speed and procedural simplicity.

• Efficiency: Proceedings are typically concluded within six months of initiation.

• Confidentiality: Proceedings are confidential unless otherwise agreed by the parties.

• Recognition and Enforcement: Awards rendered in Montenegro are enforceable domestically and in almost all countries worldwide due to Montenegro’s accession to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

How to Use the Recommended Arbitration Clause

Parties wishing to resolve disputes before the Arbitration Court of the Chamber of Economy of Montenegro must include the recommended arbitration clause in their contract or enter into a separate arbitration agreement. By doing so, the parties agree to resolve disputes efficiently and professionally through arbitration.

The arbitration clause must be clearly and precisely formulated, so that it unambiguously confirms the parties’ agreement to final resolution of disputes by the Arbitration Court at the Chamber.

Recommended Clause:

“Any dispute, disagreement, or claim arising from or related to this contract, including its breach, termination, or validity, shall be finally resolved by arbitration in Podgorica in accordance with the Arbitration Rules of the Arbitration Court at the Chamber of Economy of Montenegro, applying the substantive law of Montenegro and in the Montenegrin language.”

In proceedings before the Arbitration Court, the parties are free to choose the number of arbitrators, seat of arbitration, substantive law, and language of the proceedings.