Georgian International Arbitration Centre is founded with the initiative of the Georgian Chamber of Commerce and Industry (GCCI). The GCCI – as the organization protecting the interests of business entities in Georgia, considered the significance of the establishment of independent and reliable alternative dispute resolution mechanisms in the country and took into account the imminent necessity of modernization of already existing old-fashioned and inefficient arbitration court at the Chamber. The GCCI relying on the international practice, according to which the arbitration institutions are created by the Chamber of Commerce worldwide, founded Georgian International Arbitration Centre (GIAC) in December 2013.
One year of active cooperation of the GCCI and its partner organizations was proceeded by the establishment of the GIAC. The working group created at the GCCI played an important role in creation of the GIAC. This group was composed of the representatives of both governmental and non-governmental organizations, as well as those of private sector. The GIAC was established in a legal form of non-profit organization and it is not profit oriented. The formation of the arbitration institution as a non-profit organization is a widely accepted international practice and it is considered the best for proper functioning of such institution. Therefore, the GIAC is arbitration institution founded at the GCCI and it has replaced previously existing “Arbitration Court at the Georgian Chamber of Commerce and Industry LLC”, whose operation was suspended in 2012.
It should be emphasized here, that the GIAC is completely independent in its operations from the GCCI. Its managing bodies are the GIAC Board, the GIAC Arbitration Council and the GIAC Secretariat, which determine the main objectives and strategies of the GIAC and provide administration of the commercial arbitration disputes.
The central objective of the GIAC is to establish neutral, efficient and flexible alternative dispute resolution mechanisms. With the consideration that there was no international arbitration institution in the region, formation of the GIAC by the GCCI was an event of a huge significance. In addition, it is noteworthy, that GIAC is the only arbitration institution in Georgia that is not profit oriented.
The GIAC actively cooperating with other international arbitration institutions and internationally recognized arbitration practitioners.