GE

Why GIAC?

Why GIAC?

The first Georgian INTERNATIONAL arbitration institution

  • GIAC structurally is modelled according to well-established international arbitration institutions
  • GIAC Arbitration Rules are drafted with the active involvement of recognized international arbitration practitioners
  • GIAC Arbitration Rules are mostly designed for international disputes, however they are well suited for domestic arbitration as well
  • GIAC Secretariat as well as GIAC Arbitration Council is equipped with highly experienced arbitration lawyers and practitioners

The first non-profit arbitration institution in Georgia

  • GIAC is established as a non-commercial non-profit legal entity in contrast with the widely spread malpractice of establishing arbitration institutions as limited liability companies
  • GIAC is founded by Georgian Chamber of Commerce and Industry – the organization whose main aim is protect the interests of business entities in Georgia.

An independent and neutral arbitration institution

  • GIAC is a completely independent and neutral arbitration institution in all its activities;
  • GIAC is structurally independent from its founder – Georgian Chamber of Commerce and Industry
  • GIAC is a self-governing organization and such corporate structure is a guarantor of institution’s independence and neutrality
  • GIAC Arbitration may take place in any country, in any language and with any independent and impartial arbitrators of any nationality.

The GIAC Arbitration Rules are drafted by Committee of arbitration practitioners

  • The GIAC Arbitration Rules are drafted by well-known arbitration experts and practitioners.
  • The GIAC Rules are drafted based on the best arbitration practice, yet with full consideration of regional peculiarities.
  • The GAIC Rules combine recent developments and well-tried provisions in order to create a modern set of rules reflecting the needs of the parties.

 GIAC Rules are tailored to the needs of the Parties

  • The GIAC Rules allow full scale party autonomy within permissible legal framework.
  • The conduct of proceedings may be determined by the parties and the tribunal.
  • The parties can choose the language of the proceedings, the seat of arbitration and the applicable substantive law.
  • All arbitrators, appointed by the Parties or by the GIAC Arbitration Council, are required to submit a statement of independence (“disclosure”) to the parties, to their counsels, and GIAC Secretariat.

A full respect of arbitrators’ independence is the very first step to grant a correct conduct of the proceedings. In this respect, the GIAC is committed to constantly monitor the independence and impartiality of the arbitrators.

  • GIAC will appoint arbitrators if no agreement can be reached by the parties, thus ensuring that the time efficiency of the proceedings.
  • The GIAC Rules allow for the joinder of third parties and consolidation of proceedings in a flexible manner
  • Expedited arbitration proceedings are available, which will result in a final award within six months.
  • In order to enhance the enforceability of the award, the GIAC Arbitral Council scrutinizes the award and approves it.

GIAC arbitration is cost effective

  • The GIAC fee schedule allows for a predictable cost calculation.
  • Costs for arbitrators and administrative services are significantly lower in comparison to other arbitration institutions, as well as litigation.
  • Where the dispute does not exceed 100 000 USD it will fall under Fast Track Arbitration Procedures, which incorporates significantly reduced costs and reductive procedural provisions.

 Modern facilities for dispute settlement

  • Meeting rooms for arbitration hearings, party negotiations, arbitrators’ deliberations, mediation proceedings, etc.
  • Audio and video equipment.
  • Assistance with further logistical organization, e.g. identifying and obtaining court reporters, administrative secretaries or interpreters.

Georgia is an arbitration friendly forum

  • Georgian legal system is modern and arbitration-friendly with its Law on Arbitration based on the UNCITRAL Model Law on International Commercial Arbitration;
  • Georgia is the member of the 1958 New York Convention on Recognition and Enforcement of the Foreign Arbitral Awards;
  • Georgian legislation permits parties freedom of choice of counsel and arbitrators;
  • Georgia has open economy, low level of corruption and pro-business environment
  • Georgia is best located in the region on the crossroads of Europe and Asia;
  • Georgia is multi-cultural society with good legal and technological expertise and fluency in major languages used in business in the region
  • Georgian legislation permits foreign law firms to operate on its territory
  • Georgian legislation permits foreign residents to carry out arbitration without work permits or additional formal requirements
  • Georgia is a low cost environment, hotels and restaurants prices are, on an average, substantially lower than in other European countries.