The Riga United Arbitration Court is a permanent and independent institution established to ensure the arbitration court with the independent, professional, objective and fast settlement of civil legal disputes within its jurisdiction.
The Riga United Arbitration Court was established on 3 July, 2007, and, with the Register of Enterprises of the Republic of Latvia decision of 19 July, 2007, was registered in the Arbitration Court Register of the Register of Enterprises of the Republic of Latvia under No. 40003940446.
The Riga United Arbitration Court settles disputes within its jurisdiction that ensue from civil legal relations, provided that the parties have agreed to submit the dispute to the arbitration court and that the dispute is not within the exclusive jurisdiction of the state courts.
Five reasons why a dispute is referred for settlement to the Riga United Arbitration Court:
- disputes are settled by the Riga United Arbitration Court within a month’s time and the awards are final and are not subject to appeal;
- if, when entering into an agreement, the parties agree to settle the dispute in written proceedings, the parties have no need to spend time attending court and the dispute is settled based on written evidence and materials submitted by the parties;
- the proceedings of an arbitration court are closed and confidential so the parties can be sure that commercial information obtained during the proceedings and included in the case will not be disclosed to third parties;
- an arbitrator most knowledgeable with legislation and practice of the particular dispute will be invited for the objective and professional settlement of the dispute in the particular proceedings;
- all arbitrators of the Riga United Arbitration Court have achieved the highest degree in law and are professionals in the fields of law and economics.
