The ICC (International Chamber of Commerce) is fostering a tradition with its Arbitration Week, engaging various stakeholders to promote the vital practice of arbitration in business.
To explore the impact of arbitration on business activities, the American Chamber organized a training event focused on Commercial Arbitration and its specifics. The training was led by two lawyers, Merlin Papadhopulli and Xilda Vocaj, who shared their expertise from their international legal practice in France.
“For years, the American Chamber has contributed to public consultations with our top experts, advocating for arbitration as an effective alternative method of dispute resolution. The American Chamber recognizes the crucial role of Arbitration Law for both domestic businesses and foreign investors,” said Executive Director Neritan Mullaj in his welcoming speech.
The new law addresses the previous legal uncertainties that businesses faced when drafting contracts or resolving disputes. It also provides assurance to foreign investors that they can resolve disputes through arbitration locally or have their rights recognized from international arbitration courts.
Arbitration offers an efficient alternative for resolving disputes outside the court system, providing flexibility, time and cost efficiency, authoritative decisions, and confidentiality.
During the presentation, experts Papadhopulli and Vocaj illustrated these benefits with practical examples, detailing the arbitration process from selecting arbitrators to finalizing agreements. They also addressed numerous questions about enforcing arbitral awards internationally and the protocols and conventions governing this process.
The trainers explained that countries practicing arbitration have unified their domestic and international arbitration laws, incorporating the New York Convention and the United Nations Commission on International Trade Law (UNCITRAL) rules. This harmonization was also reflected in the Albanian arbitration law, aligning it with international standards.
