The Yurydychna Praktyka Publishing researched the quality of arbitration services in Ukraine for the first time in the history of Ukrainian arbitration.
About the research
The research respondents sampled businesses and law firms – current and potential users of arbitration services.
Naturally, the research asked for the respondents’ feedback about the activities of the International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine (the ICAC) as one of two permanent arbitration institutions in Ukraine.
Let’s move on to the research findings
The research revealed an impressive positive assessment of the International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine (the ICAC). 88% of respondents are satisfied with the quality of the ICAC services and 64% of respondents consider the price-to-quality ratio to be the ICAC’s main advantage as compared to competing institutions.
The research of the quality of arbitration services is an objective users’ feedback and should become the basis for defining whether there is the need for further reform in the area of international arbitration. According to the research findings, for instance, the majority of respondents deem inappropriate the creation of new specialized courts, in particular investment courts, or new permanent arbitration institutions in Ukraine.
At the same time, the respondents unanimously supported the ambition of the ICAC to consider investment disputes and to mediate international commercial disputes.
The First and Not the Last
The Yurydychna Praktyka’s editorial board plans to convert the research of the quality of arbitration services in Ukraine into an annual analytical product, which will serve as a road map for the ICAC and the UMAC in identifying areas for improvement, and guide the legal market towards further development of their international arbitration practices.