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Time for an Albanian arbitration cuts costs and time

2024-08-14 17:43:00, Aktualitet CNA
Time for an Albanian arbitration cuts costs and time
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Arbitration presents an opportunity to improve business solutions through voluntary means, offering a range of different alternatives for resolving commercial disputes more efficiently than court-based methods.

ICC is the world business organization, which helps businesses of all sizes and in all countries to operate internationally, conducted a survey in Albania which, among other things, raised the need to use Albanian arbitration to resolve disputes between companies and businesses with parties the third.

Since 2016, Albania has implemented significant judicial reforms in response to EU membership requirements, which aim to increase integrity, independence, efficiency, trust, transparency, accountability and responsibility.

However, these reforms have led to a shortage of human resources, especially judges and prosecutors, whose absence has created significant court burdens and delays.

The ICC referred that these delays constitute a significant obstacle to the business environment, which favors the speedy resolution of disputes. Arbitration and mediation, in particular, appear as a promising solution in this scenario by offering expertise, expedited procedures and confidentiality.

The decree of the Law on Arbitration is considered by the experts to be a step forward for the promotion of international and domestic arbitration in Albania, thus promoting the growth of its business environment.

The combination of challenges presented by the Justice Reform and the adoption of the arbitration law serve as a catalyst for the flourishing of arbitration within the country.

Based on the internal survey, it was found that a significant number of participants want a branch of an international arbitration institution in Albania.

This could be achieved by providing more localized support and strengthening links between local arbitration practitioners and the international arbitration community.

To make domestic arbitration effective, a series of actions are needed, such as the implementation of programs to educate interested parties about the benefits of arbitration and familiarize them with its procedural aspects, targeting both legal professionals and the business community.

Businesses should be encouraged to include arbitration in contract clauses as a means of promoting arbitration as a preferred method of dispute resolution.

The application of arbitration in the resolution of aspects in business contracts is a tool that is increasingly being used in developed countries as it shortens the time of conflict resolution and increases the possibilities for reducing costs./ Monitor.al





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