The International Arbitration Court at the Czech-Moravian Commodity Exchange Kladno (PRIAC) and the Confederation of Industry of the Czech Republic (SP ČR) will cooperate on the development of an independent arbitral institution based in the Czech Republic, with the potential to become an internationally recognised arbitration centre for the resolution of commercial disputes. To that end they have concluded a Memorandum on the development of a respected international arbitration court in the Czech Republic.
JUDr. David Řezníček, member of the PRIAC Presidium, stated: “We perceive strong demand from the Czech business community for fast, effective, fair and predictable resolution of commercial disputes. Because PRIAC arbitrators also serve as arbitrators in prestigious arbitration courts abroad, we want to build the project from the outset as an international one and offer services to foreign entities as well.”
František Chaloupecký, Vice-President of SP ČR, added: “Arbitration is a standard and widely used method for resolving commercial disputes in the EU. We see that PRIAC — thanks to the excellent level of its arbitrators and its modern procedural model — has a chance to change that. That is why SP ČR has decided to support this project.”
The parties agreed that the advantages of arbitration — speed, confidentiality and broad international enforceability of arbitral awards — should be actively communicated to SP ČR members and the business community.