Trade Disputes in Hungary
- Hungarian Chamber of Commerce and Industry
- Arbitration Law
- LXXXI law from year 1994
- Conformity to International Commercial Arbitration Rules
Party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
- Appointment of Arbitrators
- The parties agree that all disputes arising from or in connection with the present contract, its breach, termination, validity or interpretation, shall be exclusively decided by the Court of Arbitration attached to the Hungarian Chamber of Commerce and Industry, Budapest in accordance with its own Rules of Procedure.
- Arbitration Procedure
- The mediation procedure may terminate with the signing of a settlement agreement by the parties, and must be terminated if the procedure does not result in a settlement within 4 months from its commencement. The parties may freely initiate a court or arbitration procedure regarding the same conflict even after a settlement has been concluded, but there are restrictions on the ability of the parties to refer to information acquired in the mediation procedure in the court or arbitration procedure.
- Permanent Arbitration Bodies
The permanent court of arbitration. (Sectors Covered: Attached to the Hungarian Chamber of Commerce and Industry, it act as the permanent court of arbitration in international cases.)
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