Time and the form of dispute resolution are critically important when a dispute arises in business and in civil relationships. Timely remuneration of the funds invested in business helps the process of reinvestment. Arbitration is the best way to resolve the dispute and to save time and money.
Arbitration, as the alternative way of dispute resolution, is valuable for the parties of the dispute and for judicial system as well. Along with other favours arbitration offers to the parties the process which fits their requirements, possibility of the timely management and quick resolution of the case, as well as possibility to choose the arbitrators.
Decision made by the arbitration cannot be appealed in the court of appeals or in the court of cassation. The main difference from the ordinary process held in the court is exactly the fact that arbitration has only one stage of dispute resolution. Arbitration is alternative mechanism of dispute resolution that is widely spread, which gives the parties procedural flexibility and firm guarantees of confidentiality. The legal nature of arbitration is pretty much alike to the courts and its function is to resolve the specific case, not to search for the ways to solve the problem.
JMK arbitration offers quick and effective arbitration.
The maximum term for dispute resolution is 21 calendar days since the case is prepared for hearing.
In JMK arbitration the client pays fee for arbitration
- 2.5% of the total value of the claim but not less than GEL350
- The fee paid includes all expenses which are necessary for preparation and hearing of the case (except for those necessary for publication, if any).
Fee for claim securing in arbitration is only GEL100. State fee for the acknowledgement of the decision of the arbitration by the court of appeals is only GEL150.
By the articles 8 and 32 of the Law on Arbitration, legal proceedings and decision making process in arbitration can be held by the oral hearing, as well as based on the written materials, if the parties agreed so.
By the articles 2.b, 8 of the Law on Arbitration and the article 9 of the statute on JMK Arbitration, notification can be send in written form, by phone, e-mail etc.
JMK arbitration has electronic case management program, which makes it possible for the parties to submit claims and any other documentation by using it.
Any expenses in relation to the arbitration can be imposed on the party who lost the trial.