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The agreement between Chamber of Commerce and Industry of the Republic of Moldova and Chamber of Commerce and Industry of the Russian Federation on cooperation in the field of the international commercial arbitration

of March 14, 2003

Chamber of Commerce and Industry of the Republic of Moldova and Chamber of Commerce and Industry of the Russian Federation, hereinafter referred to as "Contracting parties",

in view of that the Republic of Moldova and the Russian Federation ratified the Convention on recognition and carrying out of foreign arbitral decisions of June 10, 1958,

wishing to promote use of the International Commercial Arbitrations under Chamber of Commerce and Industry as the effective tool of permission of the commercial disputes able to arise in the moldovo-Russian trade and economic relations, including investment,

agreed as follows:

Article 1

Contracting parties agreed to recommend according to the Moldavian and Russian physical persons and legal entities participating in implementation of commercial and commercial intercourses between the Republic of Moldova and the Russian Federation, to include the following arbitration clause in their contracts:

"All disputes or disagreements able to arise from this contract or in connection with it, are subject, with cognizance exception to general courts, permission in the arbitral way.

If defendant in such dispute or disagreement is the Moldavian physical person or legal entity, then arbitration proceeding will be performed in the International Commercial Arbitration Court under Chamber of Commerce and Industry of the Republic of Moldova according to its regulations.

If defendant in such dispute or disagreement is the Russian physical person or legal entity, then arbitration proceeding will be performed in Arbitration Court of Chamber of Commerce and Industry of the Russian Federation according to its Regulations.

The award of arbitration passed according to this arbitration clause will be final and binding upon both parties".

Article 2

Contracting parties will cooperate among themselves with the purpose of development of the International Commercial Arbitration.

Article 3

Contracting parties will inform each other on the legislation of the countries in the field of Commercial Arbitration and on activities of the relevant arbitral centers.

Article 4

Contracting parties agreed to meet periodically for consideration of all questions connected with accomplishment of this agreement.

Questions of carrying out and the agenda of the specified meetings will be approved by consultations between Contracting parties.

Article 5

This agreement becomes effective from the moment of its signing.

It can be terminated by means of the prior notice in twelve months of one of Contracting parties.

In case of cancellation of this agreement all obligations assumed by Contracting parties before its termination will be executed according to provisions of this agreement.

It is made in Chisinau on March 14, 2003 in two authentic copies in the Russian and Moldavian languages having identical legal force.

 

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