Rechkoski, Risto and Mickovski, Nikola (2016) LAW REGULATIVE FOR INTERNATIONAL TRADE ARBITRATION IN THE REPUBLIC OF MACEDONIA. In: 11th International Conference: KNOWLEDGE CAPITAL OF THE FUTURE - KNOWLEDGE IN PRACTICE, December, 16-18. 2016, Bansko Bulgaria.

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Arbitration is a body of non-governmental character, made up of more arbitrators which is chosen from
parties, and parties have agreed voluntary and by trust to pass meriotry decision in the dispute, and according to the
legal system that decision is equate to a valid court judgment. Discussing about the definition of arbitration
according to classical understanding, then elements from above definition are included, but those definitions
specifically insist on the term "private judgment" which refers to the nature of the arbitration court. The term "private
judgment" may be used conditionally, because that court produces legal effects that have the same consequences as
state court. When it is talk about historic arbitration judgment, it is known that the arbitration resolution of disputes
has been used in history, long before written laws occurand long before formal courts were established. One of the
main reasons that is guaranteed by arbitration is the confidentiality of the proceedings and adaptability of the arbitral
proceedings to the rules which are managed by parties. Agreement on international commercial arbitration is
agreement in which two or more parties agree that the dispute which has been or may arise between them, and has an
international character, should be solved by one or more arbitrators. The existence of the arbitration resolution of
disputes does possess many benefits that are provided especially for business subjects and companies which conduct
commercial activities in the domestic economy, especially those entering into relations with a foreign element. In its
functioning positive aspects are seen through: increased efficiency in resolving disputes, greater effectiveness, faster
timelines for resolving disputes, faster and more simple procedure, increased professionalism and experience of
arbitrators, very important element is the increased confidence by the parties to that "selected private judgment" and
the arbitrators themselves who decide the dispute according to previously agreed principles, rules and choice of law
by both sides of the dispute, also the choice of arbitrators gives a chance for more confidence in that authority, since
each party elected arbitrator and odd in number arbitrator even it is third or fifth is selected jointly by the two parties
together, it gives conditions for much greater confidence in the system of working, also in the decision of this
"chosen private court" parties, in the finality of the decision, that means voluntary accession of its enforcement, with
no extra and unnecessary costs. Using of these tools should be practiced more in the future. The existence of various
and well known arbitrations, most of those in Europe and the world, and in the Republic of Macedonia within the
Chamber of Commerce, giving wide opportunity to the parties to choose the forum before which may entrust the
performance of their disputes. Such intention is provided by positive regulations in Macedonia, which in more
regulations is encouraged the resolution of disputes on a voluntary basis through mediation, brokerage, and
arbitration. On the one hand, with arbitration is made unburdening of courts of excessive load of cases and disputes
that buried it and at the same time doing much more inefficient, but on the other hand the various biases that occur in
the judicial determination of disputes, which leads to increased loss of confidence in the judicial system.
Keywords: arbitration, arbitrators, organization of arbitration, disputes, procedure.

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Social Sciences > Law
Scientific Fields (Frascati) > Social Sciences > Other social sciences
Divisions: Faculty of Tourism and Hospitality
Depositing User: Mr Bojan Sekulovski
Date Deposited: 31 Oct 2017 09:14
Last Modified: 06 Nov 2017 08:33

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