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Arbitration

The Arbitration Commission of the Belarusian Universal Commodity Exchange is a permanent arbitration body created with the sole purpose of resolving disputes that may arise between the parties to an exchange transaction. The Arbitration Commission acts in accordance with the Law of the Republic of Belarus "On commodity exchanges" dated January 5, 2009.

The Arbitration Commission initiates proceedings on a statement of claim only if the exchange contract contains a clause whereunder the dispute is handed over to the Arbitration Commission for settlement. This way the parties undertake the obligation to fulfill the Arbitration Commission's decision. When resolving disputes arising from exchange contracts, the Arbitration Commission is not bound by the economic procedural legislation of the Republic of Belarus.
In accordance with Article 30 of the Law of the Republic of Belarus "On commodity exchanges", the Arbitration Commission settles all disputes abiding by the procedure spelled out in the Regulations of the Arbitration Commission.

In accordance with the Law of the Republic of Belarus "On commodity exchanges", the decision of the Arbitration Commission is final and binding for the parties. Should either of the parties refuse to fulfill the decision of the Arbitration Commission, it shall be enforeced on the territory of Belarus in accordance with the procedure established by the economic procedural legislation of the Republic of Belarus, whereas outside the territory of Belarus the international law shall apply.

Participants of exchange trades are entitled to appeal to the Arbitration Commission to protect their rights and interests that are violated or contested by others, in accordance with the procedure established by the Regulations of the Arbitration Commission of Belarusian Universal Commodity Exchange. One can appeal against the decision of the Arbitration Commission in compliance with the procedure and on the grounds specified in the economic procedural legislation for appealing against the decisions of international arbitration courts (arbitral tribunals) on the territory of the Republic of Belarus.

For detailed information on the dispute settlement procedure as well as rights and obligations of the parties, please refer to  the Regulations of the Arbitration Commission of Belarusian Universal Commodity Exchange.

More information and consultations:

+375 (17) 309 32 65n.kadyko@butb.by

+375 (17) 309 37 23e.luchenok@butb.by

+375 (17) 309 37 33 (fax), arbitr@butb.by