Arbitration is increasingly becoming a more common method for resolving business disputes. The Arbitration Institute of the Finland Chamber of Commerce is striving to raise the expertise in arbitration by launching the first Finnish Arbitration Academy. The institute will also host one of the main events in the arbitration field, the Helsinki International Arbitration Day 2014.
With a Nobel prize granted to President Martti Ahtisaari for his outstanding work as mediator and a general solution-oriented and practical approach to resolving disputes, Finland has proved to be effective and efficient in resolving disputes.
Further to a trusted and reliable judicial system, Finland exhibits an increasing use of arbitration as a method of resolving commercial disputes. When it comes to international business disputes, arbitration is clearly the preferred method of resolving disputes, which is in line with current international trends.
According to the 2013 statistics of the Arbitration Institute of the Finland Chamber of Commerce, 80 new arbitration cases were filed with the Institute in 2013. Around 25% of these cases were of international nature.
With a median duration of 9 months for standard arbitrations under the Arbitration Rules of the Finland Chamber of Commerce and 3 months for expedited ones (from the date the case file is received by the arbitral tribunal until the final arbitral award is rendered), arbitration is without a doubt a fast method of dispute resolution. Additionally, the new Rules in force as of 1 June 2013 include features which control the costs and efficiency of the process.
Lifting Finland’s profile and expertise to an international level
Arbitration has a long tradition in Finland. However, it has taken a while for Finland to mark its presence in the international context.
Having achieved the mature age of 100 years in 2011, the Arbitration Institute of the Finland Chamber of Commerce, one of the world’s oldest arbitration institutions, has seen that time has come now for raising Finland’s profile in arbitration to an international level.
On Thursday, 5 June 2014, top arbitration experts from Finland and abroad will gather to share their experiences at Helsinki International Arbitration Day 2014. Already in its third edition, the conference organized by the Finland Chamber of Commerce has managed to attract more than 200 participants in previous events. Helsinki International Arbitration Day is a unique opportunity to meet leading and experienced international arbitration practitioners. Registration for the conference ends 29 May 2014.
Further, the first Finnish Arbitration Academy will take place this year from the end of August until the beginning of December. The Academy’s 8 modules aim to provide legal practitioners with experience or interest in arbitration with the necessary tools to effectively participate in arbitrations as counsel or arbitrators in accordance with current best practices and standards. Applications for the Academy will be received until the end of March 2014.