The International Arbitration Court of the Czech Commodity Exchange (hereinafter referred to as the Arbitration Court) was established on the 1st January 1996 by the Czech Moravian Commodity Exchange Kladno on the basis of the provisions of Act No. 216/1994 Coll. On Arbitration Proceedings and on Enforcement of Arbitral Awards and § 28 of Act No. 229/1992 Coll. On Commodity Exchanges, as amended.
The Arbitration Court extends the possibility of resolving disputes that are already before the general courts in another way – by means of arbitration. The essence of arbitration is a freely entered into agreement between the Parties that in the event of a dispute, neither the Parties shall bring it to the Municipal Court, but shall submit it for discussion and for a decision to one or more arbitrators. The Arbitration Court shall act as the arbiter of such a dispute. The purpose of this solution is to significantly speed-up the settlement of disputes of a proprietary nature, both in terms of domestic and/or international trade.
In accordance with the Statutes of the Arbitration Court, the Court is headed by a seven-member Board. The Member of the Board may only be an arbitrator listed on the list of arbitrators held by the Court, who is highly competent, has worked as an arbitrator during a prolonged period and enjoys professional esteem both at home and abroad. The Board oversees the smooth functioning of the arbitration while all the work connected with the activities of the Arbitration Court is handled by the Secretary and the Secretariat.
The Arbitration Court maintains the list of Arbitrators. The rights and obligations of Arbitrators are governed by law and by the Statutes and Rules.
The Arbitration Court is independent in its decision-making and its organizational and economic activities.
Arbitration is the means used for resolving any dispute arising between contracting parties who conclude an exchange trade on the CMKB. The provision for arbitration, i.e. the Arbitration Clause, whereby the arbiter for the dispute is the International Arbitration Court of the Czech Commodity Exchange, constitutes an actual item of the final statement sheets of the CMKB.