How is arbitration initiated?

A request complying with section 11 of the Rules of the Arbitration Institute is submitted to the Institute in writing in two copies with appendices and copies with appendices to the Arbitral Tribunal. If there are more respondents than one, it is recommended that the request and appendices are also submitted in as many copies as there are respondents with copies for the Arbitral Tribunal.

The request shall inter alia contain a short account of the dispute, and the parties to the dispute with their contact information and a preliminary statement of the claimant’s claims including the value of the claims in euros. The document containing the arbitration agreement must be appended to the request. If the claimant has a counsel, the request has to contain a power of attorney. For further information on the initiation of arbitration please see Arbitration Proceedings/Initiation of Arbitration.

How long does arbitration take?

The Arbitration Act does not have a set period for rendering the arbitral award.

If the arbitration is conducted in accordance with the Arbitration Rules, the time limit for rendering the arbitral award is one year. According to the Rules for Expedited Arbitration the arbitral award shall be rendered within 3 months.

The median duration of arbitration under the Arbitration Rules is about 9 months.

How are the arbitrators chosen?

The arbitrators are chosen on the basis of their experience and expertise.

Who chooses the arbitrators?

If the arbitration agreement states that the Arbitration Institute of the Central Chamber of Commerce appoints the arbitrators, the Institute shall appoint the arbitrator/arbitrators on the basis of the request at its meeting. The Institute has no list of arbitrators on which the appointment is based; instead, the appointment is made case by case. If the arbitration agreement does not state the party appointing the arbitrators, the Arbitration Act in force (967/1992) shall govern.

When is the registration fee paid?

When filing the request, the claimant shall pay the registration fee into the following account of the Central Chamber of Commercet:

NORDEA 120030-53991
SWIFT-code: NDEAFIHH
IBAN: FI23 1200 3000 0539 91

In connection with the payment, the party must state that it is the registration fee of the Arbitration Institute as well as indicate the parties to the case and the date of  the request.

Example: Registration fee of the Arbitration Institute in case X Oy /
Y Oy, 25 April 2003.

A receipt for the payment of the registration fee has to be appended to the request.

Where can one appeal an arbitral award?

An arbitral award is final. It cannot be appealed. However, an arbitral award may be null if the award is contrary to the Finnish ordre public. If the arbitrators have not reserved the parties the necessary opportunity to try their case, the court may revoke the arbitral award upon a complaint if the complaint is brought within three months from the date on which the party received a copy of the arbitral award (see section 41 of the Arbitration Act). An application for an amendment of the fees payable to the arbitrators may be filed to a general court of first instance within two months from the receipt of the arbitral award (see section 47 of the Arbitration Act).

When the arbitral proceedings shall be deemed to be commenced?

Under section 13 of the Arbitration Rules, the arbitral proceedings shall be deemed to be commenced when the request referred to in section 11 or its copy is served on the respondent in the matter.

How often does the Arbitration Institute meet?

The Arbitration Institute meets about once a month and less often in summer.

How can one obtain information on arbitral awards?

Until the year 1992, arbitral awards were deposited with the District Court. At present, arbitral awards in redemption cases under the Companies Act have to be registered with the National Board of Patents and Registration. Other arbitral awards are not public, so you can familiarise yourself with them only upon the consent of both parties.