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The plan to set up an international arbitration court is the result of an in-depth study conducted by the Chamber of Commerce, Industry, Craft & Agriculture of Ancona, aimed at identifying the needs and requirements of traders in the Adriatic and Ionian area
The study was encouraged by the consolidated institutional and economic relations established over many years by the Ancona Chamber of Commerce with the East Adriatic area by virtue of its strategic territorial position
The study underlined that commercial transactions in the Adriatic-Ionian area are often hampered by concerns regarding costs, timeframes and unknown factors of possible disputes, as well as the decision on which law to be applied or which judge to be called on to settle the disputes
Indeed, in an international context, ordinary instruments of justice are often poorly equipped to deal with the demands of the business network, as they are too formal and too strongly rooted to their country of origin
The plan to set up an international arbitration court has been developed precisely with the purpose of helping enterprises in their cross-border transactions as well as supplying adequate assistance and effective support in case a dispute arises
The initiative was described at the Forum of the Chambers of Commerce of the Adriatic and Ionian Area, held in Portonovo on 18 April 2002. It immediately received the full backing and support of the Chambers of Commerce in attendance, both Italian and foreign
A few years after that meeting, the International Court of the Adriatic and Ionian Area has become a reality
The Court is designed around the specific demands of this particular area and it is supported by the Chambers of Commerce of all the countries in the Adriatic basin: that is the reason why the Court offers nowadays qualified services of mediation, arbitration, arbitrage and contractual expertise. The services offered by the Court are flexible and fast: therefore they are particularly well suited in order to end litigation involving subjects coming from different legal systems who experience communication problems
By helping traders in legal, economic and commercial terms, the Court intends to facilitate the development of relations, to increase trade in the area, to represent an element of competitiveness and added value for the whole business network.