Arbitrage Court on Agenda
21 March, 2013
Arbitrage Court on Agenda
Creation of arbitrage court and business house is initiated by the Chamber of Trade and Commerce of Georgia. Kakha Baindurashvili, Head of the Chamber trumpeted the idea during his meeting with the government and business community on March 15, 2013.
According to Baindurashvili, this year the Chamber undertakes a new strategy of cooperation with business and plans to set up kind of “business house” and business-incubatories. The business house is expected to provide each Georgian company by full package of
necessary services. On the other hand, the Chamber will cooperate with the justice ministry to set up the court of arbitrage anxiously desired by Georgian business for a long time. There was an attempt to create a court of arbitrage with the Revenue Service handling with taxation disputes after Rose-revolution, however as soon as the court settled several cases in favor of business the ex-power canceled the court as found it dangerous to the state interests. As a consequence, the state used to win the majority of tax-related disputes through the Dispute Council of Revenue Service as well as other business-related cases discussed by civil courts been completely controlled by the ex-power.
Soso Archcadze, an economic analyst greets the idea to set up a separate court of arbitrage handling with all kinds of business-related disputes as far as this mechanism is more flexible and respectful form of business relationship probated worldwide as the best practice shows. On the other hand it discharges court from piling business cases.
Ditrikh Muller, a co-founder of Georgian Investment Group, finds the idea of creation of the court of arbitrage in Georgia a little bit premature unless the entire court system is reformed and a trust toward the court restored.
“The court of arbitrage will not work in Georgia before the trust toward the court system is regained. Besides, it will be only for local companies as far as foreign businessmen operating in Georgia will never go to Georgian court of arbitrage. They always put in contracts a provision that in case of disputes sides should go to international court of arbitrage in London mainly as they have no trust to Georgian judiciary system. Besides, the arbitrage is more vulnerable to the corruption deals and outside pressure than civil courts,” Muller elaborated. “Let’s restore the trust toward the court system first and adopt the arbitrage court only afterwards.”
Archvadze plays down the risks of the possible corruption deals at the arbitrage court as disputing companies go there based only on mutual agreement. He finds arbitrage completely realistic to Georgian reality at the moment due to changed political situation. Besides, this system is more profitable to business.
“Court of arbitrage saves time and commensurately money to business as far as time is one of the most important things to companies. Cases that may linger for a year at civil courts may be settled within a month and earlier or end up by agreement without any court procedures if businesses come to consensus,” Archvadze said. “This enables business to use the saved money for reinvestment and growth.”
Print
Other Stories
Anaklia Port and its importance for Georgia
In 2016, Anaklia Development Consortium was authorized to launch the construction of Anaklia Port.
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet.
Caucasus Wine University to be opened in Gurjaani
In the Kakheti region a new viticulture campus of the Caucasus University is in the process of planning.
Photos describing life of the poorest in Georgia
Fight with poverty should be among top priorities of every government in every country.
Training farmers to rescue the organic hazelnut production in Georgia
Even drizzling rain and unpleasant gusts of wind can’t prevent the farmers from coming and participating in the agricultural training.
Bleak times for organic farmers in Georgia – but there is hope
Organic hazelnut production is a delicate plant in Georgia that has emerged just a couple of years ago. Various pests, among them the Asian stink bug Parosana, trouble hazelnut farmers and menace their livelihood – even before their businesses could really take off.
Hybrid car imports are going through the roof in Georgia
Thanks to their fuel economy, the popularity of hybrid cars is increasing in Georgia, where fuel affordability is low and prices for fuel are unstable.
The New Year offer from MAQRO Construction - Apartments with unbelievable discounts and the parking spaces for FREE!
Location, green yard, spaces for various needs, experience of the construction company and parking space are the main important criteria for potential buyers of apartments.
Interview with the co-founder of Kiwi Vegan Café – the first vegan place in Tbilisi
Behind the Kiwi Vegan Café stands a group of activists who wants to raise Georgian’s awareness for animal rights and welfare.
Biblusi opens first shop for tourists - Georgian
The largest book shop in Georgia Biblusi opens the first shop specially designated to the needs and interests of tourists and named it Georgian.
Georgia improves by five ranks in the Prosperity Index
In the overall Prosperity Index rankings, Georgia has climbed by 5 positions from 85 to 80 when compared to last year. As such, Georgia is the best performing country in the CIS zone.
The future is bright for electric cars in Georgia
The numerous hybrid cars in the streets of Tbilisi cannot be overlooked. Entrepreneur Sulkhan Gvalia calls them “pagers”, referring to the predecessor of mobile phones.
Georgia’s fight against the big tiny enemy – Asian Parosana
It’s a tiny creature, but the harm it did to the Georgian agriculture sector was and still is immense.
New cable route: from Kobi to Gudauri in 15 minutes
On the 15th of December, cable transport is scheduled to be opened connecting Kobi and Gudauri.
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
Georgia second among the fastest growing tourist destinations in Europe
Georgia is among the fastest growing tourist destinations in Europe. The data is published by the UN World Tourism Organization.
Bitmain launches world digital mining summit in Tbilisi, Georgia
Bitmain CEO Jihan Wu and Roger Ver, CEO of Bitcoin.com Head Speaker List featuring Circle, DEX.top and Genesis Mining when Digital Mining Leaders Convene In Tbilisi on September 21-23
GAZELLE FINANCE GEORGIA AND TBC BANK HELP THE WESTERN REGIONAL CENTER OF MODERN MEDICAL TECHNOLOGIES EXPAND ACCESS TO QUALITY HEALTHCARE SERVICES IN KUTAISI, GEORGIA
TBC Bank and Gazelle Finance have teamed-up to support Medical City, a leading healthcare provider in the western region of Georgia to launch the Western Regional Center Of Modern Medical Technologies.
PHOTO OF THE DAY

Exchange Rates
GEL Exchange Rate
Convertor
18.01.2019
19.01.2019
USD
1
USD
2.6633
2.6629
EUR
1
EUR
3.0359
3.0368
GBP
1
GBP
3.4298
3.4463
RUB
100
RUB
4.0034
4.0103
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6629
EUR
1
EUR
3.0368
GBP
1
GBP
3.4463
RUB
100
RUB
4.0103
January 2019
Mon Tue Wed Thu Fri Sat Sun
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31