Although ad-hoc arbitration might have some advantages, institutional arbitration in Iran is known as a safe solution, mainly because the rules governing the arbitration proceedings are clear and the management of the case is more structured and efficient.
According to Iran’s Law on International Commercial Arbitration (LICA), some important authorities and powers of national courts have been given to Institutional Arbitration in Iran. Therefore and as a result of such delegation of authorities, it is very important to recognize the two arbitration institutions of Iran:
- Tehran Regional Arbitration Centre (TRAC); and
- Arbitration Center of Iran Chamber of Commerce (ACIC).
TRAC is an international arbitration center established in 2004, under the auspices of the Asian-African Legal Consultation Organization (AALCO). Being a pioneer institution in the Iran arbitration regime, TRAC released its new Rules of Arbitration in March 2018. In these Rules which are essentially based on the updated version of UNCITRAL Rules of Arbitration, two new features are added which are both very innovative in Iran legal system: “Expedited Procedure” and “Emergency Arbitration”. TRAC is mainly involved with international arbitration cases but also handles domestic cases efficiently. TRAC’s current Director is Dr. Oveis Rezvanian. In order to visit the TRAC website click here.
Arbitration Center of Iran Chamber (ACIC) was established in 2002 as an affiliate to the Iran Chamber of Commerce. ACIC Rules are mainly inspired and consistent with Iran Domestic Arbitration Law (Section 7 of the Civil Procedure Act) and therefore, it should be helpful if parties to the arbitration are represented by local lawyers.ACIC’s current Secretary-General is Dr. Mohsen Mohebbi. In order to visit the ACIC website click here.