The system of simplified arbitration adopted by the Arbitration Board gives opposing parties the possibility of resolving disputes simply and quickly. It is up to the parties to decide whether they wish to avail of this option.
An agreement on simplified arbitration requires the parties to have entered into a specific agreement on arbitration arranged by the Arbitration Board. Such an agreement may be made for existing or future disputes in relation to a contract.
A characteristic of simplified arbitration is that, in principle, only one technical arbitrator is appointed. However, the parties to the case may submit requests for a different composition of the arbitral tribunal. Simplified arbitration cases will insofar as possible be concluded not later than six months after receipt of the complaint. If possible, the arbitral award will be issued fourteen days after conclusion of the hearing. Awards in simplified arbitration proceedings are to be brief and should not include any particulars of claims, outlines of evidence or extracts of closing arguments.
The purpose of simplified arbitration is to ensure speedy and simple resolution of disputes. Consequently the parties cannot expect any deviation from the rules and regulations, including rules on deadlines set out in specific provisions.