Arbitration Center of Iran Chamber
Of Commerce, Industries, Mines & Agriculture
Among the functions of the Iran Chamber of Commerce, Industries, Mines and Agriculture is settlement of commercial disputes both at domestic and international levels through arbitration. (Article 5 (H) of Law Establishing the Iran Chamber of Commerce, as amended in December 1994). In compliance with that law, the Arbitration Center of Iran Chamber of Commerce (ACIC) was instituted by virtue of a specific piece of law approved on 3rd February 2002 by the parliament of Iran (The Act on Statute of ACIC). Since then ACIC is the first legal and official arbitration institution in Iran established for the purpose of settlement of both domestic and international disputes through arbitration or conciliation.
ACIC Arbitration Model Clause
“Dispute Settlement: All disputes and claims arising from or relating to the present contract including its conclusion, validity, termination or breach, and its interpretation or application shall be submitted to the Arbitration Center of the Iran Chamber (ACIC) for binding and final arbitration by one or three arbitrators in accordance with the Law of Statute of the Arbitration Center of the Iran Chamber and Arbitration Rules of ACIC. In addition to the applicable laws and regulations, the arbitrator (s) shall take into account the relevant trade usages. The present arbitration clause shall be treated as an agreement independent of this contract and shall in any case be binding.”