Author: Richard Åkerman**
Published: September 1995
| Jurisdiction: Sweden |
Topics: Expedited Proceedings |
Description: On July 1, 1995, the Arbitration Institute of the Stockholm Chamber of Commerce (the “SCC Institute”) issued its “Rules for Expedited Arbitration Procedure” (the “Rules”). The Rules were prepared by the Development Committee of the Stockholm Chamber of Commerce. One of the major goals of the Committee, which was established in March 1994, was to investigate whether there was a need for simplified rules of arbitration and also to determine whether it was possible to draft such rules. They are now existing and in force and have already proven useful.
Arbitration plays an important role in many countries, including Sweden, where commercial disputes are settled by arbitration to a very large extent. Sweden has also for a long time been the forum of choice specified in arbitration clauses in transnational contracts, especially in contracts between parties from Eastern Europe and corporations from Western Europe or the United States. It is not only Sweden’s reputation for being independent and impartial that has led to its popularity as an arbitral forum. Sweden is also a signatory state to the 1958 New York Convention and has made no reservations. Furthermore, under the Swedish Arbitration Act of 1929, an award rendered in Sweden does not have to be registered in the local language, there is no requirement for the participation of local nationals in the proceedings, few courts have oppressive caseloads and a formal execution of the award, if necessary, costs US $150. Only the sometimes harsh climate might intimidate transnational contractors from choosing Sweden as their place of arbitration!
*Current Developments
**LL.M., 1991, Stockholm University School of Law; LL.M., 1994, Columbia University School of Law, New York; Associate, Lagerlöf & Leman (member of the Alliance of European Lawyers), Stockholm, Sweden.