ARBITRATION IN ROMANIA: LOOKING GOOD, HOPING FOR MORE

This paper provides a current overview of the arbitration legal framework in Romania, analysing the historic development of an arbitration friendly jurisdiction. The paper goes on to describe the implementation of the expected international arbitration pillars, and illustrate some novel and progressive legal provisions on arbitration relating, inter alia, to, applicable law, parallel proceedings and arbitrators’ liability. It provides a critical commentary on certain persistent ‘arbitration unfriendly’ terms in the Romanian national arbitration law and take on two very recent legislative developments involving investment arbitration and regulation of institutional arbitration. It also pinpoints the need for construction disputes to be settled by appropriate fora such as specialist construction courts or in arbitration, and the need for the current expert practice with respect to the evaluation of time extensions and additional payment (which are, at present, reflecting the common law approach) to be adapted to the civil liability principles enshrined in the Romanian Civil Code.