Mongolian National Arbitration Center
What is the Mongolian International Arbitration Center?
Established in 1960, the Mongolian International Arbitration Center is the only internationally accepted permanent body regulating business and other economic disputes between individuals and/or legal entities.
Dispute resolution in arbitration court is an out-of-court procedure for the consideration of disputes arising from the following types of contracts:
- Sales contract
- Loan contract
- Investment contract
- Contract of employment
- Contract of tenancy
- Contract of cooperation
- Contract of performing work
- Service contract
- Contract of agency
- Gift contract
- Contract of financial leasing
- Sale contract of stocks, bonds and securities, etc.
What are the advantages of the arbitration court?
1. Urgency
Arbitration-the arbitration award will be final and does not belong to the appeal. State court-the proceedings shall consist with 3 instances, as well as given to the first instance court for reconsideration, which means the process would take plenty of time.
2. Frugality
Arbitration-the absence of multiple instances saves your costs. State court-the parties are required to pay the costs of the Court at each instance
3. Compulsory execution of the arbitration award
Arbitration-as Mongolia is a member of the 1958 Convention on the recognition and enforcement of foreign arbitral awards, the decisions of the Mongolian International Arbitration Center are legally binding.
4. Disputes will be handled by highly qualified arbitrators
Arbitration-highly qualified in their field (banking, economic, construction, etc.) domestic and foreign arbitrators will examine the disputes, as the Parties themselves choose/appoint arbitrators from among competent and experienced professionals. Court-despite the scope of specialization, judges will be appointed on a circular basis.
5. Possibility to choose an arbitrator
Arbitration-each of the Parties is provided with the possibility to choose an independent and impartial arbitrator to regulate the dispute.
6. Possibility to agree on the regulation of the arbitration process
Arbitration-the Parties have the opportunity to determine the competence and procedure for the consideration of the dispute, large-scale opportunities to apply the principle of fairness, confidentiality and speed of dispute resolution. Court-court procedures are carried out according to strictly specified order on the basis of procedural codes.
7. Confidentiality
Arbitration-the arbitral hearing is the closed-door hearing, which helps to preserve the image and business reputation of the parties in the eyes of other participants in international economic cooperation. Court-court hearings are not held confidentially, and the decision of the court is published on a special website accessible to all.
Advantages of our Arbitration Center
- If the Parties consider it necessary to resolve the dispute by an expedited procedure, or the price of the claim does not exceed 5 million tugriks /₮/ an expedited arbitration procedure shall be applied.
- On 26th of January, 2017, the Parliament of Mongolia has adopted a new arbitration law based on the UNCITRAL Model Law.
- Our arbitrators are qualified domestic and international /USA, Russian Federation, United Kingdom, Australia, Singapore, Hong Kong, Japan, China, European Union/ experts in the field of law, economics, finance, business, construction etc.
- The structure and activities are independent from the Mongolian National Chamber of Commerce and Industry and its members.
Recommended arbitration model provision
In order to refer a dispute arising out of or in connection with a contract to the arbitration administered by the Mongolian International Arbitration Center, parties shall include the recommended arbitration clause mentioned below in their contract:
Contact us:
Mongolian International Arbitration Center
At Mongolian National Chamber of Commerce and Industry.
Address: Contact: Ulaanbaatar city, 17011,
Khan-Uul district, 15th khoroo, M.Gandhi street,
NCCI building, #202, UB post office - 101011001
Tel: (976) 70111545
Email: info@arbitr.mn
Website: www.arbitr.mn