The SCC is part of, but independent from, the Stockholm Chamber of Commerce and was established in 1917. The SCC has a Board and a Secretariat. The SCC provides efficient dispute resolution services. Today SCC is one of the major arbitral institutions worldwide.
The SCC does not itself decide disputes. The function of the SCC is to:
- administer domestic and international disputes in accordance with the SCC’s rules;
- administer domestic and international disputes in accordance with other procedures or rules
agreed upon by the parties (e.g. the UNCITRAL Arbitration Rules); and
- provide information concerning arbitration and mediation matters.
What is arbitration?
Arbitration has great advantages compared to state court proceedings. Arbitration is faster, confidential and flexible. Further the parties have great freedom to shape the procedure as they deem appropriate, either by agreeing on procedural issues in the arbitration agreement or by entering into agreements during the procedure. Often the parties have agreed upon the seat of arbitration, the language to be used in the proceedings and the applicable law. Since the parties normally appoint one arbitrator each they can ensure that the arbitrators have the qualifications required when deciding the case.
An arbitral award cannot be appealed on the merits. Apart from costs for legal representation, the parties pay the fees and expenses of the arbitrators and the SCC.
Due to the New York Convention an arbitral award is recognized and enforced in basically all countries worldwide. This is a clear advantage when entering into cross border business contracts.