Lithuanian Clusters Association became a participant of the Lithuanian Court of Arbitration

Lithuanian Clusters Association, currently uniting ten largest clusters operating in various industries and inter-industry sectors, became a participant of the Lithuanian Court of Arbitration. This association, representing interests of its members, from now on will also take care of their possibilities to use professional, cost-effective services responding to the needs of a sector by solving disputes using arbitration.

Involvement of the Lithuanian Clusters Association in the management of the Lithuanian Court of Arbitration is an important incentive for business companies to choose arbitration and to form a different culture of dispute resolution.

Marius Pareščius, the Executive Director of the Association, notes that “Non-judicial dispute resolution practice, still relatively rarely applied in Lithuania, is a highly effective tool. The Lithuanian Clusters Association seeks greater efficiency in various areas of company operation. We will suggest our members to use a simpler and faster way of dispute resolution more actively and will strive to popularize it throughout Lithuania”, said M. Pareščius.

The Chairperson of the Lithuanian Court of Arbitration, Dr. Agnė Tvaronavičienė, names the Lithuanian Cluster Association becoming a participate of the Lithuanian Court of Arbitration as a significant impetus for activities of the institution that creates great future prospects for innovative business to choose alternatives for judicial dispute settlement. According to her, “the Lithuanian Court of Arbitration is always open to new ideas, advanced technologies and the widest possible collaboration both with participants and social partners”.

The Lithuanian Court of Arbitration – a permanent arbitration institution established in 2010, whose main goals are to organize settlement of various disputes by arbitration, to administer it, to promote dispute resolution by arbitration and other alternative dispute resolution methods. In 2016, this institution administered more than 40 dispute resolutions by arbitration among Lithuanian and foreign companies operating in various sectors. Settlement of disputes by arbitration – a method for commercial dispute resolution which prevails abroad, based on confidentiality, cost-effective and operational principles and allowing disputing parties to determine dispute resolution form, language, applicable law, procedural rules and to select a person or persons, who will settle the dispute, regarding their qualification and experience, by mutual agreement.