OREANDA-NEWS.  June 25, 2013. SORAINEN Lithuania was involved in creating special arbitration rules for certain disputes between small and medium enterprises (SMEs) and financial institutions.

From the very beginning SORAINEN participated in the working group together with the Bank of Lithuania, the Association of Lithuanian Banks, the Vilnius Court of Commercial Arbitration and the Association of SMEs.

As a result, special arbitration rules were established for disputes between SMEs and financial institutions to be heard at Vilnius Court of Commercial Arbitration. The new rules provide for written arbitration procedure, standardised claim forms and shortened terms for adoption of arbitral decision.

Partner Tomas Kontautas and senior associate Augustas Klezys were involved into the project.