The Iceland Chamber of Commerce operates an independent arbitration institute, called the Nordic Arbitration Centre (NAC). The NAC's purpose is to provide companies with alternative means to judicatory to resolve commercial dispute in a timely and secure manner. Both the arbitration process and the Arbitral Tribunals final awards are strictly confidential.
Rules governing the proceedings before the NAC and the conduct of the arbitration:
The Arbitral Tribunals
As is customary NAC does not itself resolve disputes but administers the resolution of disputes by Arbitral Tribunals, according to the above mentioned NAC´s arbitration rules or other procedures or rules agreed upon by the parties.
The NAC's Board examines whether an arbitration agreement under its rules exists and decides prima facie whether and to what extent the arbitration shall proceed and be referred to the Arbitral Tribunal. The Board is the only authority capable of confirming and appointing arbitrators under the rules. As soon as the Arbitral Tribunal has been constituted, NAC's Secretariat, transmits the file and refers the case to the Arbitral Tribunal, provided that the Advance on Costs has been paid in full.
When the parties have not agreed upon on the number of arbitrators, the Arbitral Tribunal shall consist of a sole arbitrator. Unless otherwise agreed upon by the parties the final award shall be made not later than six months from the date of the commencement of the arbitration. The awards of the Arbitral Tribunals are final and binding for the parties. Furthermore, due to Iceland´s ratification of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards the Tribunals awards are enforceable in over 144 countries.
The NAC´s Board consists of a president, vice-president and three additional members. They are Mr. Andri Arnason (president), Mrs. Asthildur Otharsdottir, Mr. Baldvin Bjorn Haraldsson (vice-president), Mr. Eirikur Elis Thorlaksson and Mr. Gunnar Sturluson.