The Iceland Chamber of Commerce operates an independent arbitration institute, The Nordic Arbitration Centre. The Nordic Arbitration Centre provides for a dispute resolution mechanism, allowing parties to solve their dispute in an efficiently and safely.
The NAC's purpose is to provide individuals and 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.
Parties to an agreement can decide to refer a dispute that will arise out of an agreement to arbitration, instead of the national courts. Arbitration as a dispute resolution method ensures a quick, efficient and confidential process and results in an award that is enforceable in 159 countries on the grounds of the New York Convention.