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 159 countries.
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.