Answer ... The law of the arbitration agreement can be different from the law applicable to the underlying contract (as a consequence of its independence) and, unless expressly stated, may be determined by the tribunal to be either (i) the law chosen by the parties, (ii) the law governing the subject matter of the dispute, (iii) the law governing the contract that includes the arbitral agreement, or (iv) Romanian law.
Answer ... The tribunal is bound to apply the law chosen by the parties. In the absence of such a choice, the tribunal will apply the law that it considers most appropriate considering customary practices and professional rules.
Under the Arbitration Rules of the Romanian Chamber of Commerce, the tribunal will decide the dispute based on applicable written or non-written legal norms, taking into consideration all circumstances of the case and, among other things, the general principles of law and the requirements of fairness and good faith. If the dispute is international, the tribunal will decide the matter pursuant to the laws or other legal norms chosen by the parties; if the parties have not designated the governing law, it will decide the matter based on the laws or other legal norms which it believes to be most appropriate. Any choice by the parties of the laws of a certain state is deemed to refer to the substantive law of the relevant state, excluding its conflict-of-laws rules.