The Palestinian International Arbitration Chamber was founded by a project promoted by the Italian Cooperation, the Umbria Region with a scientific support of the University of Perugia, and Partnership of several important Palestinian national organizations and associations. This project established the necessary regulations in order to create the first Palestinian International Arbitration Chamber, and provided human resources through the training of qualified professionals and had set up the means for the delivery of high quality services.

PIAC is an independent entity, with financial and administrative autonomy and legal personality. PIAC has no political
purpose, religion or nationality, nor pursues any activity in this direction. The official language is Arabic, and also Italian, English and French.
The objectives of the Chamber are the management and resolution of disputes and quarrels, presented in accordance with the law relating to commercial contracts, financial and engineering works.The controversies and disputes are handled and resolved in accordance with the legal relations between the parties in conflict, whether it is governed by a contract or in the absence of a contract. PIAC shall ensure resolution of such disputes through arbitration.

PIAC is composed of founding members and associate members.
The founding members are the Engineering Association, Jerusalem Center; the Palestinian Bar Association; the Palestinian Contractors Union, and Federation of Chambers of Commerce and Industry and Agriculture, the Palestinian Federation of Industries.