February 22, 2021
Law on International Commercial Arbitration has been adopted
The Law on International Commercial Arbitration has been signed On February 16th.
The law defines arbitration as a dispute resolution procedure, regardless of whether it is carried out by a permanent arbitration institution or by an arbitration tribunal established to resolve a specific dispute.
According to the adopted Law, an arbitration agreement is an agreement of the parties to refer to arbitration all or certain disputes that have arisen or may arise between them in connection with any particular legal relationship, regardless of whether it is of a contractual nature or not. It is concluded in writing in the form of an arbitration clause in a contract or a separate agreement.
In general, the law provides for the regulation of the arbitration agreement, the composition and jurisdiction of the arbitral tribunal, interim measures and preliminary orders, the conduct of arbitration proceedings, making of an arbitral award and termination, proceedings, appeal of the arbitral award.
The Law comes into force upon the expiration of six months from the date of its official publication and applies to international commercial arbitration initiated after the entry into force of this Law in accordance with the arbitration agreement, regardless of when it was concluded.