Uzbekistan plans to adopt law “On international commercial arbitration”
05/01/2017 16:22
Uzbekistan plans to adopt law “On international commercial arbitration”
05/01/2017 16:22
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan may adopt a law “On international commercial arbitration”. The draft law was published at the single portal of interactive state services for discussion.
The Chamber of Commerce and Industry of Uzbekistan developed the draft law.
The document is aimed at regulating relations in the field of creation, activity and abolishment of international commercial arbitration courts in Uzbekistan.
The document will regulate all stages of arbitration process. The main principle of arbitration are independence and impartiality of arbitrators. It said that the decisions of the arbitration courts are final and binding.
The document said that permanent and temporary arbitration courts can be created in Uzbekistan. The state bodies cannot create arbitration courts. The arbitration courts are not legal entities.
The Ministry of Justice of Uzbekistan on the basis of a notification shall record the arbitration courts, formed in Uzbekistan.
The Ministry of Justice of Uzbekistan systematizes information on formation and abolishment of arbitration courts, as well as their arbitrators.
The sides can determine number of arbitrators, but the number should be odd. If the parties have not agreed otherwise, three arbitrators shall be elected (appointed) for the resolution of the dispute in the arbitration. The sides agree formation of the structure of the arbitration tribunal.
Citizens of Uzbekistan, foreign citizens or people without citizenship at the age of over 25 can be arbitrators.
The arbitrator, resolving a dispute alone, must have the law degree. The draft law said that if the dispute is considered by a group of arbitrators, the chairperson of the tribunal should have the law degree.
The sides can agree the place of arbitration. If the sides do not agree on place of arbitration, the arbitration court will decide the place.
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