The second reading as of 19 December of the draft Law, On
Arbitration, has been promulgated by the Milli Maclis, the
parliament. This proposed legislation seeks to replace the 1999 Law
No. 757-IQ, On International Arbitration based, in turn, on the
UNCITRAL Model Law on International Commercial Arbitration (1985).
The Bill incorporates the amendments adopted in 2006 to the Model
Law.
The paramount objective of the Bill is to institute an
arbitration system domestically to mitigate the caseload of courts.
As such and unlike the previous Law on International Arbitration,
the Bill includes both international and domestic (an arbitral
tribunal with the venue of arbitration in Azerbaijan) arbitration.
This proposed legislation outlines regulatory framework for
arbitration, its procedural aspects and institutionalization,
arbitration agreements, and the recognition and enforcement of
foreign arbitration awards.
