Today, the Luxembourg Parliament voted a new law on arbitration
(the "Arbitration Law"), aiming to modernise the current
arbitration legislation deemed to be "outdated".
Why is it important?
The Arbitration Law redefines the legal basis for arbitration
with a view to accommodating the business needs of today's
market players when it comes to dispute resolution. By offering
practice-oriented rules setting up a complete framework for the
various stages of the arbitral proceedings, the Arbitration Law
intends to promote Luxembourg's attractiveness as an
arbitration centre, highlighting its advantages of flexibility,
rapidity and confidentiality while at the same time providing
appropriate guarantees, particularly with regard to compliance with
public order and preservation of the rights of the parties and
those of third parties.
