The New Spanish Arbitration Act

A new Spanish Arbitration Act was approved on December 23, 2003 and will come into force in March, 2004. The new Arbitration Act replaces the one previously in force, dating from 1988.

Although arbitration is increasingly seen in Spain as a real alternative to dispute resolution in Court, the execution of arbitration agreements is not as frequent as in other jurisdictions. This is why the main aim of the new Act is to promote the development of arbitration in Spain. Furthermore, the new Act tries to draw Spanish regulations on arbitration closer to international standards. This is considered as a way of increasing the number of cases in which Spain can be appointed as the venue for the arbitral tribunal in international disputes, especially if the two parties involved in the dispute are domiciled in Spanish-speaking countries.