The purpose of the Law is to regulate relations in the field of international commercial arbitration.
It consists of 56 articles, in which:
1. The basic concepts and the scope of application are determined.
Thus, the following basic concepts are applied in the Law:
2. The definition of the arbitration agreement is given, as well as the form and mechanisms of its conclusion.
An arbitration agreement is an agreement between 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. The agreement is concluded in writing in the form of an arbitration clause in a contract or in the form of a separate agreement.
3. The composition of the arbitral tribunal, the procedure for electing and appointing arbitrators, challenging and terminating their powers, as well as appointing a new arbitrator has been established.
The parties can determine the number of arbitrators at their discretion. In the absence of such a determination, three arbitrators are appointed.
The powers of an arbitrator are terminated if:
4. The arbitral tribunal is competent to issue an order on its jurisdiction.
The arbitral tribunal may itself rule on its jurisdiction, including on any objections to the existence or validity of the arbitration agreement. For this purpose, an arbitration clause that forms part of a contract shall be construed as an agreement independent of other terms of the contract. The arbitration court’s decision on the invalidity of the contract does not entail by force of law the invalidity of the arbitration clause.
5. Interim measures, conditions for their prescription, as well as the procedure for changing, suspending and canceling them have been determined.
Unless the parties agree otherwise, the arbitral tribunal may, at the request of a party, order interim measures. He can also change, suspend or revoke the interim measure prescribed by him at the request of either party or, in exceptional cases, on his own initiative.
6. The procedure for the conduct and termination of arbitration proceedings has been regulated.
The procedures, place, language of the arbitration proceedings, as well as the procedure for its commencement, participation of the parties in the arbitration court hearing, hearings and written proceedings, presentation of evidence, making a decision, concluding an amicable agreement and the grounds for terminating the arbitration have been determined.
7. The procedure for appealing the decision of the arbitration court and the grounds for its cancellation has been fixed.
An appeal to a court of an arbitral award can only be made by filing an application for cancellation in accordance with the provisions of the Law.
8. The procedure for the recognition and enforcement of an arbitral award have been established, as well as the grounds for refusal of recognition or enforcement.
The arbitral award, regardless of the country in which it was made, shall be recognized as binding and be enforced when a written application has been submitted to the court.
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