President of Uzbekistan Shavkat Mirziyoyev signed a law on International Commercial Arbitration.
This Law applies to international commercial arbitration in compliance with agreements in force between Uzbekistan and another state.
Disputes arising from all commercial relations, both contractual and non-contractual, can be referred to international commercial arbitration by agreement of the parties.
The parties can determine the number of arbitrators at their discretion. In the absence of such a determination, three arbitrators are appointed.
The interim measure prescribed by the arbitration court shall be recognized as binding.
The parties may, at their discretion, agree on the language or languages that can be used in the arbitration.
The award must be made in writing.
The arbitral award, regardless of the country in which it was made, is recognized as binding and is enforced when a written application is submitted to the court.
The law comes into force after six months from the date of its official publication.
Reported by the Uzbekistan Daily.
