Adoption of the package of legislative changes related to arbitration

1 Apr '15

In March, The Parliament adopted a package of legislative changes related to arbitration. This is an important step for the development of alternative mechanism of business dispute resolution and, for the improvement of business environment.
In April of 2013 year, BAG organized a conference between representatives of Ministry of Justice, Georgian Parliament, business and professional circles. The conference was dedicated to identify the gaps in legislation, which thwart the development of the Arbitration Institute.
By the organization of Minister of Justice Tea Tsulukiani, a working group was established. The working group prepared and submitted the appropriate legislative amendments by the help of stakeholders, including BAG.
Thanks to the amendments, basics of recognition and enforcement of the refusal, the appeal and cancellation of arbitration are clarified; State fee for the recognition and enforcement of arbitration decisions is reduced; Legal provisions are rectified, which are regulating the status of the arbitrator, responsibility, arbitration and court relations, providing "friendly relationship" with the arbitration institution of the judicial system.
As a result of the amendments we already have modern and international standards of the legal base of the regulating of arbitration. For this we want to thank the ministry of Justice, Georgian Parliament, all organizations and professionals involved in working process.