LAW OF ARBITRATION
LAW OF ARBITRATION
The Law of Arbitration, within the framework of Saudi Arabia’s Corporate Laws & legislations, provides a comprehensive framework for the resolution of disputes through arbitration. It aims to promote arbitration as an efficient, fair, and binding method of dispute resolution, ensuring that both domestic and international parties can resolve their disputes outside the court system. The law aligns with international standards, enhancing the Kingdom’s attractiveness as a venue for arbitration and supporting its broader economic and legal reforms under Saudi Vision 2030.
HIGHLIGHTS OF THE LAW OF ARBITRATION IN SAUDI ARABIA
- Legal Framework: Establishes clear guidelines for the conduct of arbitration, including the formation of arbitral tribunals and the arbitration process.
- Arbitral Tribunal: Defines the structure, roles, and powers of arbitral tribunals, including the appointment and removal of arbitrators.
- Arbitration Agreement: Details the requirements for a valid arbitration agreement and its binding nature on the parties involved.
- Procedural Flexibility: Allows parties to tailor arbitration procedures to their specific needs, provided they adhere to the basic principles of fairness and justice.
- Enforcement of Awards: Provides mechanisms for the recognition and enforcement of domestic and international arbitration awards within Saudi Arabia.
- Judicial Support and Oversight: Outlines the limited role of courts in supporting the arbitration process and enforcing awards, while minimizing judicial intervention.
ISSUER OF THE LAW OF ARBITRATION IN SAUDI ARABIA
The Law of Arbitration in Saudi Arabia is issued by the Ministry of Justice. The Ministry oversees the implementation and adherence to the law, ensuring that arbitration practices within the Kingdom are in line with both national and international standards. Resolutions necessary for the implementation of this Law shall be issued by the President of the Council of Ministers pursuant to a recommendation by the Minister of Justice after agreement with the Minister of Commerce and the Chairman of the Board of Grievances.
WHO IS SUBJECT TO THE LAW OF ARBITRATION IN SAUDI ARABIA?
Parties to arbitration agreements, including individuals and entities, both domestic and international. Arbitrators who are appointed to serve on arbitral tribunals must comply with the regulations set forth in the law. Arbitral institutions that administer arbitration proceedings within Saudi Arabia. Legal practitioners, including lawyers and legal representatives, who participate in arbitration processes. Courts have a defined role in supporting and overseeing the arbitration process, including enforcing arbitration awards.
Overall, the Law of Arbitration in Saudi Arabia aims to provide a robust and reliable framework for arbitration, promoting it as a preferred method for dispute resolution and contributing to the Kingdom’s economic and legal development.
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