Adopted the Law «On International Commercial Arbitration». It applies to international commercial arbitration in compliance with agreements in force between Uzbekistan and another state.
Disputes arising from all commercial relationships, both contractual and non-contractual, can be referred to international commercial arbitration by agreement of the parties.
In accordance with the Law:
the interim measure prescribed by the arbitral tribunal is recognized as binding;
the parties may, at their discretion, agree on the language or languages that can be used in the arbitration;
the arbitral award, regardless of the country in which it was made, is recognized as binding and, when a written application is submitted to the court, is enforced;
the arbitration court shall resolve the dispute in accordance with such rules of law that the parties have chosen as applicable to the merits of the dispute;
the parties may, at their discretion, agree on the place of arbitration. In the absence of such an agreement, the place of arbitration is determined by the arbitral tribunal taking into account the circumstances of the case, including the factor of convenience for the parties.
The law comes into force upon the expiration of six months from the date of its official publication, that is, from February 16, 2021.