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Draft on trade arbitration law submitted

The draft law prepared by the Abu Dhabi Commercial Conciliation and Arbitration Centre is aimed at passing legislation to keep abreast of the latest international trends and put in place instruments for establishments and individuals to seek recourse to widely acceptable means for settling disputes arising from local and international trade deals and relations.

Aoun Abdullah Al Junaibi, director-general of the Centre listed the other objectives as to do away with the tardy pace of adjudication procedures , lend support to arbitrators's judgement and ensure their enforcement.

"The rules and provisions of the draft law are based on the model of UNCITRAL, that is one of the most important international legislations on the subject of trade arbitration," Mr Al Junaibi said.

According to Mohammed Obaid Al Jaber, Member of the Convention and Trade Arbitration Committee of ADCCI, the draft of the federal arbitration law incorporates the rules applicable to both domestic and international cases, whether the parties are governed by the public law or private entities, bearing testimony to the wide scope of the enforcement of the law and its validity. "Respect for both parties will be one of the salient features of this draft law," Mr Al Jaber continued. The parties will have the right to arrange for arbitration as considered appropriate for them, to determine the enforcement as far as the dispute is concerned, he explained. Further, arbitration procedures will be simplified, resolving many points of differences with alternate solutions to deal with situations where the parties fail to agree on the arbitration procedures.