Abstract
This article is devoted to a number of issues relating to the functioning of international commercial arbitration as a non-State mechanism for the settlement of international commercial disputes in the Republic of Uzbekistan. In article also found a brief introduction on the history of arbitration in Uzbekistan since its independence. Special attention is paid to the rules introduced since the entry into force of the Law of the Republic of Uzbekistan “On international commercial arbitration”. Moreover, the author highlights some problematic issues and inconsistencies that exist in the legislation on legal proceedings in arbitration courts. The author also addresses several issues regarding the recognition and enforcement of arbitral awards.
Highlights
At present, alternative dispute resolution (ADR) is gaining momentum in many economically developed countries of the world thanks to its speedy, low-cost mechanism of dispute settlement
One of the most popular means of resolving foreign commercial disputes, which most companies prefer to traditional litigation, is international commercial arbitration
MAIN PART Uzbekistan's first and main step towards improving the country's investment climate and integration into the world arbitration system was acceding to the international agreements in this area, in particular, Uzbekistan's accession on May 7, 1993 to the Convention on the settlement of investment disputes between States and nationals of other States (Washington, 1965), and on December 22, 1995 – to the New York Convention of June 10, 1958 on the recognition and enforcement of foreign arbitral awards, which became a great incentive for providing international legal guarantees and protection of foreign investors
Summary
Alternative dispute resolution (ADR) is gaining momentum in many economically developed countries of the world thanks to its speedy, low-cost mechanism of dispute settlement. 2. MAIN PART Uzbekistan's first and main step towards improving the country's investment climate and integration into the world arbitration system was acceding to the international agreements in this area, in particular, Uzbekistan's accession on May 7, 1993 to the Convention on the settlement of investment disputes between States and nationals of other States (Washington, 1965), and on December 22, 1995 – to the New York Convention of June 10, 1958 on the recognition and enforcement of foreign arbitral awards, which became a great incentive for providing international legal guarantees and protection of foreign investors.
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