Arbitration Law in Moldova
Moldova has developed a comprehensive legal framework for arbitration, aligning closely with international standards to facilitate both domestic and international dispute resolution.
Legal Framework
Moldova's arbitration landscape is primarily governed by two pivotal laws enacted in 2008:
Law No. 23/2008 on Arbitration (Domestic Arbitration Law): This law regulates domestic arbitration proceedings within Moldova.
Law No. 24/2008 on International Commercial Arbitration (International Arbitration Law): This law governs international commercial arbitration and is closely modeled after the UNCITRAL Model Law, ensuring adherence to globally recognized arbitration standards.
Additionally, the Civil Procedure Code plays a significant role, particularly concerning the recognition, enforcement, and setting aside of arbitral awards.
International Commitments
Moldova is a signatory to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, underscoring its commitment to the enforcement of international arbitral awards.
Arbitration Institutions
The International Commercial Arbitration Court at the Chamber of Commerce and Industry of Moldova serves as a prominent institution for administering arbitration proceedings, offering structured mechanisms for resolving commercial disputes.
Judicial Support and Enforcement
Moldovan courts generally exhibit a pro-arbitration stance, providing support in the enforcement of arbitral awards. The Supreme Court of Justice has demonstrated an evolving policy favoring arbitration, as evidenced by its case law.
Recent Developments
In recent years, Moldova has undertaken legislative reforms to modernize its arbitration laws, aiming to harmonize them with international practices and enhance the efficiency of arbitration as a dispute resolution mechanism.
In summary, Moldova's arbitration laws are well-structured and in line with international norms, providing a solid foundation for both domestic and international arbitration proceedings.
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