The Long-Awaited Law on Arbitration Is Almost Here!
By Nensi Seferi, Gjika & Associates Attorneys at Law
Arbitration in the Republic of Albanian has been part of the domestic legal system since the adoption of the Code of Civil Procedure in 1996. However, such a dispute resolution instrument, maybe due to a post-communist Albania, never become popular.
The arbitration provisions were repealed on 2013, and since then there has been a legal vacuum on arbitration procedures.
However, the Ministry of Justice has recently published the first draft of a law on arbitration, based on the UNICITRAL model law.
The purpose of the published draft law is to establish the principles for domestic and international arbitration in Albania, to create the necessary legal basis for the exercise of the arbitrator profession, the rules and the procedure to conduct an arbitration proceeding, as well as the criteria to recognise or execute the arbitral awards.
The draft law contains adapted provisions of the New York Convention, namely provisions governing in principle the obligation of the state to recognise the award and the arbitration agreement, as well as provisions of the UNICITRAL model law, improving the procedure for the recognition and enforcement of the international arbitration awards.
The approval of the draft law is expected to have a positive impact on all groups of interest, especially foreign investors, due to the neutrality of the arbitration process which is based on the parties’ autonomy to choose the place, time, arbitrators, rules, and the language in which such proceedings shall take place, as well as due to a faster, cheaper, and more flexible proceeding compared with the Albanian courts, which are often criticised for long, exhausting trials and delay in the execution of the decisions.
Nensi SeferiGGI member firm
Gjika & Associates Attorneys at Law
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Gjika & Associates, established in 2013, has over ten employees. The firm specialises in the fields of energy, oil and gas, and real estate sectors, as well as M&A related to power projects.
Nensi Seferi joined Gjika & Associates Attorneys at Law as an Associate in December 2017. She graduated from the Tirana University, Faculty of Law and holds an MS in public law. She has experience in consulting and due diligence and has been regularly involved in drafting contracts and advising clients in relation to corporate and business law, real estate, public procurement and concession law, energy and natural resources, intellectual property, etc.
Published: Litigation & Dispute Resolution Newsletter, No. 12, Spring 2020 l Photo: saiko3p - stock.adobe.com