Author: Hanns Engelhardt*
Published: December 1995
| Jurisdiction: Europe Hungary |
Topics: Arbitrators and Arbitral Tribunals Arbitral Awards Arbitral Process Agreement to Arbitrate |
Description: On November 8, 1994, the Hungarian Parliament passed Statute No. LXXI/1994 concerning arbitration. Its contents are congruent, to a large extent, with the UNCITRAL Model Law (Model Law; UML) and the New York Convention on Recognition and Enforcement of Foreign Arbitral Awards of 1958 (UN Convention; UNC). Hungary follows, thereby, a number of states which have revised their laws of arbitration on the basis of the UNCITRAL Model Law. Although the Model Law refers only to international commercial arbitration, its principles have been extended by the Hungarian statute to arbitration proceedings which are not to be regarded as international. Regarding the congruence of the new statute with the Model Law and the UN Convention, one may rely on the jurisprudence and literature concerning other statutes based on these when interpreting the new law.
*Dr. jur., Karlsruhe; judge Bundesgerichtshof; member, German Institution of Arbitration.