06 Jan Legal Standing Committee at the State Great Khural approves the new draft Law on Arbitration for first reading
Legal Standing Committee at the State Great Khural discussed and approved the new draft Law on Arbitration for first reading on January 05, 2016. The new draft law has been developed in accordance with the Model Law on International Commercial Arbitration of UNCITRAL, and its amendments, and has introduced new concepts including, place of arbitration, interim measures, provision of financial security, costs and damages and arbitration agreement in electronic form.
During the Standing Committee session, MP Ts.Oyungerel mentioned that considerable amount of money is being spent for resolution of disputes by foreign arbitration due to underdevelopment of arbitration in Mongolia, expressed her support for the draft law, acknowledged that it is necessary to approve the draft promptly. MP Kh.Temuujin also expressed his support to the draft law, mentioned that the renewal of arbitration law has been studied for several years. He also pointed the advantages of arbitration including, resolving disputes without 3 affairs of court and parties’ freedom to choose the arbitrators and rules of procedure, and mentioned that we have a big ambition to resolve international disputes in Mongolian arbitration in the future.
We are pleased to inform that MDS KhanLex LLP has participated in the development of the proposed draft of Law on Arbitration.