MORE ARBITRATION ACT PARTS ENTER INTO FORCE

MORE ARBITRATION ACT PARTS ENTER INTO FORCE

The Arbitration Act provides for the setting up of the Malta Arbitration Centre to promote and encourage the conduct of domestic arbitration and international commercial arbitration.

Parts IV, VI and VIII of the Arbitration Act (Act II of 1996) dealing with domestic arbitration entered into force on the 23^rd March 2000. Parts I, II and III had already entered into force on the 23^rdFebruary 1998.

There are a number of advantages in having recourse to arbitration. As bureaucracy of any sort is limited to the bare minimum, cases before an arbitration tribunal are heard and decided within a relatively short time. Awards are final, not subject to appeal, legally binding and have the force of a court judgment. Arbitrators may by chosen by the parties themselves and expenses are lower than those generally payable in connection with court cases.

It should be noted that according to Section 17(1) of the Act "any procedure and any award pursuant thereto in any arbitration to which this Part refers, shall be null and void and unenforceable if the relative notice of arbitration shall not have been filed with the Centre"

No VAT is paid on fees charged by the Centre.

Further information may be obtained from the Registrar at Palazzo Laparelli, 33 South Street, Valletta. VLT 12; Telephone 222557,Fax 230672.