INTERNATIONAL ARBITRATION ACT 15 OF 2017 RexLex™
- The International Arbitration Act 15 of 2017 (IAACT) became law in South Africa on 19 December 2017.
2. One of the main purposes in the enactment of the IAACT is to bring uniformity of South African commercial arbitration law (and it’s rules and procedures) in comparison to international standards with objective of encouraging international investors to invest in South Africa by providing more legal certainty and comfort to these investors in regard to the resolution of contractual disputes, which may arise from their investments in South Africa, according to the already existing international standards for commercial arbitrations.
3. The IARBACT is based on and incorporates the international standard for commercial arbitrations in terms of the UNITED NATIONS’ Model Law on commercial arbitrations known as the UNCITRAL Model Law which in essence brought about the standardisation of the rules and procedural aspects of the International Commercial arbitrations held in South Africa.
4. In summary the main objectives of the IAACT is to, inter alia:
- provide for the incorporation into South African domestic law of the UNITED NATIONS’ Model Law on International Commercial Arbitration as adopted by the United Nations Commission on International Trade Law (UNCITRAL);
- provide anew for the recognition and enforcement of foreign arbitral awards in South Africa;
- repeal the Recognition and Enforcement of Foreign Arbitral Awards Act of 1977.
5. It is thought that the IAACT will be received well both internationally and in South Africa and it’s legal fraternity in appreciation of the aforementioned purposes and objectives.
6. We therefore recommend that suitably qualified legal practitioners be engaged by parties to deal with disputes failing with the scope of the IAACT to facilitate the intentions of the government and the resolution of the disputes as professionally and expeditiously as possible.
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