Arbitrage in Azerbaijan. New law accepted!

   On January 25, 2024, President of Azerbaijan Ilham Aliyev signed a new Law “On Arbitration”.
   The law regulates social relations arising in connection with the implementation of arbitration proceedings, determines the rules for the organization, functioning, conduction of arbitration proceedings, recognition and execution of arbitration awards in Azerbaijan.
   The law consists of 8 chapters and 59 articles.
   New law defines the basic concepts (arbitration agreement, international and domestic arbitration, etc.), defines the scope of application of the law, forms and principles of arbitration activities, cases considered in arbitration, arbitration proceedings and other issues.
   The requirements for an arbitrator (in relation to domestic arbitration) are also clearly defined. Thus, an arbitrator is a person over 25 years old, with a higher education and at least 3 years of work experience in his specialty, not interested in the outcome of the case, independent of the parties and willing to perform the functions of an arbitrator.
   An arbitrator resolving a dispute independently, in addition to the above, must also have a higher legal education, and in case of a collegial resolution of a dispute, the chairman of the arbitration court must have a higher legal education.
   Commercial disputes, as well as all disputes in which the parties have the right to dispose of the subject of the dispute and do not affect the rights and legitimate interests of third parties, can be resolved through arbitration (except for the provisions of Article 13.2 of the Law). Disputes related to the rental of real estate located on the territory of Azerbaijan cannot be resolved through arbitration.