Compare between the new and the old enforcement arbitration law of Research Paper

Compare between the new and the old enforcement arbitration law of Saudi Arabia and the legal effects on the international agree - Research Paper Example 15). After this law, the previous law was referred to as the old law, which pledged to modernize the nation’s arbitration regime in a number of ways. Most significantly, this new law restrains the nation’s court intervening power with regards to arbitration through acknowledging the parties’ autonomy to deal with the arbitration process (Rawlings et al. 16). The new Saudi Arabian law addresses a vital concern under the old law, which is the power to the nation’s courts to reopen, as well as effectively re-litigate awards on their principles (Jones Day 1). Even though, the new law is an acknowledged enhancement, which promises considerable changes in Saudi Arabia, the event of change in practice remains unclear to date. Much will rely on the text of the executing principles and where the country’s courts stand with regards to the new law (Rawlings et al. 16). Many critics consider that this law slightly killed the independence of the Saudi Arabian co urt system while others argue that the law works to develop the nation, unlike the old law. This paper will take into consideration these arguments and bring out which law is better. It will also discuss the international effects of the legislation of either of the laws in order to note the significance of each. Provision of the Two Laws The New Law Encouraged by the UN Commission of International Trade Law (UNCITRAL) Model Law on International/Foreign Commercial Arbitration, which has been endorsed by a number of regimes, Saudi Arabia’s new law acknowledges parties’ independence to concur on significant aspects of their arbitration process (Rawlings et al. 44). Most importantly, the law respects the right of groups to arbitrate under a governed set of arbitration principles. This is a significant development, which tackles a region of uncertainty, which was present during the old law days. This new law acknowledges parties’ option of governing language, law and arbitrators provided that the sole arbitrator is a qualified lawyer (Rawlings et al. 44). This law also bestows with the entry under the old law for groups to file their agreements with courts for validation prior to commencing arbitration (Jones Day 1). The new law further respects that an agreement between parties can be published in a correspondence among them. The law dictates that arbitrators should have an encouraging obligation to keep groups updated with circumstances, which might lead to a conflict of interest (Rawlings et al. 45). This new law dictates straight procedure for resolving disputes by the arbitral tribunal, such as time restrictions for complaining groups to lodge doubts in the applicable court (Jones Day 1). This eliminates the capacity of groups to oppose to the execution of arbitral awards on such grounds when they did not raise it earlier within the time limit (Rawlings et al. 45). When the groups have not concurred on specific arbitration regulations such as the ICC, the law dictates a detailed arbitration course, which applies by default to all (Jones Day 1). The arbitral award should be granted within a year from the date, which arbitration started depending on the arbitral tribunal's authority to prolong this by an extra 6 months and the groups’ ability to concur with longer extensions. This grants the arbitral board a much more practical timeframe to resolve key commercial disputes, which