One of the key changes is the limitation on the intervention of state courts. In matters governed by the new law, courts will be able to intervene only in cases expressly provided for by law. This will preserve the independence of arbitration proceedings and avoid undue delays.
The new law provides for both institutional arbitration, which is administered by a permanent arbitration institution, and ad hoc arbitration, organized directly by the parties for a specific dispute. The parties will have greater freedom in choosing the procedure, the number of arbitrators, and the place of arbitration.
Another important change for businesses will be the expansion of opportunities to protect their interests during the proceedings. The arbitral tribunal will be able to issue interim measures to preserve evidence, protect assets, and prevent actions that could complicate the enforcement of a future award.
Enforcement of arbitral awards will also become easier. According to the draft, an award will have the force of an enforceable document without the need to first apply to a court for authorization to enforce it, provided it has not been challenged or set aside.
In addition, the new law will make arbitration agreements more flexible: in particular, agreements concluded in electronic form, as well as references to the rules of arbitration institutions, will be recognized.
According to the Ministry of Justice, the law should increase Moldova’s attractiveness for business and investment and bring the national system closer to European and international standards.
