ARBITRAŽA V EX-YU REGIJI

The scope of key issues in the arbitration of Montenegro compared to the benchmark arbitration institutions in the world

Vesko Božović

This article provides an overview of key issues in the Montenegrin Law on arbitration. Special emphasis is on the adoption of modifications and amendments to the UNICTRAL Model Law, due to which new provisions have been established in the Arbitration Rules of Montenegro such as interim measures, emergency arbitration, emergency arbitrator and multi-party arbitration.

One of the reasons why UNICTRAL Model Law was applied to the Law on arbitration of Montenegro referres to the fact that this is a contemporary law that caters to the needs of companies and other entities that want to resolve their disputes in an efficient and expedient way.

Adoption of the new Law on arbitration in Montenegro has been considered a matter of the utmost importance viewing the current situation in the world featuring a constant increase in the degree of globalization, expanding the limits of foreign investment, an increase in foreign trade activities and growing influence of multinational companies on the states.