On 22 June a new version of the Law on Commercial Arbitration was passed by the Seimas of the Republic of Lithuania. Bernotas & Dominas GLIMSTEDT also participated in the drafting of the law.
This law has been designed in line with the amendments made in 2006 to the 1985 UNCITRAL Model Law on International Commercial Arbitration. Best practices of international commercial arbitration have been taken into account in the drafting the new version of the Law on Commercial Arbitration. The amendments are aimed at ensuring sustainable development of the arbitration sector in Lithuania.
“The drafters of the Law on Commercial Arbitration should be congratulated for the efforts they have invested into the development of the arbitration sector. It should be noted that the current legal regulation of commercial arbitration enables, in principle, to seek for an effective settlement of disputes by arbitration. However, the state and the state authorities should be more active in promoting the benefits of arbitration to the business community” - says Mr Marius Embrektas, Senior Associate of Bernotas & Dominas GLIMSTEDT.