Iberia: The new regime
Spain's new arbitration regime has been crafted to meet the increasingly complex dispute resolution needs of international commercial actors. Its success will depend on market factors and the local legal community, writes Fernando Mantilla-Serrano
Entering into effect on 26 March, 2004, Spain’s latest Arbitration Act – also known as Law 60/2003 on Arbitration – heralds a new age in the Spanish arbitration regime. It has been drafted to meet the increasing demands of international commercial players who opt for arbitration as a method of dispute resolution. Membership of the European Union (EU), together with globalisation, have propelled Spain and Spanish commercial interests onto the international playing field, increasing its business community’s need to find a dispute resolution method that is cost-efficient, flexible, expeditious and, not least, attractive to actors from both civil and common law traditions. Although Spain’s previous arbitration law, Law 36/1988 on Arbitration, which is repealed by the act, did provide a framework, it was found wanting as arbitral practice, both at a domestic and international level.
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