An Overview of Law No. 10 of 2023: Advancements in Libyan Commercial Arbitration and its Impact on the Business Environment
An Overview of Law No. 10 of 2023: Advancements in Libyan Commercial Arbitration and its Impact on the Business Environment
Commercial disputes are common in the business world and can disrupt business activities, causing significant costs and losses to the disputing parties. Arbitration is an effective and flexible means of resolving commercial disputes, as it can provide a swift and fair settlement of conflicts without resorting to traditional courts.
In this context, the Libyan House of Representatives issued Law No. 10 of 2023 concerning Libyan Commercial Arbitration, which regulates the procedures and provisions related to arbitration in commercial disputes at both the local and international levels. The law aims to provide a clear and unified legal framework for arbitration, facilitating swift and effective dispute resolution for the parties involved and achieving legal stability that encourages investment and stimulates commercial activity.
The law is divided into ten chapters, covering various aspects of commercial arbitration, from general provisions and arbitration agreements to forming the arbitral tribunal, arbitration procedures, and issuing, recognizing, and enforcing arbitral awards. The law also addresses electronic arbitration, the administration of electronic arbitration sessions, the issuance of electronic arbitration awards, their documentation, and challenges to them.
Law No. 10 of 2023 on Libyan Commercial Arbitration represents an important step in developing Libya's legal and commercial environment, as it seeks to enhance investors' and traders' confidence in the Libyan judicial system and improve the investment and business climate. By providing a unified and streamlined legal framework for commercial arbitration, the law simplifies the dispute resolution process, reduces costs and time, benefits the disputing parties, and supports the national economy.
This law guides arbitration centers in Libya to apply internationally recognized and adopted standards and rules of operation in commercial arbitration, enhancing Libya's position as an attractive destination for investors and companies looking to undertake commercial projects.
In light of the above, Law No. 10 of 2023 on Libyan Commercial Arbitration represents a significant legal achievement that enables Libya to benefit from other countries experiences and modern commercial arbitration trends. The law also reflects Libya's commitment to the continuous development of the business and investment environment, promoting economic growth and enhancing confidence in its judicial system.