The Georgia State Congress recently passed a new arbitration bill, which aims to enhance the state’s reputation as a neutral location for commercial arbitration. The bill already has passed the Senate and will head to Gov. Nathan Deal to sign into law.
Once the bill is enacted it would bring a number of changes to the Georgia International Commercial Arbitration Code and move the framework in line with international standards. According to supporters of the bill, the standards are based on UNCITRAL (United Nations Commission on International Trade Law), considered the global standard for international trade law, but they also go a step beyond that.
In particular, the legislation will more clearly define the application procedures for commercial arbitration; the process by which arbitral tribunal members are selected and disqualified; the scope and style of interim relief provisions; the process for recourse against an arbitral award; and the procedures for recognition and enforcement of arbitral awards.
In the state’s ongoing effort to continue promoting itself as an arbitration hub, it will host an international arbitration conference in Atlanta from April 15 through 17.