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LAW OF THE REPUBLIC OF ARMENIA

of January 22, 2007 No. ZR-55

About commercial arbitration

(The last edition from 15-01-2018)

Accepted by National Assembly of the Republic of Armenia on December 25, 2006

Chapter 1. General provisions

Article 1. General principles and coverage

1. Provisions of this Law are based on the following principles and shall be interpreted according to these principles:

1) the purpose of implementation of arbitration is obtaining from impartial arbitral tribunal of the fair dispute resolution without unjustifiable delay and costs;

2) the parties are free in question of consent according to the procedure of the dispute resolution between them which is subject to the restrictions provided only by the law.

2. Operation of this Law extends to the relations relating to commercial arbitration on condition of observance of the agreements existing between the Republic of Armenia and other state or other states.

3. Operation of this Law extends only to arbitration which location - the territory of the Republic of Armenia, except for of Articles 8, of 9, of 35, of 36, 36.1 and 36.2 presents of the Law.

4. Operation of this Law does not exclude operation of any other law of the Republic of Armenia according to which certain disputes cannot be referred on permission to arbitration or can be referred on permission to arbitration only according to provisions which are not established by this Law.

5. This Law extends also to the disputes which do not have commercial nature if the Law provides possibility of dispute decision in arbitral procedure.

Article 2. Determinations and rules of interpretation

In sense of this Law:

1) "arbitration" means any arbitration, irrespective of circumstance of its implementation by permanent arbitration institution or in the absence of similar organization;

"The arbitral tribunal" means 2) the single arbitrator or arbitral panel;

3) "court" means the body or court constituting part of judicial system of any state;

4) the concept "commercial" includes all disputes of commercial nature arising from the civil relations. Commercial nature, without restrictions, in particular includes following from the concluded bargains or related, disputes between banks or other financial organizations and their clients, the legal relations connected with deliveries and exchange of goods and provision of services, commercial representations and the agencies, factoring, lease, leasing, performance of works, consultations, designing, licensing, implementation, financing, insurance, operation or concession, joint venture or other types of industrial, entrepreneurial cooperation, maritime, airborne, rail and motor transportations;

5) where provisions of this Law, except for Articles 28, provide to the parties freedom for the solution of any specific question, it includes also the right of the parties for the purpose of the solution of this question to give authority to the third party, including any organization;

6) where by provisions of this Law it is mentioned that the parties agreed or can agree or in any other form the reference to the agreement of the parties is had, such agreement includes any arbitral rules specified in this agreement;

7) if provisions of this Law, except for Item 1 of part 1 of Article 25 and Item of 1 part 2 Articles 32, are applicable to the claim, they are equally applicable also to the counter action and when they are applicable to response, are equally applicable also to response on the counter action.

Article 3. Receipt of written messages

1. If the agreement of the parties does not provide other, then:

1) the written message is considered received if it is delivered to the addressee personally or in the place of implementation of business activity by it, or on its permanent residence, or other means of communication providing communications. In that case when any of the specified addresses cannot be established after reasonable targeting of references, the written message is considered received if it is sent on the last famous sender to the place of activities, the address of the permanent residence or the last known postal address of the addressee by the registered mail or any other method providing registration of attempt of delivery of the specified written message;

2) the message is considered received in day of delivery to his addressee according to Item of 1 part of 1 this Article.

2. Provisions of this Article do not belong to the messages performed within production in courts.

Article 4. Disclaimer on objection

1. If the party knows that any provision of this Law which application in their relation the parties I can limit or any requirement of the arbitral agreement was not observed, and nevertheless the party continues arbitral justice, without declaring the objections against such non-compliance without unjustifiable delay or if for representation of such objection specific term - during this term is provided, then it is considered that this party refused the right to representation of objection.

2. If the party of the arbitral agreement brings into court claim against other agreement party, asking removal of the final decision on that dispute on which there is arbitral agreement and if other party does not object to consideration of the case in court on the basis of availability of the arbitral agreement, then it is considered that the parties refused the right of dispute settlement through arbitration.

Article 5. Limits of judicial intervention

On the questions regulated by this Law, any judicial intervention is forbidden, except as specified, provided by this Law.

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