Skip to main content

6 things you should know about the Omani Arbitration Law!


1. The arbitration law of the Sultanate of Oman is contained in the Omani Arbitration Law, (Royal Decree 47/97 as amended (the law); that is broadly in line with the United Nations Commission on International Trade Law (UNICITRAL) Model.

2. Oman has no domestic arbitration body; principally the Gulf Cooperation Council’s Commercial Arbitration Centre (GCCCAC) is the body recognized in the Sultanate.

3. Under the Omani law parties are free to choose the arbitration dispute resolution process. An agreement between the parties must have the provisions of arbitration in wiring (initially or even at later stage) if they wish to resolve their matter via arbitration in case of any dispute.


4. In the Sultanate, arbitration is an efficient method to dispute resolution, a dispute via arbitration in Oman can be resolved as soon as within 12 months in contrast to court proceedings, which may stretch any matter for a longer period of time.

5. Factually, the Omani arbitration award has never been nullified by any of the Omani Courts to date. However, under the law, any arbitration award can be challenged as nullified under section 54 of the law. Whereas, the gourds to nullify an arbitration award are contained under section 53 of the law.

6. In global context, in 1995, the Sultanate ratified the Convention of International Centre for Settlement of Investment Disputes of 1965 (ICSID); later in 1999, it also ratified the Convention on the Recognition and Enforcement of Foreign Arbitral Award of 1958 (the New York Convention). 

  

Comments

Post a Comment

Popular posts from this blog

The six major non-corporate cases of 'Bankruptcy tourism' in the UK

 1.  Skjevesland v Geveran Trading Co Ltd (No.4) [2002] EWHC 2898 (Ch) The case was about a Swiss banker,  (1)  who had ordinary residence in the UK, because he resided there for 92 days a year; (2)  he had a flat in London to satisfy the fact that he had a place of residence in the UK;  (3) however, his 90% of the economic interests were in Switzerland.  It was held that his ‘Centre of main interest’ (COMI) is outside EU, and the Regulation was not applicable. 2. Staubitz-Schreiber, Re  (C-1/04) [2006] ECR I-701 It was upheld by the European Court of Justice that the COMI to be determined at the time when the debtor lodges a petition for insolvency proceedings and not after that. Therefore, once jurisdiction is established, it is unlikely for a debtors to change COMI.  3. Stojevic v Official Receiver [2007] BPIR 141 It was held that the principle COMI of a natural person is the place where he has his habitual residence. An indirect economic interest of the debtor
Post a Comment
Read more

Bankruptcy Tourism & UK

The term ‘bankruptcy’, defined as a procedure by which debtors obtain financial relief and undergo a judicially supervised liquidation of the debtor's assets for the benefit of creditors. It is also known as a state of a person who has been adjudged by a court to be insolvent. Then the court orders the compulsory administration of a bankrupt’s affair so that his assets can be fairly distributed among his creditors. Whereas, the term ‘Bankruptcy Tourism’ refers to a process by which both, corporation and individuals (more oftenly foreign) publicize their insolvency in the jurisdiction of their choice. [1] Alternatively, the terminology is also known as ‘forum shopping’. [2] The law of insolvency varies country wise. Because of that the debtors wish to choose the place of their choice to declare their bankruptcy aiming to take advantage of the most lenient law of insolvency. By doing so they abuse the legal system of that country and get rid of the creditors.    In particul
1 comment
Read more

Oman's oil deficit - need to diversify

The Sultanate of Oman shares borders with Saudi Arabia, United Arab Emirates and Yemen; the country also shares marine borders with Iran and Pakistan. Geographically, it is held on the mouth of Persian Gulf; besides, the Sultanate is also the second largest territory in the Arabian Peninsula. Thus, its physical location and peaceful political situation attract to invest in Oman and offer a convenient place to enhance trade and business relations. It contrast to the excellent opportunities in trade and business. Oman is an oil rich monarchy, which heavy rely on its hydrocarbon resources, mainly oil and gas. Historically, the first ever oil discovery was made in 1956. Later, the first commercial oil discovery was achieved in 1962 and thus, the first ever export of oil cargo was made in 1967. It was accounted that by 2009, in Oman there were more than 135 oil producing fields, which rapidly reached the mark of 162 by 2013. According to the Ministry of Finance, Oman, in the year of 20
Post a Comment
Read more