The Legal Framework for Arbitration
General Information
UNCITRAL Model-Law based: Yes.
Legal Provisions: Act LX of 2017 on Arbitration, effective since 1 January 2018.
Arbitral Institutions
Arbitration Court attached to the Hungarian Chamber of Commerce and Industry
Permanent Arbitration Court Central Hungarian Regional Department
Multilateral Conventions
New York Convention: Yes (ratification/accession: 5 March 1962); reservations: The Hungarian People's Republic shall apply the Convention to the recognition and enforcement of such awards only as have been made in the territory of one of the other Contracting States and are dealing with differences arising in respect of a legal relationship considered by the Hungarian law as a commercial relationship.
European Convention: Yes (ratification/accession: 9 October 1963).
ICSID Convention: Yes (ratification/accession: 4 February 1987).
Energy Charter Treaty: Yes (ratification/accession: 1 April 1998).
Last updated February 2019