The President signed the Arbitration Act 2010 into law on 8 March 2010. Under the Commencement Provisions contained in the legislation all of the provisions of the Act will come into effect on 8 June 2010.
The legislation is intended to modernise and streamline existing arbitration law and to create a legal framework consistent with best practice in the international arbitration arena.
The purpose of the legislation is to apply the United National Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration to all arbitrations which take place in Ireland. At present UNCITRAL applies in relation to international commercial arbitration only. The Bill provides for the updating and repeal of the provisions presently contained in the Arbitration Act 1954, the Arbitration Act 1980 and the Arbitration (International Commercial) Act 1998.