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Hungary - Chapter 4 - Arbitration Law and Practice in Central and Eastern Europe - Second Edition

Author(s): 
Istvan Varga
Page Count: 
154 pages
Published: 
May, 2020
Jurisdictions: 
Hungary, Republic of
Practice Areas: 
Sources of Arbitration Law,
National Legislation,
Agreement to Arbitrate,
Jurisdiction and Powers of the Courts in Matters of Arbitration Generally,
Arbitral Process,
Practice & Procedure,
Arbitral Awards,
Enforcement of Arbitral Awards,
Recourse Against Award Generally,
Costs and Damages,
Court Decisions

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Description: 

Originally from Arbitration Law and Practice in Central and Eastern Europe - Second Edition

1. GENERAL LEGAL FRAMEWORK

1.1 National law

a) Current status

What is the current status? When was it enacted? Have there been amendments?

Hungarian arbitration law has been recently re-regulated with the enactment of a New Hungarian Arbitration Act in 2018 (official citation: Act Nr. LX of the year 2017 on Arbitration, hereinafter: HAA). The HAA was announced in the Hungarian Official Journal on June 8, 2017. Some provisions of Chapter Nr. XIII of the HAA (“Closing provisions”) entered into force already on June 16, 2017. These provisions foresaw institutional changes as of January 1, 2018 and the determined related tasks of the Hungarian Chamber of Commerce and Industry and the Commercial Arbitration Court attached to it. The rest of the HAA entered into force on January 1, 2018, replacing the old Arbitration Act (official citation: Act Nr. LXXI of the year 1994). Since then the HAA has already been amended  as of 8 August 2018. The new HAA applies to arbitral proceedings that commenced on January 1, 2018 or thereafter (sec. 65(1) HAA).