Originally from American Review of International Arbitration - ARIA

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On November 8, 1994, the Hungarian Parliament passed Stat­ute No. LXXI/1994 concerning arbitration.[1] Its con­tents are con­gruent, to a large extent, with the UNCITRAL Mo­del Law (Model Law; UML) and the New York Convention on Recogni­tion and En­forcement of Foreign Arbitral Awards of 1958 (UN Con­ven­tion; UNC). Hungary follows, thereby, a number of states which have revised their laws of arbitration on the basis of the UNCITRAL Model Law.[2] Although the Model Law refers only to in­ternational commercial arbitration, its principles have been ex­tended by the Hungarian statute to arbi­tration proceedings which are not to be re­garded as in­ternational.[3] Regarding the congruence of the new statute with the Model Law and the UN Convention, one may rely on the ju­rispru­dence and lit­e­ra­ture con­cern­ing other statutes based on these when inter­pret­ing the new law.