During the arbitration proceedings, is conciliation by parties recognized? How will the decision recognizing successful conciliation be enforced?

Pursuant to Article 9 of The Arbitration Law 2010, during the process of arbitration proceedings, Parties shall have the freedom to negitiate and reach agreement with each other to resolve their disputes, or to request the arbitration tribunal to conduct mediation in order for the parties to reach an agreement and resolve their dispute.

If the mediation is successful, the arbitration tribunal shall prepare minutes of successful mediation to be signed by the parties and certified by the arbitrator/s. The arbitration tribunal shall issue a decision recognizing the agreement of the parties.

Such decision shall be final and shall have the same validity as an arbitral award (Article 58 of The Arbitration Law 2010).

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