2016년 개정 중재법의 주요내용

Important Issues of the 2016 Revision of the Korean Arbitration Act

The Korean Arbitration Act (KAA) enacted in 1966 was entirely revised in 1999, adopting the 1985 UNCITRAL Model Law on International Commercial Arbitration. Korea is trying to be an international arbitration hub in the region, taking advantage of its geographical location in Asia and its highly open economy. KAA was revised in 2016 again in order to reflect the criticisms against the previous KAA, changes in the arbitration environment, and the 2006 amendment to the UNCITRAL Model Law. The basic direction of the revision was to maintain the UNCITRAL Model Law system and to deal with the national arbitration and international arbitration in the same framework. The scope of revision covers all fields of arbitration, including arbitration agreements, arbitrators, arbitral proceedings, interim measures of the arbitral tribunals, recognition/enforcement of arbitral awards, and their annulment. This paper aims to introduce the important issues of the 2016 revision of KAA, to offer important information discussed in the process of revision, and thus to help those concerned in the interpretation and implementation of KAA. The 2016 revision of KAA is expected to help greatly in promoting not only the national arbitration, but also the international arbitration in Korea.