Law of Arbitration

1. The arbitration tribunal shall render the final award ending the entire dispute within the period agreed upon by both parties. In the absence of an agreement, the award shall be issued within 12 months from the date of commencement of arbitration proceedings. 2. In all cases, the arbitration tribunal may extend the arbitration period provided that such extension does not exceed six months, unless the parties agree on a longer period. 3. If the arbitration award is not issued within the period provided for in the preceding paragraph, either party may request the competent court to issue an order specifying an additional period or terminating the arbitration proceedings. In such event, either party may file a case with the competent court. 4. If an arbitrator is appointed in place of another in accordance with the provisions of this Law, the period set for the award shall be extended by 30 days.