Conditions for Arbitration to Settle Disputes
A dispute shall be settled by arbitration if the parties have an arbitration agreement. The arbitration agreement may be concluded either before or after the dispute arises.
In case a party to the arbitration agreement is an individual who dies or loses legal capacity, the arbitration agreement shall remain valid with respect to his/her heirs or legal representative, unless otherwise agreed by the parties.
In case a party to the arbitration agreement is an organization that ceases operations, is declared bankrupt, dissolved, consolidated, merged, divided, separated, or converted in organizational form, the arbitration agreement shall remain valid with respect to the organization that receives the rights and obligations of such party, unless otherwise agreed by the parties.
(Legal basis: Article 5 of the Law on Commercial Arbitration 2010)
