The Executive Decree no. 290/17 of 11 May, was approved on the same day and came to establish a series of rules and principles that must be taken into account by the arbitrators within center for extrajudicial dispute resolution, established by the Executive Decree no. 230/14 of 27 June, as the institutional Arbitration and Mediation Center of Angola.
In parallel, this Executive Decree came to establish the Procedures on Arbitrage, the Regulation on the Emergency Arbitrator as well as the Code of Ethics of the Arbitrators.
Developing regulations that were already previously established within the Law on Voluntary Arbitration, approved in 2003, this Decree came to establish the arbitrage procedure of provisory nature, the composition of the arbitration court as well as consolidate the provision which confer the arbitrator the duties of neutrality and impartiality, transparency and availability by the parties, provided they cannot be paid by them.
Additional, the speed of the procedure was already taken into account by the Angolan legislator, being the sentence delivered, in accordance to the Article 33, in sixty days counting from the end of the debate, notwithstanding a different deadline provided by the parties.
This diploma came into force on the date of its publication and shall be deemed as a useful instrument in order to establish Angola as a safe and trustworthy haven for forign investment.