President ratifies Arbitration Bill

President Dr Mohamed Waheed has ratified the Arbitration Bill passed by the parliament.

Following the ratification, it has now been published in the government Gazette.

The objective of the Bill was to establish an alternative dispute resolution mechanism of arbitration in accordance with the international best practices.

The bill, passed by the parliament on 17 June, states in Article 2 (a) that the purpose of the bill is to provide an alternative and legal resolution mechanism for disputes between businesses.