Hungary Arbitration

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 Hungary Arbitration

Hungary is a Contracting State to the ICSID Convention:

  • Signature: 1 October 1986 
  • Deposit of Ratification: 4 February 1987
  • Entry into Force: 6 March 1987
  • Pursuant to Article 54(2) of the ICSID Convention, Hungary has designated “Fóvárosi Biróság, Budapest” as competent for the recognition and enforcement of ICSID awards.
  • Pursuant to Article 13(1) of the ICSID Convention Hungary has made the following panel designations effective until 20 August 2009:
    - Dr. Tamás BÁN: Head of Department, Ministry of Justice
    - Dr. László BORBÉLY: Head of Department, Ministry of Justice
    - Dr. László BURIÁN: Professor, University of Eötvös Lóránd
    - Dr. István KISS: Chief Counsellor, Ministry of Finance
    - Dr. János MARTONYI: Head of Department, Ministry of Trade
    - Dr. Gábor TÖRÖK: Head Chair of the Civil Law Department, Budapest University of Economics Sciences
    - Dr. Lajos VÉKÁS: Head of the Civil Law Department, University of Eötvös Lóránd

Hungary is a Contracting State to the New York Convention:

  • Date of Accession: 5 March 1962
  • Entry into Force: 3 June 1962
  • Hungary will only apply the New York Convention to the recognition and enforcement of awards made in the territory of another contracting state & only to differences arising out of legal relationships, whether contractual or not, that are considered commercial under their national law

In 1994, Hungary enacted legislation based on the UNCITRAL Model Law on International Commercial Arbitration as adopted in 1985 and is therefore now popularly considered to be an UNCITRAL Model Law State

Hungary is a Contracting State to both the 1899 & 1907 Convention for the Pacific Settlement of International Disputes:

  • 1899 Entry into Force: 4 September 1900
  • 1907 Entry into Force: 26 January 1910

Hungary is a United Nations Member State:

  • Date of Admission: 14 December 1955

Official State Name: Republic of Hungary - Magyar Köztársaság

Official Language: Hungarian

Capital: Budapest

Currency: Forint (HUF)

Time Zone: CET (UTC+1)

International Calling Code: +36

Internet TLD: .hu

Location of  Hungary  (dark green)– on the European continent  (green & dark grey)– in the European Union  (green)  —  [Legend]

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