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The author gives an overview of the current regime of commercial arbitration in Germany. New legislation on arbitration, forming part of the Code of Civil Procedure, came into force in Germany on 1 January 1998. The new Code is based to a considerable extent on the UNCITRAL Model Law, but covers both national as well as international arbitration proceedings. The author focuses his discussion on the major features of the new legislation, drawing comparisons to Spanish where of interest. He covers the following subjects: - arbitration agreement - applicable substantive law - formation of the arbitral tribunal - institutional arbitration - jurisdiction of the arbitral tribunal - interim measures - arbitral procedures - arbitral award - enforcement of national and international arbitral awards. The purpose of the study is to give the non-German reader insight into the new legal basis for national and international arbitrations in Germany. The main emphasis is on providing the legal practitioner with the necessary basic knowledge he needs to make an informed decision about agreeing to arbitrate and conduct arbitration proceedings in Germany. At the same time, the article is intended to provide comparative material and experience for the further development of arbitration law in Spain. [ABSTRACT FROM AUTHOR]