The current Arbitration Law No. 60/2003 (December) amends the Spanish legal arbitration system by mitigating its imperfections and placing Spain within countries with a legislation favorable both to domestic and international arbitration. This new law is characterized by its anti-formalities features in using new technologies; it limits jurisdictional intervention to just some procedural stages; it accepts the adoption of arbitration precautionary measures; it states that the will of the parties is a guide orienting the arbitration procedures which limits are set out by the principles of contradiction, equality and hearing; it improves the protection as to the efficacy of the arbitration clause and it allows the provisional enforcement of the arbitral award that has been challenged. The right features of this law outnumber its inaccuracies and in general they represent a positive evolution of Spanish legislation as to arbitration. On the other hand, arbitration legislation takes into account different components of the arbitration procedure by determining its commencement, the form of serving notices, the calculation of legal terms, the different procedural stages, and they no only correctly label the system of challenging an arbitral award “acción de anulación” (annulment) but also it list with great clarity its grounds. The general analysis of its provisions leads to concluding that the regulation of arbitration is plausible in the Spanish set of juridical norms.