Other laws also seek to facilitate foreign investment. In early 1989, Decree 27 established the Foreign Investment Management Committee to centralize foreign investment approval procedures, thus enabling the Foreign Investment Law to be implemented. The Lao Chamber of Commerce was established in January 1990 to assist in attracting new business ventures. Private domestic and foreign investments have been encouraged by the gradual improvement of the legal environment, including the passage of laws regarding property rights (1990), contractual obligation (1990), inheritance (1990), crime (1990), civil procedures (1990), and labor (1991). The 1991 approval of the constitution, which protects the right to private ownership, is also an important factor in encouraging foreign investment. Also, as of late 1993, an arbitration law was being drafted that will provide a legal mechanism for the settlement of disputes. There was an informal arbitration procedure, but the lack of a law or decree made decisions nonbinding.