What is a Model International Commercial Arbitration clause?
A Model International Commercial Arbitration clause (often abbreviated to “Model Clause”) is a standardized legal document that helps parties create an agreement to settle any disputes they might encounter by referring them to arbitration. This clause is helpful for businesses who are involved in cross-border and international transactions. Such a clause is commonly included in a contract, but may also be inserted as an amendment to an existing contract. A Model International Commercial Arbitration clause typically includes the following provisions: selection of an arbitrator, language of arbitration, place of arbitration, and governing law. It may also include a provision outlining the scope of the dispute that may be submitted for arbitration, as well as any restrictions on the damages or remedies that may be available. In California, Model International Commercial Arbitration clauses are enforced and deemed valid and enforceable by the courts, provided that all the parties involved voluntarily agreed to arbitrate their disputes. This clause is designed to protect the rights and interests of individuals and businesses who are involved in a contractual dispute, and to ensure that any resolutions are legally binding and enforceable.
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