What is a Model International Commercial Arbitration clause?
A Model International Commercial Arbitration Clause is a clause used in international commercial contracts to provide for the resolution of disputes through arbitration. This clause is typically used to avoid litigating disputes in court, which can be costly and time consuming. This clause is commonly used when two parties from different countries are engaging in a business transaction. The Model International Commercial Arbitration Clause is most commonly found in the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration. This Model Law is widely used throughout the world, including in the United States. In Oregon, the Model Law has been adopted in the Oregon Uniform Arbitration Act (OUAA). This Act provides for the enforcement of the Model International Commercial Arbitration Clause as well as other rules and regulations relating to the arbitration process. The Model International Commercial Arbitration Clause specifies that disputes between two entities can be settled through arbitration, which involves the parties presenting their cases to an unbiased third-party arbitrator. The arbitrator will review the evidence presented and render a binding decision. The Clause also specifies how costs are to be paid and how the arbitrator is to be appointed. By agreeing to a Model International Commercial Arbitration Clause, two entities can avoid costly court proceedings and quickly resolve their dispute. This type of clause is commonly used in Oregon due to its strong commitment to international trade.
Related FAQs
What is a motion to modify or correct an arbitration award?Are there any special requirements for an arbitration agreement?
What is arbitration law?
What is a motion to limit the scope of an arbitration?
How do I submit evidence in an arbitration hearing?
What is estoppel in arbitration?
Are there any special considerations for securities arbitration?
What is a motion to vacate an arbitration award?
How do I challenge an arbitration award?
What is the difference between the Federal Arbitration Act and state arbitration law?
Related Blog Posts
Unlocking the Basics of Arbitration Law: What You Need to Know - July 31, 2023Top Tips for Navigating Arbitration Law Successfully - August 7, 2023
Comparing International and Domestic Arbitration: What Businesses Should Know - August 14, 2023
Effective Strategies for Drafting Arbitration Agreements - August 21, 2023
Common Misconceptions About Arbitration Law: What Everyone Needs to Know - August 28, 2023