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.
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