What is a Model International Commercial Arbitration clause?
A Model International Commercial Arbitration Clause is a legal document that defines how an international commercial arbitration will occur when two parties enter into a contract. Specifically, this clause outlines the scope of the arbitration process, the rules governing the arbitration, the choice of applicable laws, and the place of arbitration. In Virginia, such a clause is required to be included in an international commercial contract in order for it to be legally valid. The clause must specify the type of arbitration to be used, such as binding arbitration or voluntary arbitration, and the choice of arbitration rules, such as the International Commercial Arbitration Rules from the United Nations Commission on International Trade Law. Additionally, the clause must state the choice of applicable law and the place of arbitration, such as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards or the UNCITRAL Arbitration Rules. This enables parties to understand the process and rules of the arbitration so they can enter into the contract with confidence. The Model International Commercial Arbitration clause is an important document that helps protect the rights of the two parties when entering into an international commercial contract. This clause ensures that all aspects of the arbitration are properly addressed so that, should a dispute arise, it can be resolved in a fair and efficient manner.
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