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.
Related FAQs
Can I challenge an arbitrator’s decision?What is a motion to vacate, modify or correct an arbitration award?
How do I challenge an arbitration award?
Is there an appeals process for a motion to disqualify an arbitrator?
What is a motion to compel arbitration or stay proceedings pending arbitration?
What is the difference between a motion to compel arbitration and a motion to stay proceedings pending arbitration?
Can I appeal an arbitration award?
Are there any limits to attorney’s fees in arbitration?
How do I challenge an arbitration award in court?
What is an agreement to arbitrate?
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