What is a Model International Commercial Arbitration clause?
A Model International Commercial Arbitration clause is a standardized clause that is used in international commercial contracts. It is a clause that outlines how the parties involved in the contract will settle any disputes that arise out of the agreement. The clause states that any disputes that arise out of the contract will be settled through arbitration. In West Virginia, the Model International Commercial Arbitration Clause is part of the West Virginia Arbitration Rules & Regulations. It states that any dispute that arises out of the contract shall be resolved by “arbitration administered by a single arbitrator pursuant to the Rules of Arbitration of the American Arbitration Association.” The American Arbitration Association is a non-profit organization that acts as a third-party facilitator in arbitration proceedings. The Model International Commercial Arbitration Clause also states that the arbitration proceedings shall be conducted in accordance with the West Virginia Statutes and Rules of Evidence. The Model International Commercial Arbitration Clause is used to help avoid lengthy and costly litigation. It also helps to protect the parties involved from any unnecessary delays or expenses. The clause also ensures that the arbitration process is conducted in a timely and fair manner. Ultimately, the purpose of this clause is to help parties resolve disputes in a prompt and cost effective manner.
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