What is a Model International Commercial Arbitration Act?
The Model International Commercial Arbitration Act (MICA) is a legal document that was drafted by the International Chamber of Commerce in 1958 to act as a guide for international commercial arbitration. The MICA outlines the rules and procedures of the arbitration process, from selecting arbitrators to enforcing the arbitration award. The MICA is divided into 15 sections, covering topics like the composition of the arbitration panel, the rights of the parties involved, and the determining of costs and fees associated with the arbitration. It also includes provisions for the selection of the arbitration panel, the selection of the site and language of the arbitration, and the management of the proceedings. While the MICA is a guide and not a binding law, several countries—including the United States and California—have adopted parts of it into their own laws to facilitate international trade. California adopted the Model International Commercial Arbitration Act in 1973 to enable international trade and business by providing a system of dispute resolution that is quicker, less expensive, and more private than a court. In California, the Model International Commercial Arbitration Act is one of the most important sources of mandatory arbitration law. California courts must follow the Model International Commercial Arbitration Act, or MICA, when they are dealing with a dispute that involves international commercial arbitration. In short, the Model International Commercial Arbitration Act is a legal document that provides an outline of the rules and procedures of the arbitration process. Many states, including California, have adopted it into their law to facilitate international trade and business. The MICA is an important source of mandatory arbitration law in California, which courts must follow when dealing with international commercial arbitration cases.
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