What is a Model International Commercial Arbitration Act?
A Model International Commercial Arbitration Act, or MICAA, is a set of laws aimed at providing a legal framework for the parties involved in international commercial arbitration. The act was adopted by Delaware in 1999 to provide a standard that complies with the United Nations Commission on International Trade Law (UNCITRAL). MICAA provides rules for the parties to follow, including the power of arbitrators, selection of arbitrators, handling of disputes, representation before the arbitral tribunal, and the power to grant interim measures of protection. The application of MICAA in Delaware is consistent with the mandate set forth by the UNCITRAL, which is to facilitate the resolution of international commercial disputes. The act’s main goal is to ensure that disputes are dealt with in a fair and just manner. To do so, the act stipulates that the parties involved must be fully aware of the proceedings and that all agreements must be made with mutual consent. MICAA also serves to provide a framework for dispute resolution, including the requirement of parties to adhere to a timeline for proceedings. It also ensures that the parties involved in arbitration are provided with adequate protections regarding their rights and interests. Furthermore, MICAA provides a clear definition for what constitutes an “international commercial arbitration” thus allowing the parties to better understand the process and the applicable law. In summary, the Model International Commercial Arbitration Act has been adopted in Delaware in order to provide a legal framework for the parties involved in international commercial arbitration and to facilitate the resolution of disputes in a fair and just manner. The act gives the parties a clear understanding of the proceedings and their rights regarding the arbitration process.
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