What is a Model International Commercial Arbitration Act?
A Model International Commercial Arbitration Act (known as the "MICA") is a set of laws that govern international commercial arbitration proceedings in the state of Kansas. It sets out the conditions under which international commercial arbitration at the state level can take place. It serves to ensure that any international commercial arbitration conducted within the state meets a certain standard of fairness. The MICA provides for an arbitration procedure that is fair, efficient, and cost-effective. It requires parties to cooperate in the proceedings and provides for a neutral, third-party arbitrator who is an expert in the relevant field. As part of this process, the MICA outlines the rules and procedures that all parties must follow. Additionally, the MICA sets out some procedural safeguards that must be followed, such as determining the place and dates of hearings and filing documents. There is also a provision whereby the parties can agree to binding arbitration, and the MICA sets out the rights of the parties in such a situation. Finally, the MICA provides for a mechanism for resolution of disputes in the event that arbitration fails. It outlines the process for going to court, as well as any rights of appeal that may be available to parties. In sum, the MICA is intended to ensure that international commercial arbitration in Kansas is conducted fairly and equitably.
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