What is a Model International Commercial Arbitration Act?
A Model International Commercial Arbitration Act (MICA) is a set of rules governing the arbitration of international commercial disputes. This act was developed by the United Nations Commission on International Trade Law (UNCITRAL) in 1985 and is now widely used in a variety of countries. The act includes procedures for the appointment of arbitrators, the place of arbitration, the place of the hearing and other procedural matters. It also provides rules in regards to the interpretation of the law to be applied in the arbitration and the award that the arbitrator may give. In South Carolina, the Model International Commercial Arbitration Act is a statute which establishes conditions and procedures governing arbitration of multiple international commercial disputes. It provides guidelines that should be followed for conducting an international arbitration while also making sure that the rights and interests of all of the parties involved are respected. The Model International Commercial Arbitration Act is a useful tool for businesses in South Carolina, as it ensures that arbitrations conducted in the state are conducted fairly and efficiently. It helps to promote the ongoing development of an effective and reliable international commercial dispute resolution system. As a result, international businesses can be confident that any disputes they have will be resolved in an unbiased and impartial manner.
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