International business transactions


INTERNATIONAL COMMERCIAL ARBITRATION



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OUTLINE International Business Transactions
INTERNATIONAL COMMERCIAL ARBITRATION

Legal Regime Governing Intl Commercial Arbitration

  • New York Convention

    • The 135 states that have ratified have committed themselves to recognizing arbitral agreements and, when one of the parties requests it, referring the parties to arbitration, even when the arbitration is to take place in a foreign country

    • States have agreed that their courts will not exercise jurisdiction over the substance of the dispute so long as either party insists upon the arbitration clause

    • Also have agreed that they will recognize arbitral awards as binding and enforce them

  • National Law

    • i.e. US has federal law on arbitration  American Arbitration Act

    • many nations have adopted UNICTRAL Model Law on Intl Commercial Arbitration

      • 40 or 50 countries that have adopted law that is copied from or similar to this


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