Framework Governing International Commercial Arbitration: UNCITRAL Model Law and Principles
13 Pages Posted: 10 May 2016 Last revised: 12 May 2016
Date Written: November 10, 2015
The UNCITRAL Model Law on International Commercial Arbitration is designed to assist States in reforming and modernizing their laws on arbitral procedure. The Model Law covers all stages of the arbitral process: formation of arbitration agreement, the composition and jurisdiction of the arbitral tribunal and the extent of court intervention in the recognition and enforcement of the arbitral award. The Model Law reflects worldwide consensus on key aspects of international arbitration practice having been accepted by States across regions and with different legal and economic systems. For example, in India the old Arbitration Act, 1940 was repealed and replaced by Arbitration Act, 1996 with the incorporation of several provisions of the UNCITRAL Model Law. The model law, as the name suggests, is only a model i.e., a prototype of law. The UNCITAL Model Law has harmonized the common law and the civil law concept on arbitration.
Keywords: Model Law, International Commercial Arbitration, Arbitral procedure, agreement, Jurisdiction, Composition, Party autonomy, Separability, Competence, Territorial principle, Enforceability
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