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Commercial Arbitration

Commercial Arbitration:

International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.

The predominant system of rules is the UNCITRAL Arbitration Rules, as well as the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the “New York Convention”). The International Centre for the Settlement of Investment Disputes (ICSID) also handles arbitration, but it is particularly focused on investor-state dispute settlement and hears relatively few cases.

The New York Convention was drafted under the auspices of the United Nations and has been ratified by more than 150 countries, including most major countries involved in significant international trade and economic transactions.The New York Convention requires the states that have ratified it to recognize and enforce international arbitration agreements and foreign arbitral awards issued in other contracting states, subject to certain limited exceptions. These provisions of the New York Convention, together with the large number of contracting states, have created an international legal regime that significantly favors the enforcement of international arbitration agreements and awards.[5] It was preceded by the 1927 Convention on the Execution of Foreign Arbitral Awards in Geneva.

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