Legal
A method of alternative dispute resolution where parties submit their dispute to arbitrators for a binding decision.
UNCITRAL describes its Model Law on International Commercial Arbitration as “designed to assist States in reforming and modernizing their laws on arbitral procedure so as to take into account the particular features and needs of international commercial arbitration”. It reaches “all stages of the arbitral process from the arbitration agreement, the composition and jurisdiction of the arbitral tribunal and the extent of court intervention through to the recognition and enforcement of the arbitral award”. Adopted in 1985 and amended on 7 July 2006 — the amendments touching articles 1(2), 7 and 35(2) and adding chapter IV A and article 2A, principally on the form of an arbitration agreement and on interim measures.
A model law: it binds nobody by itself and takes effect only where a state enacts it, sometimes with changes. Check the enacting country’s own arbitration act, and note that institutional rules (such as those of an arbitral institution named in the contract) sit on top of it.
From the AJG lexicon archive (July 2026).
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