Arbitration is particularly popular for resolving the commercial disputes at domestic or national, and the international levels. At domestic level, every major country has a recognized arbitration law for solving and settling all commercial disputes arising in its all fields of commerce, industry and profession. Its people and entities doing commercial dealings and transactions with companies in the foreign countries, can recommend such domestic law also for solving their international disputes within its jurisdiction. For example, the Arbitration and Conciliation Act, 1996, represents such arbitration law in India. Apart from these arbitration laws and acts in individual countries, there are several arbitration acts for solving international commercial disputes between parties belonging to different countries, at the international forums. These international commercial arbitration acts are commonly abided by a large number of countries in the surrounding regions, besides taking necessary support of their respective domestic commercial arbitration acts. Today, the most worldwide prominent and preferred international arbitration acts are - The New York Convention, 1958; The Geneva Convention, 1927; The European Convention, 1961; The Geneva Protocol, 1923; The Washington Convention, 1965; The UNCITRAL Arbitration Rules; and many others.
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International Commercial Arbitration Outline
For solving international commercial problems and disputes promptly and easily, the arbitration agreement must include a mutually agreed arbitration clause that recommends any of these most suitable international arbitration acts. Mentioning of international commercial arbitration outline in the arbitration agreement helps greatly in reducing the tasks for settling disputes conveniently and swiftly. The arbitration clause is the indication or selection of the specified arbitration act or law, and the venue of arbitration, in case of any contingent commercial disputes in the future. Similarly, the domestic commercial arbitration outline is helpful hugely and significant in matters of domestic disputes. A well-conceived and well-drafted arbitration agreement can help immensely in minimizing or preventing any disputes in the future. The most important features of such an arbitration agreement are - clear and unambiguous statements regarding the terms and conditions of business dealing and transactions between the two companies or parties; insertion of mutually agreeable arbitration clauses; promises and policies for transparency and harmony between the concerned parties; and elegant suggestions to solve the probable disputes in the future.