Abstract:
This paper discusses how International Commercial Arbitration (ICA) operates to address the challenges of the modern international business environment, within the context of history development, fundamental legal tools and other current critical issues. The paper examines the New York Convention (1958) & UNCITRAL Model Law (1985) in relation to the global standardisation of arbitration practices. It also analyse a part provided by arbitral institutionalizing, as the ICC and LCIA, in the development of procedural innovations as resource of easing arbitration. In addition to this, the paper covers important concerns including the role of domestic courts in arbitration process, jurisdictional clashes, increasing costs and advancement in technology affecting arbitration. This study, thus, brings out the positives and negates of the existing ICA framework from the current trends, examples, and legislations and seeks to give a kind of solution on improving on a deficient framework in the current society.
Keywords:
International Commercial Arbitration, New York Convention, UNCITRAL Model Law, Arbitration Houses, Arbitration Structure, Procedure Development, Jurisdictional Issues, Awards Execution, Technology in Arbitration.