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The UNCITRAL Model Law on International Commercial Arbitration [1] is a model law prepared and adopted by the United Nations Commission on International Trade Law on 21 June 1985. In 2006, it was amended and now includes more detailed provisions on interim measures.
Arbitration is a formal method of dispute resolution involving a third party neutral who makes a binding decision. The third party neutral (the 'arbitrator', 'arbiter' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'. [1]
Alternative dispute resolution (ADR), or external dispute resolution (EDR), typically denotes a wide range of dispute resolution processes and techniques that parties can use to settle disputes with the help of a third party. [1] They are used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also ...
Not all disputes, even those in which skilled intervention occurs, end in resolution. Such intractable disputes form a special area in dispute resolution studies. [6] Dispute resolution is an important requirement in international trade, including negotiation, mediation, arbitration and litigation. [7] [full citation needed]
The National Arbitration Forum countered that its arbitrators were independent practitioners, which ensured that its arbitration was impartial. [20] However, citing legal costs, the National Arbitration Forum agreed the week after the filing to stop accepting consumer debt collection cases for arbitration.
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.