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Arbitration of International Agreements

Major Arbitration Bodies/Rules–Advantages and Disadvantages

American Arbitration Association (AAA)

International Chamber of Commerce (ICC)

London Court of International Arbitration (LCIA)

Arbitration Institute of the Stockholm Chamber of Commerce (SCC Institute)

British Columbia International Commercial Arbitration Centre (BCICAC)

The U.N. Commission on International Trade Law (UNCITRAL) Rules

Key Considerations for Arbitration Clauses

Selection and number of arbitrators.

Site of the arbitration.

Language of the arbitration.

Payment of costs, arbitration fees and attorneys' fees is typically born by the losing party in international arbitration unless otherwise specified.

Governing law.

Adding a "time is of the essence" clause may help speed a decision.

Enforcement

Enforcement is generally not a problem if the countries of the parties and the site of the arbitration all belong to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention).

Among other nations, the United States, Mexico, Canada, the United Kingdom, Sweden, Switzerland, France, Germany, China, Japan, Singapore and Korea have all ratified the New York Convention.