What is the article of UNCITRAL Model Law?

Amendments to articles 1 (2), 7, and 35 (2), a new chapter IV A to replace article 17 and a new article 2 A were adopted by UNCITRAL on 7 July 2006. The revised version of article 7 is intended to modernise the form required of an arbitration agreement to better conform with international contract practices.

Why do you think that uncitral Model Law on International Commercial Arbitration is important in India?

The UNCITRAL Model law has been designated to assist the states to establish their domestic law and modernize their laws on arbitral procedure with due consideration of the specific features and the needs of international commercial arbitration.

What is the difference between the New York Convention the uncitral Model Law on International Commercial Arbitration and the UNCITRAL rules?

Clearly, UNCITRAL Model Law is only applicable about international commercial arbitration which limits the extent of the legislation for other disputes such as non-commercial ones. The New York Convention of 1958 is an international regime for the enforcement of foreign award and it was adopted by United Nations.

Is UNCITRAL applicable in India?

C. India’s Arbitration and Conciliation Act, 1996 and the UNCITRAL Arbitration Rules. The Law Commission in its 246th Report recognised the key source of India’s A&C Act, 1996’s text being the UNCITRAL Model Law on International Commercial Arbitration.

Is UNCITRAL Model Law binding?

The model law is not binding, but individual states may adopt the model law by incorporating it into their domestic law (as, for example, Australia did, in the International Arbitration Act 1974, as amended).

What are the main objectives of UNCITRAL?

Its aim is to remove or reduce legal obstacles to the flow of international trade and progressively modernize and harmonize trade laws. It also seeks to coordinate the work of organizations active in this type of work and promote wider acceptance and use of the rules and legal texts it develops.

Why is UNCITRAL important?

UNCITRAL plays an important role in developing that framework because of its mandate to prepare and promote the use and adoption of legislative and non-legislative instruments in a number of key areas. These instruments are negotiated through an international process involving a variety of participants.

Is UNCITRAL the same as the New York Convention?

2 Since then, UNCITRAL, as the core legal body in the United Nations System in the field of international trade law, has come to be regarded as the custodian of the New York Convention.