What is Judicial Precedents

The United Nations (UN) is the organization in charge of overseeing international commercial arbitration and the organization that drafted the international trade laws (ITL). Because of the varied nature of national laws pertaining to international commercial arbitration, the United Nations has developed its own model laws to serve as a guide for the creation of nationally consistent laws governing international trade and commercial arbitration. Arbitration and agreement, definition and form of the arbitration agreement, substantive claim before the court, the arbitration agreement and interim measures by the court, number of arbitrators, and finality of an arbitration award are all topics that have been covered by the model laws. A brief analysis of the mandatory model law is presented hereunder.