The "United Nations Commission on International Trade Law" is a body of member and observer states under the auspicies of the United Nations. It drafted the UNCITRAL Model Law on International Commercial Arbitration in 1985. Agreements which cite the UNCITRAL Arbitration Rules may be bound to this form of dispute resolution. The United Nations, or UN, is an international organization established in 1945 and now made up of 191 states. ... 1985 is a common year starting on Tuesday of the Gregorian calendar. ...
External links
UNCITRAL (http://www.uncitral.org) home page
List of states enacting (http://www.uncitral.org/english/status/status-e.htm) the model law
Under Article 7 of the UNCITRAL Arbitration Rules, when three arbitrators are to be appointed, each party is to appoint one arbitrator but, if a party fails to do so, the other party may request that the appointment of the second arbitrator be made by the appointing authority.
The UNCITRAL Arbitration Rules provide that the fees of arbitrators shall be reasonable in amount, taking into consideration the amount in dispute, the complexity of the subject matter, the time spent by the arbitrators, and other relevant circumstances of the case (Article 39, paragraph 2).
These costs of the arbitration are, under the UNCITRAL Arbitration Rules, in principle, borne by the unsuccessful party; the arbitral tribunal, however, may apportion each of such costs among the parties if it determines that apportionment is reasonable, taking into account the circumstances of the case (Article 40).
UNCITRALs main achievements at its thirty-ninth session were the approval in principle of the key objectives and major policies of a draft legislative guide on secured transaction, and the adoption of revised legislative provisions on interim measures of protection.
The new provisions on arbitration reflect the need to align the UNCITRAL Model Law on International Commercial Arbitration, concluded in 1985 and already adopted by 50 States, with current practices in international trade, particularly with respect to the form in which arbitration agreements are concluded and the granting of interim measures of protection.
UNCITRAL recognized that despite liberalization of trade through international agreements, the failure to also upgrade commercial laws meant that many cross-border transactions did not take place, or did so under such unfavourable conditions as to limit sharply their effect on economic growth.
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