INTERNATIONAL ARBITRATION AND MEDIATION - 7

 

an excerpt from ALTERNATIVE DISPUTE RESOLUTION 2001 EDITION
published by the llinois Institute for Continuing Legal Education

© 2001 by Stephen E. Smith

III. Drafting the International Arbitration Agreement

G. [23.9] Entry of Judgment and General Purpose Institutional Clause

These provisions indicate which court may enforce the arbitral award and suggest language for inclusion in a clause or submission agreement allowing for the appointment of an institution to conduct the arbitration.

 

H. [23.10] Interest

The seemingly simple question of interest is actually a very important one. For example, if the arbitration will occur or the award is intended to be enforced in a Moslem country, any amount denominated as interest will cause the award’s rejection as against the public policy of that nation.

 

I. [23.11] Intergovernmental Organizations

This provision in a clause or submission agreement deals principally with arbitration that involves United Nations entities. Accordingly, the reader is referred to the Permanent Court of Arbitration (PCA) booklet entitled BASIC DOCUMENTS OF THE PERMANENT COURT OF ARBITRATION (1998) in the event he or she becomes involved in such an arbitration.