Drafting The Arbitration Agreement In International Commercial Transactions: Stick To Writing For Now

Drafters of arbitration clauses have likely heard rumblings that, in recognition of the extensive changes in international contract practices and modes of communication, efforts are underway at the international treaty and convention level to ease the strict requirement that an arbitration clause or arbitration agreement be in writing.

Changes are currently being made to the three major initiatives undertaken by the United Nations that are the driving force behind the proliferation of international arbitration as a method for dispute resolution in international commercial transactions. The first, the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the 1958 New York Convention), with over 140 signatories, provides for the recognition and enforcement of foreign arbitral awards, with very limited exceptions. The second, the 1976 UNCITRAL Arbitration Rules, provides