International Commercial Disputes Essay Example | Topics and Well Written Essays - 4000 words

International Commercial Disputes - Essay Example (Armstrong, K; Fire of Asia; Allied Publication; 2004; page 98) Commercial dispute arbitration on an international scale would entail interesting specifics. The Encyclopaedia Britannica would state that the art of international arbitration began between the United States and Great Britain approximately in the year 1794 in order for America to build a sound national economy and ensure commercial prosperity. The pursuit of international negotiations led to the creation of the Jay Treaty. This treaty, regardless of its extremely controversial nature and the nation's outrage, passed the senate at President Washington's urging. Commercial dispute arbitration, as can be seen just in early American developments, would in fact bring interesting considerations to light. The evolution of commercial dispute arbitration has in fact become something of an incredible undertaking. This would be undeniable in light of the vast number of often daily changes involved in international business relations and political and social contexts worldwide. In the realm of judgments managed in arbitral situations the International Law Association, which was founded in 1873 utilizes definitions of public policy including international public policy and public policy. Public policy would be those moral, social or economic considerations which would in fact be applied by various courts as grounds for refusal to enforce arbitral awards whether they are domestic or foreign. International public policy would in fact be public policy applied by state courts in regard to foreign awards in place of domestic awards. This is a much narrower focus than public policy would be. Yet again, there is reason to clarify that international public policy should not be confused with what i s known as transnational public policy. (Gower, N D and Banerjee, S; Good Governance: a Look into the Future of International balance; Alliance Publishers; 2004; page 12) Transnational, or in most cases, truly international public policy would be those principles that represent international consensus in regard to universal standards and includes accepted norms of conduct which must always apply. Transnational public policy comprises the fundamental rules of law, jus cogens in public international law, the principles of universal justice, and the general principles of morality accepted by those nations referred to as "civilised." The various conventions in regard to international law would be the New York Convention of 1958, the Geneva Convention of 1927, the Panama Convention of 1975, the Riyadh Convention in 1983, and the 1965 Washington Convention. There have been various national laws to affect arbitration including the UNCITRAL Model Law, the OHADA Uniform Act, and state legislation. The UNCITRAL Model Law would owe its origins to a request the Asian-African Legal Consultative Committee made in 1977. The reasoning behind the development of UNCITRAL would be a consideration by the Asian-African Legal Consultative Committee which maintained there was a lack of uniformity in national courts approaches to award enforcement. This is where harmonisation of enforcement practices was necessary in States enforcement practices. The committee also concluded that there must be judicial control of the