Model arbitration clauses and agreement
We recommend including an ICE8000 credit dispute arbitration clause in your contracts. If a contract contains no such clause, the parties may still sign an arbitration agreement after a dispute arises.
Model arbitration clauses
Either clause submits any dispute arising from or in connection with the contract to the Commission. Clause 2 names the institution expressly and is the clearer of the two; we recommend it.
Model clause 1
A concise clause that designates arbitration by reference to the standard.
Any dispute arising from or in connection with this contract shall be arbitrated in accordance with the ICE8000 International Integrity Standard System — International Credit Dispute Arbitration Standard. The arbitral award is final and binding upon both parties.
Model clause 2 (recommended)
A clause that names the institution and fixes the applicable version of the standard.
Any dispute arising from or in connection with this contract shall be submitted to the International Credit Dispute Arbitration Commission for arbitration in accordance with the ICE8000 International Integrity Standard System — International Credit Dispute Arbitration Standard in effect at the time of the application for arbitration. The arbitral award is final and binding upon both parties.
Model arbitration agreement
If no arbitration clause was included when the contract was signed, the parties may sign an arbitration agreement once a dispute has arisen, for example:
Having consulted amicably, the parties agree that any dispute arising from or in connection with the contract *** shall be arbitrated in accordance with the ICE8000 International Integrity Standard System — International Credit Dispute Arbitration Standard. The arbitral award is final and binding upon both parties. Party A: Party B:
The ICE8000 default arbitration clause
Where a standard of the ICE8000 International Integrity Standard System already provides a default arbitration clause, the parties need not sign or file a separate arbitration agreement. In that case the respondent may exclude the clause in writing within 7 days of receiving the notice of arbitration, and the tribunal terminates the proceedings on the day it receives the notice of exclusion. If the respondent does not exclude the clause in that way, it is conclusively valid.
Drafting tips
- Make the agreement as clear, specific and complete as possible: name the institution, the applicable arbitration standard and the final effect of the award.
- The arbitration clause is separable from the rest of the contract; amendment, rescission, termination, expiry or invalidity of the contract does not affect it.
- An agreement naming the World Credit Organization (WCO) or its International Credit Dispute Arbitration Commission is deemed an agreement to arbitrate before this Commission under the standard.
- Where a valid arbitration agreement exists, no party may sue in court on the disputes it covers.