Model Clauses
Model Clauses
BVI IAC Model Clause
Parties to a commercial or other agreement who wish to have any future dispute referred to arbitration under the auspices of the BVI IAC can insert an arbitration clause into that agreement.
If the parties have not already entered into an arbitration agreement, or if they mutually agree to modify a previous agreement in order to provide for arbitration under the auspices of the BVI IAC, they can enter into an agreement to submit their dispute accordingly.
The BVI IAC is available to provide information pertaining to the drafting of dispute resolution clauses and agreements.
Arbitration Administered by the BVI International Arbitration Centre Model Clause
“Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the BVI IAC Arbitration Rules.”
“The number of arbitrators shall be… [one or three];
The place of arbitration shall be… [Road Town, Tortola, British Virgin Islands, unless the Parties agree otherwise];
The language to be used in the arbitral proceedings shall be… [language].”
Note: arbitrations under the Rules of the BVI IAC may be conducted anywhere in the world and not just at its premises in Tortola
UNCITRAL Model Clause
In addition to administering arbitrations under the BVIIAC Arbitration Rules, the Centre is also available to administer, and/or to act as appointing authority in, ad hoc arbitration proceedings under the UNCITRAL Arbitration Rules.
Parties to a contract who wish to have any future disputes referred to arbitration administered by the BVIIAC under the UNCITRAL Rules may insert in the contract an arbitration clause in the following form:
“Any dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the BVI International Arbitration Centre (BVIIAC) under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration is submitted, as modified by the IAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules. The law of this arbitration clause shall be … (BVI law). The place of arbitration shall be … (BVI). The number of arbitrators shall be … (one or three). The arbitration proceedings shall be conducted in … (insert language).”
