In the current conditions of the international economy and business, the main way to resolve foreign economic disputes is international commercial arbitration. Most contracts with foreign conterparties shall contain an arbitration clause, according to which the parties submit the dispute to the international arbitration court for resolution. That is why more and more business representatives face the problem of protecting their interests in such courts.
Unfortunately, in our practice, we quite often come up against a situation when signing the foreign economic contract, few business entities pay attention to the arbitration clause and the choice of arbitration, and, as a result, when disputes arise under the contract, they face the necessity to resolve it in the arbitration court, with the procedure and rules of which they are not familiar.
The solution to this problem was largely facilitated by the unification of arbitration regulation, implemented on the basis of multilateral international conventions and other international documents on international commercial arbitration. However, even after the above-mentioned unification, the influence of the national legislation on the legal regulation of international arbitration is determining.
So, despite the fact that Ukraine is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards dated 10 June 1958, the text of the law of Ukraine “On International Commercial Arbitration” is based on the UNCITRAL Model Law “On International Commercial Arbitration”, the situation with the adoption and execution of the decisions of the international commercial arbitration in the territory of Ukraine is quite controversial.