International Chamber Of Commerce Research Articles

Court of Cassation of Qatar, Appeal Nos. 45 and 49 of 2014 – Civil Cassation (2nd Circuit), 25 March 2014 (Arabic Original)

"The arbitral award issued in application of the rules of the International Chamber of Commerce in Paris may not be invalidated on the grounds of not being issued by H.H. the Prince of the State of Qatar, because such award is not subject to provisions of the Qatari Code of Procedure, except with regard to its execution in the State of Qatar."

Новый Примирительный регламент Международной торговой палаты: в ожидании спроса на медиацию

Russian businessmen are used to include arbitration clauses in their foreign trade agreements. Some of these clauses refer the disputes for settlement under the rules of the foreign arbitration centers, including Rules of Arbitration of the International Chamber of Commerce. While arbitration is one of the best known and widely applicable dispute resolution method, recent trend consists in the growing use of conciliation and mediation procedures for settlement of complex disputes arising between the participants of international commercial turnover. Mediation clauses together with multilayer and combined dispute resolution clauses become part of commercial reality where success and economy depends on the ability of the party to a commercial contract to quickly and correctly analyze the available solutions, consciously chose, correctly formulate and apply the dispute resolution method suitable for the particular dispute. In many cases mediation procedure allows the parties to settle their commercial dispute in the most efficient way. From this prospective awareness of the recent practices and new rules of the leading ADR centers becomes one of the key factors for successful activities on the field of international commercial relations. The ICC Mediation Rules are in force since January 1, 2014. This document replaces the ADR Rules which were in force from 2001. Author analyses the provisions of the new document from the prospective of its use for settlement of international commercial conflicts.

Transformations Encouraged by Story Telling

As an assistant professor, I reflect on the passing year during which my professional path took me from Texas to the Middle East to design, develop, facilitate, and assess adult and higher education learning at the A merican University in Dubai. One such educational opportunity allowed me to take 27 adult learners from a variety of ethnic backgrounds (Saudi, Iranian, Iraqi, Emirati, Bahraini, Jordanian, Egyptian, Lebanese, Indian, and Kazak) on a faculty-led study abroad course (International Studies: 375) to Paris and Geneva to explore the roles that international organizations--the International Federation for Human Rights (FIDH), International Chamber of Commerce (ICC), International Court of Arbitration (ICA), United Nations Higher Commission for Refugees (UNHCR), World Trade Organization (WTO), and International Organization for Migration (IOM)--play in business, politics, and global affairs. Cogent testimonies of transformative learning manifested over the span of the course as well as new considerations for facilitating adult learning abroad. I begin this reflection with my own sojourn into international transformative education and finally offer considerations about the use of narrative to encourage transformative adult learning in study abroad programs. As professionals in the field of adult and higher education, we recognize the path into any learning community is riddled with complexities of life exigencies. My own journey into the field of adult and higher education was convoluted by financial hardship, personal doubt, and limited social support. Being the first of 12 siblings to pursue higher education, I found messages and meaning made about higher education to be overwhelming, conflicting, and confusing. Culminating factors, compounded with increased competition in employment, made me wonder if any of the time and money I spent was even worth it. I wrestled with this as an undergraduate adult learner in the context of a transactional, overpriced educational classroom. Toward that educative journey's completion, I found light at the end of the tunnel in an experiential, transformative study abroad course in Spanish language and culture. Moving Toward International Transformative Learning Transformative learning abroad, although not an outright given, can occur through critical reflection, questioning, and social engagement in inherently different ideologies. The result can be a cognitive re-ordering of perceptions, unlearning of stagnant truths, and acceptance of new assumptions. As an educator, one role is to create opportunities for such complex experiences, discourse, and self-reflection, so learners may begin to find inherent dubiety in often long-standing certainty (Kim & Jeris, 2009). Baumgartner (2001) further discusses the function of relationships and sharing experience in the facilitation of transformative learning. As non-Western experiences of adult and higher education learners are largely absent from the expansive pool of transformative education research (Kim & Jeris, 2009), considerations about how complex discourse and sharing experiences emerged in a short-term course abroad was of particular interest. To promote confrontation of complex issues throughout the course abroad, each international organization visit was followed by a minimum 1-hr discussion to unpack and dialogue about various sensitive and non-sensitive political, economic, cultural, and social issues. Creating spaces for critical reflection and dialogue within short-term study abroad curricula offers learners ways to collectively connect with peers and challenge thinking. Interestingly, learners' narratives served as a point of entry into the discussion. Johnson and Golombek (2011) discuss narrative as a description, explanation, analysis, interpretation and construal of one's private reality (p. 490). Sharing stories during the international studies course became a way for learners to identify shared experiences with one another. …

The Jerusalem Arbitration Centre: From Tradition to Innovation

The Jerusalem Arbitration Center, backed by the International Chamber of Commerce (ICC) was launched on 18 November 2013 after several years of reflection and hard work.Why was there a need to create this new arbitration center? The total annual volume of trade between Israelis and Palestinians is currently estimated at between USD 4 and 5 billion. However, there is significant potential for more trade in the region. To bolster economic integration, it was essential to create a neutral and efficient forum for dispute resolution. For business people on both sides who worked together on the project, as well as the ICC, the underlying idea for the project is in line with that developed by the French philosopher Montesquieu, namely that the development of trade leads to peace. The cornerstones for the development of the Center are neutrality, efficiency, and modernity. As a result, the JAC has emerged as a unique institution that is classical yet avant-garde.

Questioning the Role of International Arbitration in the Fight against Corruption

International arbitration does not represent a promising mechanism for the adjudication of corruption in the context of international business transactions, although parties appear to be raising allegations of corruption with increasing frequency in arbitration proceedings. This article surveys over fifty arbitral awards, spanning many decades, and rendered by tribunals of the International Centre for Settlement of Investment Disputes and the International Chamber of Commerce, tribunals applying the arbitral rules of the United Nations Commission on International Trade Law and the Iran-United States Claims Tribunal. On the basis of this survey, the article argues that arbitral tribunals have made an unsatisfactory contribution to the adjudication of corruption allegations partly due to avoidance techniques employed by both tribunals and parties, as well as some questionable reasoning on the part of arbitral tribunals. Most significantly, however, tribunals have faced major evidentiary problems because parties have tended to provide inadequate evidentiary support for corruption allegations. Tribunals could pursue five potential solutions to these evidentiary problems, namely drawing adverse inferences, placing greater reliance on circumstantial evidence, lowering the standard of proof, shifting the burden of proof, and drawing on factual findings in domestic proceedings. Finally, this article concludes by arguing that arbitral tribunals are also ill-suited to the adjudication of such claims because the public interest in the adjudication of corruption allegations is at odds with the relatively closed, non-transparent character of arbitration.

Las garantías bancarias en el comercio internacional*

Demand guarantees are irrevocable undertakings, independent underlying contracts, issued by a bank guarantor on the instructions of the applicant to pay the beneficiary any sum that may be demanded stated in the text of the guarantee. The International Chamber of Commerce (ICC) has aimed to highlight the use of ther most important instruments of the international trade to achieve an important juridical security and help to avoid hesitation, misunderstating and confusion. In the field of the independent guarantees, the recent major development has been the adoption of the Uniform Rules for Demand Guarantees (URDG), Brochure 758. This publication replaces URDG 458 and contains new definitions and interpretation rules to provide greater clarity and precision.

Enforceability of alternative dispute resolution clauses: position in UK, USA and India

Times have drastically changed from a point in history when conventional judiciary viewed ADR as a threat to their existence to present period where ADR is viewed as an aid to existing legal system. However, with respect to non-binding form of ADR, there is till ambiguity prevailing which can be attributed to lack of legislative support and far from clear judicial approach. The article tries to analyse the judicial and legislative approach in enforcing such clauses in three common law jurisdictions, i.e., UK, USA and India. The article also delves into the landmark precedents dating more than half a century old which are still shaping the law makers of these respective countries. The article also explores the approach taken by the International Chamber of Commerce while dealing with ADR clauses as a separate clause or multi-tier dispute resolution clauses.

Is Europe Skipping a Step? Exploring the Harmonization of Adr Agreements

The EU has in the past 15 years displayed particular interest in Alternative Dispute Resolution or ADR. It has issued a number of instruments that set out the procedural framework within which the Member States have ample leeway to regulate ADR. One aspect that has remained under the European radar is the ADR agreement. This article explores how the EU could promote better access to justice by adopting uniform rules on the legal status of an ADR agreement. To that end, it discusses the substantive legal requirements that a valid and binding ADR agreement should meet. It also examines the obligations of the parties to an ADR agreement. Moreover, it confers how these obligations might be enforced. While laying out rules that fit the European legal context, this paper draws on comparative research on ADR in Belgium, England and Germany; on the rules of established ADR institutions such as the International Chamber of Commerce (ICC); and on Article 13 of the UNCITRAL Model Law on International Commercial Conciliation.

Interpretation Problem with Application of Incoterms in Arbitral Awards of the International Chamber of Commerce

Interpretation Problem with Application of Incoterms in Arbitral Awards of the International Chamber of Commerce

Financing the SME Value Chains

Asia’s economic miracle is often associated with large, multi-national companies. While these organizations have been important drivers of the region’s growth, small and medium enterprises (SMEs) accounting for more than 98% of the enterprises have played a key role. These SMEs contribute around 40% to their country’s GDP in the ASEAN region. In developed nations such as the USA, UK, France and Singapore, SMEs contribute more than half of their country’s GDP.Addressing SMEs’ needs for finance, it is assessed that formal financial lending organizations represent a weak link in the financial supply chain for SMEs in the region. The problem also hinders the physical supply chain in that SME’s are key drivers of business growth in the region. This paper proposes a framework for financial lending to allow formal lending organizations to compete with the alternate sources of finance SMEs seek.This research work is built upon case studies from Malaysia and India, and surveys conducted on the supply and demand of SME finance in Malaysia. A lack of collateral and limited access to venture and growth capital are some of the obstacles that SME owners face when seeking finance for their businesses. Cash flow shortages caused by long or delayed payment cycles exacerbate the problem. On the supply side, a number of issues including high transactions costs, inadequate information about borrowers and weak governance, deter large banks from developing SME lending portfolios. In the absence of bank lending options many SMEs turn to other sources of finance such as unregistered money lenders that charge high interest rates. It is realized that the local money lenders are accessible and understand the SME business model better. They are also able to keep a tight rein on costs and have developed ways to make sure that investment funds are used by borrowers for profit-making purposes.This work identifies nine areas of demand for capital, including funds to pay for fixed assets and raw materials, to pay for seasonal periods of low demand, and to ramp up operations ahead of product launches. In addition to money lenders, SME’s typically use eight types of financing options including family and friends, micro finance institutions and owner’s equity. There are also various government schemes to help SMEs find the financing they need, but the research finds that that penetration is a key challenge to these interventions. These programs only reach a relatively small fraction of the total population of businesses.The lack of affordable financing options stymies the growth of SMEs in Asia. This work suggests that banks in the region need to redesign their lending portfolios so that they are better able to evaluate and manage the SME’s needs for finance. To help clarify the risks, this paper includes a grid showing how the different sources of SME financing are weighed in terms of the so-called 5Cs: capacity, capital, character, collateral and condition. It is recommended that banks should adopt more innovative ways to analyze SME loans, and gain a deeper understanding of how these enterprises fund their supply chains.This does not necessarily require a complete overhaul of current practices; financial institutions can tap into the SME market by learning to work within current financing systems. To this end, MISI describes 11 key devices that can be leveraged to catalyze the lending process. For example, Joint Liability Groups comprise farmers with compatible businesses who come together to borrow from financial institutions. Group members can borrow individually or collectively by offering mutual guarantees for each other. Technological advances such as the growth of internet banking and electronic funds transfers can also be harnessed to facilitate SME lending. New standards such as the Bank Payment Obligation (BPO) rolled out by SWIFT and the International Chamber of Commerce (ICC) are helping to unlock IT-related advances in banking.With mass customization and fragmentation of manufacturing, creating a viable market for SME financing benefits both the financial institutions and the enterprises involved. Regional and global supply chains also benefit in that there is an increasing need for sustainable and financially viable SMEs in Asia. This work thus addresses the factors responsible for widening the supply - demand gap for SME finance by studying the flow of finance through SME supply chains.

HKL Group Ltd v. Rizq International Holdings Pte. Ltd. and HKL Group Co. Ltd. v. Rizq International Holdings Pte Ltd.

Relying on the already controversial Insigma Technology Co. Ltd. v. Alstom Technology Ltd. decision, the High Court of Singapore has recently upheld a pathological arbitration clause on the condition that the parties to the dispute obtain the agreement of the Singapore International Arbitration Centre (SIAC) or any other arbitral institution in Singapore 'to conduct a hybrid arbitration applying the International Chamber of Commerce (ICC) rules'. The court rendered its decision in HKL Group Ltd v. Rizq International Holdings Pte. Ltd. and upheld it in HKL Group Co. Ltd. v. Rizq International Holdings Pte. Ltd. This note examines the rationale for the court's decision and whether it was justified in the circumstances. The note also examines whether the court's reasoning has wider and perhaps undesirable implications for international arbitration in the Asia-Pacific region.

Mediation and Culture: The Example of the ICC International Commercial Mediation Competition

The International Commercial Mediation Competition is organized by the International Chamber of Commerce (ICC) in Paris, which held the event for the eighth time in February 2013. As the competition has grown, participation has become more and more diverse and thus mediation and negotiation have become more and more cross‐cultural. This led the ICC to invite external research on culture at the competition in February 2011. In this article, I discuss this student competition, the external research project question, and the culture of the competition. I also identify some of the further cultural issues raised by referring to relevant research on conflict and mediation across cultures, and conclude with some thoughts on how better to conceptualize the field of cross‐cultural mediation in terms of a systems approach.

THE IMPACT OF GOVERNANCE AND COMPLEXITY OF UNIFORM CUSTOMS AND TECHNOLOGY ON OPERATIONS MANAGEMENT: THIRD PARTY LOGISTICS CASE STUDIES

ABSTRACT Today’s global market is more fiercely competitive than yesterday. Competitive pressure and technological change force international firms to change the way they do business. The third-party logistics (3PL) industry continues to be very dynamic. The use of the third-party logistics services by large international firms has expanded steadily, and the services process has become more sophisticated and complicated. This paper addresses the impact of Uniform Customs and Practice imposed by the International Chamber of Commerce, technology usage, and knowledge management on third-party logistics including causes of the use of those services on such issues as logistics practice, service levels, and shipper satisfaction. Since the challenges of complexity, responsiveness, and governance related to operations management lie along the path for managers to make a proper execution and solution, the findings from this research could be a potential contribution for business community and manager success in the future. Keywords Governance and Complexity, Uniform Customs and Practice, Technology, Third Party Logistics.

Case Note: Hubei Gezhouba Sanlian Indus Co v Robinson Helicopter Co

I. Background to the CaseOn March 29, 2011, the United States (US) Court of Appeals for the Ninth Circuit (the Ninth Circuit Court) affirmed the judgment of the United States District Court for the Central District of California (the District Court) in the case of Hubei Gezhouba Sanlian Indus Co v Robinson Helicopter Co1 That decision recognised the judgment of the High People's Court of Hubei Province of China (the Hubei High Court) in favour of Hubei Gezhouba Sanlian Indus Co (Sanlian) and Hubei Pinghu Cruise Co, Ltd (Pinghu) against Robinson Helicopter Co (Robinson), a Californian corporation.The case resulted from a helicopter accident in 1994 in which three people died and multiple damages occurred. The helicopter was manufactured by Robinson, owned by Sanlian and operated by Pinghu. In March 1995, Sanlian and Pinghu sued Robinson in the Los Angeles Superior Court for damages based on theories of negligence, strict liability and breach of implied warranty. On November 8, 1995, the action in the Los Angeles Superior Court was stayed in favour of a Chinese forum subject to forum non conveniens (FNC). Robinson agreed to submit to the jurisdiction of the appropriate court in China, to toll the statute of limitations during the pendency of the California State action, and to abide by any final judgment rendered in China.After the case was first stayed on FNC grounds, the plaintiffs' action in the Hubei High Court was dismissed in December 1995 on the grounds that the purchase agreement for the helicopter contained a provision requiring arbitration. Then Sanlian and Pinghu filed a motion to have the stay lifted on the grounds of no tribunal available in China. After several motions and appeals, the Los Angeles Superior Court finally ruled the stay remains in effect on 27 January 1998. Then Sanlian and Pinghu had to initiate arbitration proceedings against Robinson in the International Court of Arbitration of the International Chamber of Commerce (ICC). In 2000, the arbitral tribunal ruled that it lacked jurisdiction because no valid arbitration agreement existed between the two Chinese companies and Robinson. Subsequently, the plaintiffs re-filed an action in the Hubei High Court in 2001. In 2004, that Court issued a default judgment in favour of the plaintiffs. In 2006, Sanlian and Pinghu filed their complaint against Robinson in the District Court requesting enforcement of the Chinese judgment.In 2007, the District Court denied the plaintiffs' motion for summary judgment and granted a summary judgment in favour of Robinson on the grounds that the statute of limitations had expired before the Chinese lawsuit was filed. That decision was denied by the Ninth Circuit Court in 2008. The case was reversed and remanded. In 2009, the District Court issued a judgment in favor of the plaintiffs (the 2009 judgment).2 The defendant Robinson appealed to the Ninth Circuit Court. In 2011, The Ninth Circuit Court affirmed the judgment of the District Court (the 2011 judgment).II. Main Issues in SanlianThe case had undergone some complicated arbitration and litigation proceedings. In recognition and enforcement of the Chinese judgment, the District Court in the 2009 judgment mainly addressed four issues: (i) the statute of limitations; (ii) service of process; (iii) finality, conclusiveness and enforceability of the Chinese judgment; and (iv) non-recognition grounds in California's Uniform Foreign- Money Judgments Recognition Act (UFMJRA).3The first issue was the statute of limitation. Robinson argued that it agreed to toll the statute of limitations for the period beginning on the date that the plaintiffs filed their complaint in the California State court action, and ending on the date that the California State court action was finally dismissed. The District Court firstly granted Summary Judgment in favour of defendant on the grounds that the statute of limitations had expired before the Chinese lawsuit was filed. …

Managing Incoterms 2010 risks: tension with trade and banking practices

Incoterms 2010, issued by the International Chamber of Commerce and effective from 1 January 2011, is a set of rules for the delivery of product between sellers and buyers that is routinely incorporated into international contracts of sale. Incoterms 2010, outline, on a mutually exclusive basis, the rights, duties, obligations and responsibilities of sellers and buyers in the discharge of their respective contractual obligations. Properly used, Incoterms 2010 are an effective risk management tool. However, old trading practices create tension with modern transport practices and Incoterms 2010, potentially increasing risks for traders. For example, the term free on board (FOB) is not recommended for maritime containers, because of transport risk transfer considerations, yet it is known that a significant proportion of traders still use FOB in their international contracts. Banking practices also appear to be lagging behind, and in the case of letter of credit FOB transactions, documentary demands are placed on sellers that are at times contrary to the Incoterms 2010 recommendations. This paper considers the impact of outdated trade and banking practices and their likely impact on traders, concluding that an enterprise risk management approach is required, incorporating specific staff training, to modernise trade practices and reduce organisational risk.

An Issue on Uniform Customs and Practice for Documentary Credits (UCP) No 600 for Islamic Letter of Credit

Islamic banks in Malaysia offer Letter of Credit (LC) Wakalah (agency) and LC Murabahah (cost-plus) as two of their main trade finance facilities. LC is the product of International Chamber of Commerce, the world business organization based in Paris and it is governed by the Uniform Customs and Practice for Documentary Credits (UCP) No. 600 (UCP 600). The objective of this paper is to clarify an issue on a few articles of the UCP 600 as the governing rules of LC Wakalah and LC Murabahah. At the same time, this paper discusses the practice of some Islamic banks in Malaysia in facing this issue. This study adopts the qualitative method as the main research methodology where both the primary and the secondary data are used. For the primary data, semi-structured interviews were conducted with bankers who are directly involved with the operation of Islamic LCs. As the result, this paper discovers an issue on the UCP 600 for Islamic LCs that is the issue of insufficiency in dealing solely with documents for LC Wakalah and LC Murabahah without checking the conditions of goods. This paper analyzes this issue by determining whether it is in line with the Shariah principles. Lastly, a solution to resolve the issue on the UCP 600 for Islamic LCs is recommended to Bank Negara Malaysia.

The Creation of Transnational Law – Participatory Legitimacy of Privately Created Norms

The notion of a transnational law has been under dispute for several decades. After Philip Jessup in his widely-known Storrs Lecture on Jurisprudence at the Yale Law School had coined the phrase in 1956, it has been used in numerous contexts. One of the most influential narratives of transnational law is the one that equates transnational law with a “New Law Merchant”. In this context, transnational rules are seen as a source of law for cross border trade law which exists as a third form of law besides national and international law. It is created by arbitrators but also by internationally acting private rule- and standard-setting organizations such as the international chamber of commerce (ICC), that creates and administers standard terms such as the International Commercial Terms (INCOTERMS) or the Uniform Customs and Practice for documentary credits (UCP). There are a number of organization which – just like the ICC – create rules and standards that in some cases are more important for cross-border trade than national or international laws. Legal scholarship, however, has always faced problems conceptualizing such rules and standards. Whereas many legal scholars have tried to explain “private lawmaking” in different ways, others have just rejected the possibility of privately created law at all. Adherents of a theory of transnational law claim that privately created norms have the same effects of law and therefore are “functional equivalents” (Luhmann) of law. Critics of the concept of transnational law, however, have always pointed out differences between state law and transnational law. Especially the lack of (democratic) legitimization of transnational law has been a focal point of severe critique. I will elaborate on the observation that participation seems to play an important role in the creation of transnational law. I will also argue that participation can be a source of legitimacy and normativity in the realm of transnational lawmaking. My thesis is that privately created norms in the transnational field can be as normative as national law if those who will be affected by a norm have the opportunity to participate in the process of its formation. Keywords: transnational law, contract law, standard contract terms, standard clauses, maritime law, maritime industry, legal theory, international law, global law, globalization

Bank payment obligation: The missing link?

Letters of credit (L/C) have long been mainstays for companies conducting international trade. In the past decade, corporate clients have increasingly shifted away from these traditional trade finance instruments towards trading on direct open account. Thereby, buyers pay according to the payment terms, usually upon receipt of the goods, with no involvement from a bank to cover any shortfall if a problem arises. While open account speeds up the trade cycle, the financial crisis has highlighted that open account settlement exposes exporters to the risk of non-payment and the difficulty of raising finance that were previously mitigated by L/Cs. The main challenge is how to minimise these risks and difficulties inherent in open account trading on one hand, while avoiding the ‘negatives’ of an L/C in terms of manual, paper-based and labour-intensive processing. In response to these needs, SWIFT has developed and launched a solution called bank payment obligation (BPO), in order to enrich the portfolio of trade finance services that banks offer their corporates, and to continue reducing the reliance on costly paper-based systems and processes. There is a growing belief in the potential of BPO to become standard trade practice for open account processing in the coming years. The future of the BPO has received a firm boost with its endorsement by the International Chamber of Commerce (ICC) and the transfer of governance to the ICC, with a formal calendar of work to reach standardisation around 2013. The BPO is currently being tested by some of the banks and corporates in the ICC Working Group. Going forward, the number of BPO users is set to increase on the back of surging demand for collaborative supply chain financing solutions.

Linked Open Piracy: A Story about e-Science, Linked Data, and Statistics

There is an abundance of semi-structured reports on events being written and made available on the World Wide Web on a daily basis. These reports are primarily meant for human use. A recent movement is the addition of RDF metadata to make automatic processing by computers easier. A fine example of this movement is the open government data initiative which, by representing data from spreadsheets and textual reports in RDF, strives to speed up the creation of geographical mashups and visual analytic applications. In this paper, we present a newly linked dataset and the method we used to automatically translate semi-structured reports on the Web to an RDF event model. We demonstrate how the semantic representation layer makes it possible to easily analyze and visualize the aggregated reports to answer domain questions through a SPARQL client for the R statistical programming language. We showcase our method on piracy attack reports issued by the International Chamber of Commerce (ICC-CCS). Our pipeline includes conversion of the reports to RDF, linking their parts to external resources from the linked open data cloud and exposing them to the Web.

The Development of an Information Society and Electronic Commerce in the European Union in the Context of Selected Documents of the EU and International Organisations

Due to the rapidly growing use of the Internet, the development of electronic commerce (defined by the World Trade Organization as “the production, distribution, marketing, sale or delivery of goods and services by electronic means”1) has become one of the key aspects of today’s sustained growth. It influences productivity, facilitates the international movement of goods and services, and stimulates export and import trade. The European Union, as well as many multinational organisations, is working towards the harmonisation of their rules, and to facilitate and streamline this kind of international exchange. In this article, the author presents selected documents on electronic commerce published by the United Nations Commission on International Trade Law, the World Trade Organization, the Organisation for Economic Cooperation and Development, the International Chamber of Commerce and the European Union since 1994.