Israel’s Ministry of Justice recently put forth a bill for the “International Commercial Arbitration Law,” as part of which Israel will also adopt the model law.
If and when the bill is enacted into law, Israel will be added to the list of countries who have adopted the model law. This will strengthen Israel’s position in the area of international arbitration. It means Israeli entities that enter into commercial agreements with different entities around the world will be able to include in such agreements a provision for arbitration to be conducted in Israel, without this compromising parties’ legal certainty, because the arbitration will be subject to the same international standards as those of the model law.
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