SCC adopts a model arbitration clause for use with the ISDA 2002 Master Agreement
The Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has launched a new model arbitration clause.
The model clause aims at the ISDA agreement, the dominant standard agreement for the global OTC trading (over-the-counter) entered into between various actors in the derivatives market. The ISDA agreement was drafted by the industry organization ISDA (International Swaps and Derivatives Association, Inc.) in order to reliably and efficiently document cross-border transactions in derivatives.
The purpose of the clause is to facilitate use of arbitration as a recommendable dispute resolution alternative by banks and financial institutions.
The clause was drafted in co-operation with the Swedish law firms Mannheimer Swartling and Gernandt & Danielsson and has been reviewed by ISDA. Charlotta Falkman and Niclas Rockborn, Partners, and Daniel Waerme, Senior Associate, at Gernandt & Danielsson, have been involved in the drafting process:
- I hope that the Nordic banks and other actors in the financial sector with this to a larger extent will choose arbitration as a dispute resolution option, says Charlotta Falkman.
Find the model clause here.