The present Law: - is based on the recognition of the value of arbitration (third-party tribunal) as a widely used method of settling disputes arising in international trade, as well as on the recognition of the need for a comprehensive regulation of international commercial arbitration by means of legislation; - takes into account the provisions on such arbitration contained in international treaties of Ukraine as well as in the Model Law adopted in 1985 by the United Nations Commission on International Trade Law and approved by the United Nations General Assembly with a view to its possible use by states in their legislation.