On May 20, 2019, the American Law Institute approved the Restatement of The U.S. Law of International Commercial and Investor-State Arbitration at its annual meeting in Washington D.C. Work for the Restatement began in 2007, and many esteemed members of The Florida Bar International Law Section were involved in the process, including Past-Chairs Ed Mullins and C. Ryan Reetz, and members José Astigarraga, Pedro Martinez-Fraga, and Joseph M. Matthews.
According to the press release by the American Law Institute, the Restatement “identifies the role of the courts over the life cycle of an arbitral proceeding, including enforcement of the arbitration agreement, the judicial role in arboreal proceedings, and post-award relief.” The Restatement further addresses “the ways in which the basic principles governing U.S. court involvement in investor-State arbitration in some instances are different from those applicable to international commercial arbitration generally.”
This is the first time that The American Law Institute has produced a Restatement on this area of the law. With the approval of the Proposed Final Draft, the Reporters will now prepare the Institute’s official text for publication. Until the official text is published, the Proposed Final Draft approved by ALI’s Council and membership is the official position of ALI, and may be cited as such. For the full press release by the American Law Institute, click here.