Commercial arbitration - The consent-based process by which private parties agree that, rather that going to court, they will appoint an impartial and independent decision-maker to hear and finally determine their dispute in accordance with agreed procedural rules and substantive laws. CA is a form of Alternative Dispute Resolution, but unlike the other forms of ADR, it results in a final and binding decision called an award. The arbitral process is also the most formal of ADR methods; the arbitrator acts judicially and the parties have the same rights of procedural fairness as they would in a court.
When the dispute involves a foreign party, or its subject matter relates to another country by law or fact, the arbitration will be international.
(from Australian Law Dictionary)
UNICITRAL - The United Nations Commission on International Trade Law is "the core legal body of the United Nations system in the field of international trade law. A legal body with universal membership specializing in commercial law reform worldwide for over 50 years, UNCITRAL's business is the modernization and harmonization of rules on international business."
The Annual Willem C. Vis International Commercial Arbitration Moot
The goal of the Vis Arbitral Moot is to foster the study of international commercial law and arbitration for resolution of international business disputes through its application to a concrete problem of a client and to train law leaders of tomorrow in methods of alternative dispute resolution.
Additional information on mooting can be found on the Law Library Mooting Guide