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.
"The Willem C. Vis International Commercial Arbitration Moot is a competition for law students. Students from all countries are eligible. The Moot involves a dispute arising out of a contract of sale between two countries that are party to the United Nations Convention on Contracts for the International Sale of Goods." (from the website)
UNICITRAL 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."