Under Section 2(f) of the Arbitration and Conciliation Act, 1996 International Commercial Arbitration means arbitration with at least one foreign or non-resident party for the resolution of a commercial dispute. Foreign party can be a foreign national or non-resident, foreign company, body corporate, association, body of individuals or the Government of a foreign country.
International commercial arbitration can either be domestic when venue is India or foreign, when held overseas or abroad. While a domestic international commercial arbitration results in a domestic award, such foreign arbitration culminates in a foreign award.
