“Ministers agreed to the drafting of new uniform commercial arbitration legislation based on the UNCITRAL Model Law on International Commercial Arbitration, supplemented by any additional provisions as are necessary or appropriate for the domestic scheme. The aim of the draft model Bill is to give effect to the overriding purpose of commercial arbitration, which is to provide a method of finally resolving disputes that is quicker, cheaper and less formal than litigation. Adoption of the draft model Bill by jurisdictions will be subject to consultation with stakeholders.”