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348C H A P T E R X X I Ic) International Court of Arbitration of the International Chamber of Commerce.This is a nonprofit institution whose primary objective is to promote internationalcommercial arbitration in the business sphere. The International Court of Arbitrationof the ICC has its principal offices in Paris, France. However, the ICC has localchapters in various countries. In Mexico the chapter was formally established in1985 and it also has its offices in the World Trade Center building, 14 th floor, Office20. While the Mexican chapter is responsible for the promotion and disseminationof arbitration, it is the Secretariat of the ICC based in Paris which administers internationalarbitrations. It has wide recognition in the Mexican legal forum, and infact it is the institution with the greatest number of international arbitrations in thecountry;d) American Arbitration Association (AAA). Founded in 1926 by two organizations:the Arbitration Society of America and the Arbitration Foundation, it is currentlybased in New York and has regional offices. Merchants whose activity revolvesaround the economy of the United States of America make use of it. It was originallycreated for the resolution of internal disputes and has issued additional rules,administered by the International Center for Dispute Resolution (ICDR), to resolveprivate disputes in the international sphere;e) Inter-American Convention on International Commercial Arbitration. This institutionwas founded in 1919 as a result of the Panama Convention and has jurisdiction in thewestern hemisphere. Its rules are similar to those of the United Nations Commissionon International Trade Law (UNCITRAL) and it functions with national sections in Mexicothrough the National Chamber of Commerce of Mexico City. It has its headquartersin Colombia and in Washington, in the Organization of American States (OAS).It governs disputes under the Free Trade Agreement for the Americas (FTAA).5.3. Arbitration Agreement and Arbitration ClauseThe Commerce Code defines the arbitration agreement as the agreement by which theparties decide to submit to arbitration disputes that arise between them with respect toa specific legal relationship, contractual or noncontractual. The arbitration agreementcan be adopted in the form of an arbitration clause included in a contract, or in the formof an independent agreement.Generally, the arbitration clause is included in the contract and therefore it is agreedto before a dispute arises. The arbitration clause is in itself a contract that should clearlyand precisely specify, among other things, the scope of present or future disputes to besubmitted to arbitration. It will include the names of the parties, the arbitrator, the powersgranted to the arbitrator, the applicable law, the procedural rules and the authorityto resolve the disputes based on law or on equity.