The January 2008 issue of Inside Counsel has a useful overview of international arbitration ("Foreign Feuds," by Mary Swanton, at p.43).

Excerpt:

“There is no such thing as a one-size-fits-all arbitration clause,” says Christopher Tahbaz, partner in Debevoise & Plimpton. “A well-drafted clause requires some attention, but it is well worth the effort.”

Among the variables you should define: the venue for the arbitration; the arbitration institution, if any, that will administer it; the law that governs the contract; the language in which the proceedings will be conducted; and the number of arbitrators who will decide the matter.

(The Pactix arbitration clause allows the user to address all these issues.)