Convention on the recognition and enforcement of foreign arbitral awards
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly known as the New York Convention, is an international treaty that aims to facilitate the recognition and enforcement of foreign arbitral awards. It was adopted on June 10, 1958, and entered into force on June 7, 1959. The New York Convention has been widely ratified, with over 160 countries being parties to it.
The primary objective of the New York Convention is to promote and simplify the enforcement of arbitral awards across national borders. It provides a framework for the recognition and enforcement of foreign arbitral awards in countries that are signatories to the convention. The convention establishes a mechanism by which an arbitral award rendered in one country can be recognized and enforced in another country, subject to certain limited grounds for refusal.
Key provisions of the New York Convention include:
- Recognition and Enforcement: The convention obliges member countries to recognize and enforce foreign arbitral awards in the same manner as domestic arbitral awards. This means that a foreign award should generally be treated as binding and enforceable.
- Grounds for Refusal: The convention provides a limited number of grounds on which a country may refuse to recognize and enforce a foreign arbitral award. These grounds typically include issues such as invalidity of the arbitration agreement, lack of due process, incapacity of the parties, or public policy concerns.
- Court Procedures: The convention sets out the procedures to be followed by the courts in recognizing and enforcing foreign arbitral awards. It establishes a simple and efficient process, aiming to minimize judicial intervention and delay.
The New York Convention has been widely regarded as a significant international instrument in promoting the effectiveness and enforceability of international arbitration. Its broad acceptance and application have contributed to the growth and development of international commercial arbitration as a preferred method of dispute resolution for cross-border transactions.
It is important to note that while the New York Convention provides a framework for the recognition and enforcement of foreign arbitral awards, it does not govern the arbitration process itself. The arbitration process is typically governed by other international or national laws, such as the rules of an arbitral institution or the national arbitration law of the country where the arbitration takes place.
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