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1958 New York Convention Guide (This website was developed by Shearman & Sterling and Columbia Law School, in cooperation with UNCITRAL) New York Convention, gives access to information regarding the New York Convention in general, its history, its interpretation and application by the courts List of Contracting States; Status.
These provisions of the New York Convention, together with the large number of contracting states, have created an international legal regime that significantly favors the enforcement of international arbitration agreements and awards. [5] It was preceded by the 1927 Convention on the Execution of Foreign Arbitral Awards in Geneva.
The New York Convention is not actually the only treaty dealing with cross-border enforcement of arbitration awards. The earlier Geneva Convention on the Execution of Foreign Arbitral Awards 1927 [1] remains in force, but the success of the New York Convention means that the Geneva Convention is rarely utilised in practise.
In its original unamended version, the Limitation Convention applies when both parties have their place of business in contracting States (Article 3(1)). In the amended version, the Limitation Convention applies also when rules of private international law make the law of a Contracting State applicable to the contract of sale (Article 3(1)(b)).
Under the New York Convention 1958, an award issued in a contracting state can generally be freely enforced in any other contracting state, only subject to certain, limited defenses. Only foreign arbitration awards are enforced pursuant to the New York Convention.
Contracting States can lodge reservations, referred to therein as "declarations", which exempt them from certain provisions. Nevertheless, the vast majority of parties—69 of the current 92 Contracting States—have acceded to the Convention without any declaration.
New York Convention may refer to several treaties signed in New York City: Convention on the Privileges and Immunities of the United Nations (1946) Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others (1950) Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958)
It is sometimes referred to as the New York Convention. It defines numerous issues relating to the status of the United Nations, its assets, and officials, in terms of the privileges and immunities that must be granted to them by its member states. As of February 2016, it has been ratified by 162 of the 193 UN member states. [2]