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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 remains in force, but the success of the New York Convention means that the Geneva Convention is rarely utilised in practise.
Under American law, the recognition of foreign arbitral awards is governed by chapter 2 of the Federal Arbitration Act, which incorporates the New York Convention. [5] Therefore, the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "Convention") preempts state law. In Foster v.
The inter-American convention on extraterritorial validity of foreign judgments and arbitral awards is a convention of the Organization of American States regulating the enforcement of judgements and arbitral awards in other member states. [2]
High-Low Arbitration, or Bracketed Arbitration, is an arbitration wherein the parties to the dispute agree in advance the limits within which the arbitral tribunal must render its award. It is only generally useful where liability is not in dispute, and the only issue between the parties is the amount of compensation.
Arbitration agreements and arbitral awards are enforced under the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the "New York Convention"). [2] The International Centre for the Settlement of Investment Disputes (ICSID) also handles arbitration, but it is limited to investor-state dispute ...
The U.S. is a signatory to international conventions regulating the enforcement of arbitration awards, including the Convention on the Recognition and Enforcement of Foreign Arbitral Awards [68] [69] (often referred to as the "New York Convention"), and the Inter-American Convention on International Commercial Arbitration, 14 I.L.M. 336 (1975 ...
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
During the negotiations, parallels were drawn between the New York Convention on arbitral awards: the aim was to create a system of recognition of decisions based on court cases where the court was chosen pursuant to a choice of court agreements, which would create the same level of predictability and enforceability as is the case in arbitral ...