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a reasoned award is not a sub-category of award, but is used to describe an award where the tribunal sets out its reasoning for its decision. [9] an additional award is an award which the tribunal, by its own initiative or on the application of a party makes in respect of any claim which was presented to the tribunal but was not resolved under ...
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 definition of Arbitral Award given in sec 2(1)(c) is clearly not exhaustive. It merely points out that an Arbitral Award includes both a final award and an interim award. Although arbitration awards are characteristically an award of damages against a party, in many jurisdictions tribunals have a range of remedies that can form a part of ...
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 ...
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.
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 ...
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]