Beruflich Dokumente
Kultur Dokumente
Topics to be covered
Neutrality and Enforceability of Arbitration International Commercial Arbitration Institutes and Associations International Investment Arbitration
In a practical Sense
It means that the international award originating in a country that is a party to the New York Convention may be enforced in any other country that is also a signatory, as if that award were actually rendered by the domestic courts of that country. Example : Assume that parties from countries A and B have agreed to resolve their disputes in country C, and all three countries are parties to the New York Convention. This will mean that even though the arbitration will take place in country C, the resulting award can be enforced in countries A or B, as if it were a court decision rendered in the domestic courts of that country.
Contd.
The parties to international contracts can decide to site their disputes in a third, neutral country, knowing that the eventual award can be easily enforced in any country that is a signatory to the New York Convention, which has been ratified by a significant majority of commercial nations
Exceptions like Iraq (not having ratified the New York Convention , cannot be assumed to give effect to arbitration decisions rendered in other countries). An international award has substantially greater executory (legal) force than a domestic court decision.
Under the New York Convention, if a party to arbitration commences legal proceedings in breach of an arbitration agreement against another contracting party, the court is obligated to stay the proceedings. Chapter 2 of the Federal Arbitration Act sets forth the statutory basis for an American court to issue a stay in connection with contracts falling within the ambit of the New York Convention.
Contd.
A number of arbitral institutions have adopted the UNCITRAL Rules for use in international cases. The most salient feature of the rules of the ICC is its use of the "terms of reference." The terms of reference is a summary of the claims and issues in dispute and the particulars of the procedure, and it is prepared by the tribunal and signed by the parties near the beginning of the proceedings. Recent development
The Swiss Chambers of Commerce of Industry of Basel, Berne, Geneva, have adopted a new set of Swiss Rules of Commercial Mediation that are designed to integrate fully with the Swiss Rules of International Arbitration that were previously adopted by these chambers to harmonize international arbitration and mediation proceedings across Switzerland.
MBA IB,UBS Source : wikipedia
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The AIA has developed into an organization dealing in the private international law field to meet the needs of the fast-growing evolution of dispute resolution within the international community.
MBA IB,UBS Source : wikipedia 11
Contd.
AIA provides information, training and educational activities to expand the promotion of arbitration and ADR globally by means of securing partnerships with various organizations and parties to get involved in the life of the association. The association constantly works to develop partnerships in the international realm and to provide the international community of arbitrators and ADR professionals with continuous exposure to the latest international developments, activities and opportunities in the field. AIA continually encourages the participation and contribution of its members in the pursuit of the associations goals.
MBA IB,UBS Source : wikipedia 12
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Thank you
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