What did the New York Convention do?
What is the New York Convention? The aim of the Convention is to ensure the enforcement of foreign arbitration awards worldwide.
Why is the New York Convention 1958 important?
The 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards – known as the “New York Convention”- has been described as the most important and successful United Nations treaty in the area of international trade law.
How many contracting states does the New York Convention 1958 have?
| Convention on the Recognition and Enforcement of Foreign Arbitral Awards | |
|---|---|
| Location | New York City, United States |
| Effective | 7 June 1959 |
| Condition | 3 ratifications |
| Signatories | 24 |
When did the New York Convention enter into force?
7 June 1959
Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the “New York Convention”) Entry into force: The Convention entered into force on 7 June 1959 (Article XII).
What are the instances when the New York Convention is applicable?
The New York Convention applies to the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration.
Why is the New York Convention successful?
What have been the key accomplishments of the New York Convention? The success of international arbitration itself is attributed in great part to the New York Convention, primarily due to the ability to enforce foreign awards almost anywhere in the world.
Is China party to New York Convention?
1. Legal framework. Since China’s accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) in 1987, the New York Convention has been the primary legal ground for the parties to enforce foreign arbitration awards in China.
Is China a member of the New York Convention?
The New York Convention is now being strictly implemented in China. On one hand, in judicial practice, the courts have made great achievements in interpreting and applying the New York Convention properly to favor international commercial arbitration.
Is Brazil party to New York Convention?
Brazil ratified the New York Convention only in 2002,1 that is, some 44 years after the Convention had entered into force.
What is curial law?
The lex arbitri (also called the “procedural law” of the arbitration, the “curial law” or the “loi de l’arbitrage“) is a body of national rules that sets the general framework for the conduct of an international arbitration. This is almost always the law of the seat of the arbitration.