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Law of international commercial arbitration - Essay Example

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Summary to essay on topic "Law of international commercial arbitration"
International arbitration connotes a legal mechanism where international disputes can be amicably solved in conformity with agreement entered between parties. Arbitration awards and agreements are more reliably and easily implemented in foreign states than foreign court…
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Download file "Law of international commercial arbitration" to see previous pages... Thus, if an aggrieved party has a binding international award in the case of any business dispute from another nation which is a party to the NYC and is being acknowledged as a responding nation by UK, the arbitral award would be implemented in UK. (Hirchhheim et al 154).
In UK, a winning party might request to have the New York Convention award implemented in the same style as a judgment through the mechanism of the Arbitration Act,
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1996. This mechanism is intended to give effect for the convention obligation of the UK to acknowledge and implement New York Convention awards subject to some restricted exclusions. It is to be noted that pure declaratory awards will equally applicable to the implementation of a New York Convention award under s.101 (2) of the Arbitration Act 1996. Further, enforcement can be disputed on the same footing as recognition.
If a party wants to implement and enforce an international arbitration award in UK, he has to make necessary application to the concerned court with copy of the award and the arbitration agreement in writing within the connotation of ss.100 and 5 of the Arbitration Act, 1996. However, the party need not have to substantiate the existence or validity of an agreement.
Further, the reasons for the declining the recognition and implementation should be interpreted narrowly. “The New York convention’s Article V” obliges the courts of signatory nations to implement an overseas award without evaluating the merits of the arbitrator’s verdict.
For instance, English Court has refused to interfere in international arbitration awards as demonstrated in the decision made in “Lesotho Highlands Development Authority v. Impreglio SpA and others “by the House of Lords. Lesotho government engaged contractors to build a dam in Lesotho. The contract specifically stated that currency for the contract purpose will be the maloti, the local currency of Lesotho ...Download file "Law of international commercial arbitration" to see next pagesRead More
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