The New York Convention Awards refer to the recognition and enforcement of foreign arbitral awards under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention. The New York Convention is an international treaty that provides a framework for the recognition and enforcement of foreign arbitral awards in different countries.
Under the New York Convention, an arbitral award made in one country can be recognized and enforced in another country. This means that a party seeking enforcement of a foreign arbitral award in a particular country can do so through the courts of that country, which are bound to recognize and enforce the award under the Convention.
The New York Convention provides a set of criteria that must be met for an arbitral award to be recognized and enforced. These criteria include:
- The arbitration agreement must be in writing and must be valid under the law of the country where the arbitration took place.
- The award must be made by an arbitrator or arbitral tribunal appointed in accordance with the arbitration agreement or the law of the country where the arbitration took place.
- The award must be final and binding under the law of the country where the arbitration took place.
- The subject matter of the dispute must be capable of settlement by arbitration under the law of the country where the recognition and enforcement of the award is sought.
- The recognition and enforcement of the award must not be contrary to the public policy or the fundamental principles of the law of the country where the recognition and enforcement is sought.
The New York Convention Awards play an important role in promoting international trade and commerce by providing a reliable framework for the recognition and enforcement of foreign arbitral awards. It ensures that parties to international commercial contracts have a mechanism to resolve their disputes through arbitration and have the assurance that the resulting awards can be recognized and enforced in different countries.
