What is the purpose of New York Convention?
Almost 60 years after its creation, the New York Convention continues to fulfil its objective of facilitating the recognition and enforcement of foreign arbitral awards, and in the years to come, will guarantee the continued growth of international arbitration and create conditions in which cross-border economic …
How many countries have ratified the New York Convention?
| Convention on the Recognition and Enforcement of Foreign Arbitral Awards | |
|---|---|
| Effective | 7 June 1959 |
| Condition | 3 ratifications |
| Signatories | 24 |
| Parties | 168 |
What is New York Convention in detail?
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done in New York, 10 June 1958 (the New York Convention), is described as the most successful treaty in private international law. It is adhered to by more than 160 nations.
Is Hong Kong a party to the New York Convention?
Hong Kong is a signatory to the New York Convention by virtue of China’s accession. When the formal requirements are met an international award is presumed to be enforceable, unless one of the grounds for refusing to enforce arbitral awards applies.
Is China party to the New York Convention?
[2] China acceded to the New York Convention on 22 January 1987, which became effective on 22 April 1987.
Is Taiwan party to the New York Convention?
(b) the dispute is not arbitrable under Taiwan law. As Taiwan is not a signatory to the 1958 New York Convention, the reciprocity requirement can be an obstruction to the recognition of foreign awards.
What does curial law mean?
Such choice can be express or by implication Substantive law is the law governing the contract while the curial law is the law governing the arbitration proceedings between the parties to the dispute. …
Is curial law same as Lex Arbitri?
The procedural law of the arbitration is sometimes referred to as the lex arbitri or curial law. what support the court will give to the arbitration; whether the decision of the arbitral tribunal can be appealed, and what timescales will apply; enforceability of the award.
Is Bangladesh party to New York Convention?
Bangladesh ratified the New York Convention on 6 May 1992 and the Convention entered into force on 4 August 1992. This was a noteworthy step towards aligning Bangladesh’s arbitration regime with that of the rest of the world.
When did Kuwait join the New York Convention?
It is understood that the accession of the State of Kuwait to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, on the 10th of June 1958, does not mean in any way recognition of Israel or entering with it into relations governed by the Convention thereto acceded by the State of Kuwait.
Is the New York Convention applied to Bosnia and Herzegovina?
“The Convention will be applied to the Republic of Bosnia and Herzegovina only relating [to] those arbitral awards that have been brought after entering into force of the Convention.
How does Antigua and Barbuda apply the convention?
The Government of Antigua and Barbuda also declares that it will apply the Convention only to differences arising out of legal relationships, whether contractual or not, which are con- sidered as commercial under the laws of Antigua and Barbuda.” Subject to the declaration contained in the Final Act.