What is the New York Convention 1958?

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.

What is the main role of the 1958 New York Convention?

The New York Convention applies to the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration.

What is New York Convention in detail?

The New York Convention It requires courts of the contracting states to give effect to an agreement to arbitrate when seized of an action in a matter covered by an arbitration agreement and also to recognize and enforce awards made in other states, subject to specific limited exceptions.

How many countries are signatories to the New York Convention?

By comparison, the New York Convention now has 167 signatories around the world, does not require awards to be certified by the originating judicial authority, and permits enforcement against state entities.

When was the New York Convention enforced?

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).

Which countries are not party to the New York Convention?

First, there are still around fifty states that are not party to the New York Convention, including Angola, Iraq, Libya and Tajikistan (see below for a full list). When seeking to enforce an award in such a state, other means will be required instead of or in addition to the New York Convention.

Is India part of New York Convention?

I. New York Convention 1958 and Implementing Legislation India is a party to the New York Convention 1958, 1 and it was to give effect to itsprovisions that India’s Parliament enacted the Foreign Awards (Recognition and Enforce-ment) Act 1961 (the “1961 Act”).

Is China part 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.

What basis can an award enforceable under the 1958 New York Convention be challenged?

Under Article V(1)(a) of the New York Convention, an award may be refused enforcement on the basis that the award debtor lacked the capacity to conclude a binding arbitration agreement.

Is China a member of the New York Convention?

China has been building up and improving its legal regime for recognition and enforcement of foreign awards since the nation joined the New York Convention in the 1980’s.

On what basis can an award enforceable under the 1958 New York Convention be challenged?

How can a foreign award be enforced under the New York Convention 1958?

An enforcing court may deem an award rendered in its territory ‘non-domestic’ if one or both parties to arbitration are foreign or reside abroad, in which case nationality is used to enlarge the scope of the Convention, rather than to restrict it.

Is India a signatory to the New York Convention?

India signed the NYC on 10 June 1958 and ratified it in on 13 July 1960 with two caveats, “…the Government of India declare that they will apply the Convention to the recognition and enforcement of awards made only in the territory of a State, party to this Convention.

How are foreign arbitral awards enforced in India as per the New York Convention with the help of decided case laws?

There are two avenues available for the enforcement of foreign awards in India, viz., the New York Convention and the Geneva Convention, as the case may be. Sections 44 to 52 of the Arbitration and Conciliation (Amendment) Act, 2015 deals with foreign awards passed under the New York Convention.

What relevance is New York Convention on arbitral awards?

It plays an important role in improving the legal framework for international trade by preparing international legislative texts for use by States in modernizing the law of international trade and non-legislative texts for use by commercial parties in negotiating transactions.