Possibility of Setting Aside Arbitral Awards in a Country That Was Not the Place of Arbitration
Today national courts worldwide demonstrate an ever-increasing willingness to recognize and enforce foreign arbitral awards.
According to Article III of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958), Each contracting state “shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon”.
It appears, on the face of it, that this provision guarantees participants of legal relations a transparent and predictable regime for the enforcement of foreign arbitral awards, which is vital for the implementation of cross-border transactions. However, in reality, when subject to individual domestic laws and legal provisions, the application of the Convention turns out to be not so straightforward.