Convention on the Recognition and Enforcement of Foreign Arbitral Awards
International treaty within the UN framework / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Convention on the Recognition and Enforcement of Foreign Arbitral Awards?
Summarize this article for a 10 year old
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly known as the New York Convention, was adopted by a United Nations diplomatic conference on 10 June 1958 and entered into force on 7 June 1959. The Convention requires courts of contracting states to give effect to private agreements to arbitrate and to recognize and enforce arbitration awards made in other contracting states. Widely considered the foundational instrument for international arbitration, it applies to arbitrations that are not considered as domestic awards in the state where recognition and enforcement is sought.
Convention on the Recognition and Enforcement of Foreign Arbitral Awards | |
---|---|
Signed | 10 June 1958 (1958-06-10) |
Location | New York City, United States |
Effective | 7 June 1959 |
Condition | 3 ratifications |
Signatories | 24 |
Parties | 172 |
Depositaries | Secretary-General of the United Nations |
Languages | Arabic, Chinese, English, French, Russian and Spanish |
Full text | |
Convention on the Recognition and Enforcement of Foreign Arbitral Awards at Wikisource |
The New York Convention is very successful. Nowadays many countries have adopted arbitration laws based on the UNCITRAL Model Law on International Commercial Arbitration. This works with the New York Convention so that the provisions on making an enforceable award, or asking a court to set it aside or not enforce it, are the same under the Model Law and the New York Convention. The Model Law does not replace the Convention; it works with it. An award made in a country which is not a signatory to the Convention cannot take advantage of the Convention to enforce that award in the 169 contracting states unless there is bilateral recognition, whether or not the arbitration was held under the provisions of the UNCITRAL Model Law.