About the work:
In a world characterised by globalised trade and commerce on the one hand and deteriorating judicial services on the other arbitration has become the dispute resolution mechanism of choice in crossborder commercial transactions. International arbitration not only paves the way for parties to avoid state courts. It also facilitates transnational enforceability of awards far beyond the enforceability of state court judgements. The major instrument to that effect is the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention") of 10 June 1958, entering into force one year after. In the meantime, the NY Convention has been ratified by 147 states, including all trading nations of importance.
For good reasons, the NY Convention is labelled the Magna Charta of international arbitration. The courts of any contracting state are required “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” (UNCITRAL).
The 16 articles of the Convention are dealt with article-by-article with a clear structure which swiftly guides the reader to the issue he or she is engaged with:
- Article I [Scope of Application]
- Article II [Recognition of Arbitration Agreements]
- Article III [Recognition and Enforcement of Arbitral Awards; General Rule]
- Article IV [Formal Requirements for Recognition and Enforcement of Arbitral Awards]
- Article V [Grounds for Refusal of Recognition and Enforcement of Arbitral Awards]
- Article VI [Adjournment; Security]
- Article VII [Other Enforcement Regimes]
- Article VIII [Signing and Ratifying the Convention]
- Article IX [Accession]
- Article X [Extension to Other Territories]
- Article XI [Federal or Non-Unitary States]
- Article XII [Coming into Force]
- Article XIII [Denunciation]
- Article XIV [No Avail Against Other Contracting States]
- Article XV [Notifications]
- Article XVI [Official Languages; Transmission of Copies]
About the authors:
Dr Reinmar Wolff is Assistant Professor at the University of Marburg and practicing lawyer as well as experienced arbitrator. The authors are specialists in arbitration and related matters.
It follows from the New York Convention’s relevance that primarily the potential “users” of the Convention are in need of guidance how to apply it. The primary target groups are lawyers seeking (or defending against) recognition and enforcement of foreign arbitral awards worldwide, state court judges applying the Convention in recognition proceedings and in-house lawyers in large and/or multinational enterprises dealing with transnational dispute resolution. The increasing relevance of the New York Convention goes hand in hand with an intensified academic interest in this Convention. The New York Convention also plays a crucial role in the prestigious annual Willem C. Vis International Commercial Arbitration Moot Court in which around 2000 students from all over the world participate (with upward tendency). Therefore, not only practice but also academia needs instantly accessible and comprehensive assistance with particular problems in applying the New York Convention.