Comparison of new york convention 1958 and p&id vs fgn
A very specific and technical question!
The New York Convention of 1958, also known as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, is a multilateral treaty that sets out the rules for the recognition and enforcement of foreign arbitral awards. It has been widely adopted by countries around the world and is considered a cornerstone of international arbitration.
P&ID (Project and Installation Development) and FGN (Federal Government of Nigeria) are parties to a dispute that has been the subject of international arbitration. In 2019, the International Centre for Settlement of Investment Disputes (ICSID) issued an award in favor of P&ID, ordering FGN to pay P&ID $9.6 billion in damages.
Here's a comparison of the New York Convention and the ICSID award in the P&ID vs FGN case:
New York Convention (1958)
- Recognition and Enforcement: The Convention provides that a foreign arbitral award shall be recognized and enforced in the requesting state, subject to certain limited grounds for refusal.
- Scope: The Convention applies to awards made in the territory of a state other than the state where recognition and enforcement are sought.
- Recognition: The requesting state must recognize the award as binding and enforce it in accordance with its own laws.
- Enforcement: The requesting state must enforce the award by rendering a judgment in accordance with the award, unless the award is not enforceable under the laws of the requesting state.
P&ID vs FGN (ICSID Award)
- Arbitral Award: The ICSID award was issued in 2019, finding that FGN had breached its obligations under the Gas Supply and Processing Agreement (GSPA) and ordering FGN to pay P&ID $9.6 billion in damages.
- Scope: The award applies to the dispute between P&ID and FGN, which arose out of the GSPA.
- Recognition and Enforcement: The award is subject to recognition and enforcement in accordance with the New York Convention and the laws of the requesting state.
- Enforcement: The award is enforceable in the requesting state, and FGN is required to pay P&ID the damages awarded.
Comparison
- Scope: The New York Convention applies to all foreign arbitral awards, while the P&ID vs FGN case is specific to the dispute between P&ID and FGN.
- Recognition and Enforcement: Both the Convention and the ICSID award require recognition and enforcement of the award, but the Convention provides more detailed rules for recognition and enforcement.
- Enforcement: The Convention requires the requesting state to enforce the award by rendering a judgment in accordance with the award, while the ICSID award is enforceable in the requesting state and requires FGN to pay P&ID the damages awarded.
In summary, the New York Convention provides a framework for the recognition and enforcement of foreign arbitral awards, while the P&ID vs FGN case is a specific dispute that has been resolved through international arbitration. The ICSID award is subject to recognition and enforcement in accordance with the New York Convention and the laws of the requesting state.