Features of new york convention 1958

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 forth the rules for the recognition and enforcement of foreign arbitral awards. The convention was adopted on June 10, 1958, and has been ratified by over 150 countries. Here are some of the key features of the New York Convention:

  1. Recognition and Enforcement of Foreign Arbitral Awards: The convention provides for the recognition and enforcement of foreign arbitral awards in the territory of a contracting state, subject to certain conditions.
  2. Definition of "Arbitral Award": The convention defines an "arbitral award" as any award made by an arbitral tribunal, whether in the form of a written decision or an oral pronouncement.
  3. Recognition and Enforcement: The convention provides that a contracting state shall recognize and enforce an arbitral award made in the territory of another contracting state, unless the award is set aside or suspended by a competent authority in the country where it was made.
  4. Grounds for Refusal of Recognition and Enforcement: The convention sets forth several grounds on which a contracting state may refuse to recognize and enforce an arbitral award, including:
    • The parties to the arbitration agreement were under some incapacity, or the said agreement is not valid under the law to which the parties have subjected it or, failing any indication thereon, under the law of the country where the award was made.
    • The party against whom the award is invoked was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings or was otherwise unable to present his case.
    • The award deals with a dispute not contemplated by or not falling within the terms of the submission to arbitration, or contains decisions on matters beyond the scope of the submission to arbitration.
    • The composition of the arbitral tribunal or the arbitral procedure was not in accordance with the agreement of the parties, or, failing such agreement, was not in accordance with the law of the country where the award was made.
    • The award has been set aside or suspended by a competent authority in the country where it was made.
  5. Supervisory Jurisdiction: The convention provides that a contracting state may exercise supervisory jurisdiction over the arbitration proceedings, including the power to set aside or suspend an award.
  6. Limitations on Enforcement: The convention provides that a contracting state may limit the enforcement of an arbitral award to the extent that it is contrary to the public policy of that state.
  7. Recognition and Enforcement of Interim Measures: The convention provides for the recognition and enforcement of interim measures ordered by an arbitral tribunal, subject to certain conditions.
  8. Amendments and Interpretations: The convention provides for the possibility of amendments and interpretations, which are subject to the approval of the contracting states.

Overall, the New York Convention provides a framework for the recognition and enforcement of foreign arbitral awards, and has been widely adopted as a key instrument for promoting international arbitration and resolving disputes between parties from different countries.