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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.
New York Convention may refer to several treaties signed in New York City: Convention on the Privileges and Immunities of the United Nations (1946) Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others (1950) Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958)
The New York Convention, more formally known as the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, provides for court recognition and enforcement of foreign arbitration decisions, allowing arbitration proceedings to piggyback on the authority of domestic jurisdictions across the world. [12]
Online Arbitration is a form of arbitration that occurs exclusively online. There is currently an assumption that online arbitration is admissible under the New York Convention and the E-Commerce Directive, but this has not been legally verified. [59]
Notwithstanding certain burgeoning nationalist sentiments and brewing international trade wars, ours is a global economy that depends on the rule of law to function efficiently.
The New York Convention is not actually the only treaty dealing with cross-border enforcement of arbitration awards. The earlier Geneva Convention on the Execution of Foreign Arbitral Awards 1927 remains in force, but the success of the New York Convention means that the Geneva Convention is rarely utilised in practise.
The UNCITRAL Model Law on International Commercial Arbitration [1] is a model law prepared and adopted by the United Nations Commission on International Trade Law on 21 June 1985. In 2006, it was amended and now includes more detailed provisions on interim measures.
SIAC arbitration awards have been enforced in many jurisdictions including Australia, China, Hong Kong SAR, India, Indonesia, Jordan, Thailand, UK, USA and Vietnam, amongst other New York Convention signatories. SIAC is a global arbitral institution providing case management services to parties from all over the world. [2]