What is the purpose of the New York Convention?

What is the New York Convention? The aim of the Convention is to ensure the enforcement of foreign arbitration awards worldwide.

What is foreign award under New York Convention award?

The New York Convention defines “foreign award” as an arbitral award on differences between persons arising out of legal relationships, whether contractual or not, considered as commercial under the law in force in India, made on or after the 11th day of October, 1960-

What basis can an award enforceable under the 1958 New York Convention be challenged?

Under Article V(1)(a) of the New York Convention, an award may be refused enforcement on the basis that the award debtor lacked the capacity to conclude a binding arbitration agreement.

How many countries are signed up to the New York Convention?

By comparison, the New York Convention now has 167 signatories around the world, does not require awards to be certified by the originating judicial authority, and permits enforcement against state entities.

What is foreign arbitral award?

A ‘foreign award’ is an arbitral award made – or deemed to be made – in the territory of another state. For example, if the legal place (or seat) of arbitration is London, the arbitral tribunal may nevertheless decide to sign the award in another country for reasons of convenience.

What constitutes an arbitral award under the New York Convention?

The term “arbitral awards” shall include not only awards made by arbitrators appointed for each case but also those made by permanent arbitral bodies to which the parties have submitted.

What is the difference between international award and foreign Award?

The term “domestic award” is used to distinguish it from “international award” and a “foreign award”. A “foreign award” may be regarded as a domestic award in the country in which it is made. The Act is intended to give different treatments to awards made in India and those made outside India.

What are the different types of arbitration?

The following are the different types of arbitration as per the jurisdiction of the case:

• Domestic arbitration.
• International arbitration.
• International commercial arbitration.
• Ad-hoc Arbitration.
• Fast track Arbitration.
• Institutional Arbitration.