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• W289054055 abstract "I. INTRODUCTION In this global economy, giant multinationals leap with ease across oceans and continents. Treaties fostering trade and technology revolutionizing communication have obliterated barriers, expanding transnational commerce. A U.S. defense contractor may sell helicopter parts to the Egyptian Air Force.1 A French concern, seeking a contract to construct a drainage system in Algiers, may engage the services of an English consulting company.2 Disputes are just as likely to occur in the global environment as they are in domestic transactions. The challenge of finding an impartial decisionmaker, however, is keener when a dispute involves parties of diverse nationalities. To submit a controversy to the courts of a foreign adversary's country may subject a party to inconvenience and even bias.3 Imagine an approach to dispute resolution that would minimize or even eliminate such problems. Imagine a method where the parties could jointly select an impartial decisionmaker, an expert in their industry, empowered with binding authority to resolve their quarrel.4 Arbitration is that method. Lauded for its efficiency, both in cost and time, arbitration has long been a favored method of dispute resolution.5 Parties to international transactions routinely include arbitration clauses in contracts.6 Because arbitration is contractual, it affords the parties the flexibility to tailor the process to suit their mutual objectives.7 An arbitration clause may stipulate the rules that will govern the proceedings, and the location of the hearing.8 It may specify what national law, if any, will apply,9 or it may direct the arbitrators to apply generally accepted the customs and usages of international trade, called lex mercatoria.10 It may even direct the arbitrators to act as amiables compositeurs, who, unbound from the strictures of national law, are free to rely instead on their sense of justice.11 The key to arbitration is simply the freedom of contract. Numerous nations, including the United States, adopted the Geneva Convention of 1927 to provide a framework for the arbitration of disputes between parties of different nationalities.12 The regime established by the Geneva Convention, however, proved unsatisfactory. The most notorious shortcoming of the Geneva Convention was the cumbersome practice known as double exequatur-an award had to be confirmed in the country where the award was rendered before another country could enforce the award.13 To rid international arbitration of this and other onerous procedures,14 a host of countries in 1958 adopted the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the York Convention.15 One hundred twenty-six countries, including the United States, have ratified this treaty.16 The purpose of the New York Convention is to promote arbitration and to facilitate the enforcement of arbitration awards.17 Although the objectives of the Convention are clear, some of its language is ambiguous. One ambiguity in particular has provoked intense debate. Article V of the Convention prescribes the grounds for denial of recognition and enforcement of foreign arbitral awards.18 Subsection (1)(e) of Article V states that a country may refuse to recognize and enforce an award only on specified grounds.19 One such ground is annulment of the award by a court of the country in which, or under the law of which, the award was made.20 Tension exists between Article V(1)(e) and Article VII, which provides that a foreign arbitral award is enforceable to the full extent of the laws of the country in which enforcement is sought.21 The issue is how to reconcile these two provisions. Suppose two companies, one Japanese and the other Colombian, enter into a contract including an arbitration clause. A dispute arises between the parties. Arbitration proceedings are conducted in Japan, and the Colombian company prevails. …" @default.
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• W289054055 date "2002-01-01" @default.
• W289054055 modified "2023-09-24" @default.
• W289054055 title "Unconventional Wisdom: A New Look at Articles V and VII of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards" @default.
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