63
Enforcement
of
Judgment/Award Issues (cont.)
Judgment/Award Issues (cont.)
§Alternatively, an international
arbitration award is usually grounded in the national legal order of the
place of arbitration.
§It is not recognized per se worldwide; it needs first recognition by the state where
enforcement is sought (“Exequatur”).
§Rules of recognition are
contained:
§In
the 1958 New York Convention on the Recognition and Enforcement of Arbitral Awards
(more than 160 member states!);
§Sometimes
in further international treaties; and
§Otherwise
in the local legal orders (which are increasingly similar as more and more are
based on Art. 34 of the UNCITRAL Model Law on International
Arbitration).
