New York Convention

Popular name for the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done in New York, June 10, 1958. All significant economies are parties to the New York convention, which now has 135 signatories.

The most important provisions of the New York Convention are Articles III, IV and V. Article III sets forth the general principle that arbitral awards wherever rendered shall be recognizable and enforceable in any signatory state. Article IV sets forth what a party must do in order to enforce an arbitral award in country or jurisdiction other than that in which the arbitral tribunal sat. Article V sets forth the limited list of grounds under which a court in a signatory country can decline to recognize or enforce a foreign arbitral award.

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