Ulrich Haas, Heiner KahlertFrom: Practitioner's Handbook on International Commercial Arbitration (3rd Edition)
Edited By: Frank-Bernd Weigand, Antje Baumann
This chapter focuses on the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention or NYC), the most important convention on international commercial arbitration. It first provides an overview of the content and role of the NYC before discussing its history and its future prospects. It then considers the legal nature of (international) arbitration and how the provisions in the NYC are to be interpreted. It also offers a commentary on Articles I–VII of the NYC, which cover topics such as the prerequisites for recognition and enforcement of arbitral awards, obligation to recognize and enforce foreign arbitral awards, settlements in arbitration proceedings, recognition of arbitration agreements and the requirements as to their form, grounds for refusal of recognition, and enforcement of an arbitral award, and the relationship of the NYC to international and national regulations on the recognition and enforcement of arbitral awards.