- Foreign judgments, recognition and enforcement — Arbitral agreements — Awards — Due process — Recognition and enforcement — Failure to state reasons — Review of arbitral awards — Judicial review of arbitral awards
This chapter discusses the recognition and enforcement of arbitral awards. Domestic awards are recognized and enforced under the provisions of the Arbitration Act, which are virtually the same as the provisions in the New York Convention. As per the Model Law, if an arbitration is seated in Korea it is considered a domestic arbitration. In addition, the 2016 Arbitration Act now provides that recognition or enforcement of an arbitral award can occur in far more simplified fashion, through an enforcement decision by a court, as is the case in such civil law countries as Germany and Japan. Furthermore, under the amended Article 37.1, a domestic and foreign arbitral award will be recognized as long as grounds to set it aside do not exist.