THE NEW YORK CONVENTION: A REGULATING AND STANDARDIZING INSTRUMENT FOR ENHANCING THE INTERNATIONAL EFFECTIVENESS OF FOREIGN ARBITRAL AWARDS
THE NEW YORK CONVENTION: A REGULATING AND STANDARDIZING INSTRUMENT FOR ENHANCING THE INTERNATIONAL EFFECTIVENESS OF FOREIGN ARBITRAL AWARDS

Author(s): Diana Lazăr, Olesea Plotnic
Subject(s): History of Law, International Law, Post-War period (1950 - 1989)
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: foreign arbitral award; efficiency; 1958 New York Convention; international arbitration; alternative dispute resolution;
Summary/Abstract: The 1958 New York Convention was the result of political negotiations and international empirical debates. Its text was finalized during a multinational conference, building upon the project proposed by the International Chamber of Commerce in Paris and the Economic and Social Council of the United Nations. Distinguished scholars in the field of international trade law actively participated in the drafting of the Convention, including Prof. P. Sanders (Netherlands), Dr. O. Glossner (Germany), F. Eisemann (CCI), M. Domke (USA), G. Holleaux (France), M. Matteucci (Italy), among others. Compared to previous treaties and common law in the field of arbitration, the New York Convention introduced significant innovations and improvements. Notably, the treaty expanded its scope, eliminating the requirement for the parties to be nationals of one of the signatory states. The primary objective of this paper is to discuss the series of progressive steps that must be followed after the adoption of the New York Convention. It will provide a detailed analysis of the importance of specialized internal regulations, using comparative and analytical methods. The main goals of this pa-per include defining the scope of the 1958 New York Convention and identifying standardized solutions for applying the grounds for refusing the enforcement of foreign arbitral award.

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