Convention on the Recognition and Enforcement of Foreign Arbitral Awards

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The Convention on the Recognition and Enforcement of Foreign Arbitral Awards (Also known as the New York Convention; the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards; and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards) was signed in 10 June 1958 and entered into force, 7 June 1959. The Convention applies to the recognition and enforcement of arbitral awards made in the territory of a State other than the State where the recognition and enforcement of such awards are sought. It applies to arbitral awards not considered as domestic awards in the State where their recognition and enforcement is sought.

Background

International arbitration is an increasingly popular means of alternative dispute resolution for the cross-border conduct of business due to the flexibility and lower cost of arbitration proceedings as compared to litigation. In addition, businesses often prefer arbitration because foreign courts are more likely to enforce an arbitral award against their nationals. A damages award issued by the claimant's country of nationality will need to be enforced abroad if the defendant corporation or individual does not have assets in the awarding country. The United States became a party in 1970.

List of parties to the Convention (as of February 2002)

Albania, on 27 June 2001
Algeria, on 7 February 1989
Antigua and Barbuda, on 2 February 1989
Argentina, on 14 March 1989
Armenia, on 29 December 1997
Australia, on 26 March 1975
Austria, on 2 May 1961
Azerbaijan, on 29 February 2000
Bahrain, on 6 April 1988
Bangladesh, on 6 May 1992
Barbados, on 16 March 1993
Belarus, on 15 November 1960
Belgium, on 18 August 1975
Benin, on 16 May 1974
Bolivia, on 28 April 1995
Bosnia and Herzegovina, on 1 September 1993
Botswana, on 20 December 1971
Brazil, in 2002
Brunei Darussalam, on 25 July 1996
Bulgaria, on 10 October 1961
Burkina Faso, on 23 March 1987
Cambodia, on 5 January 1960
Cameroon, on 19 February 1988
Canada, on 12 May 1986
Central African Republic, on 15 October 1962
Chile, on 4 September 1975
China, PR, on 22 January 1987
Colombia, on 25 September 1979
Costa Rica, on 26 October 1987
Côte d'Ivoire, on 1 February 1991
Croatia, on 26 July 1993
Cuba, on 30 December 1974
Cyprus, on 29 December 1980
Czech Republic, on 30 September 1993
Denmark, on 22 December 1972
Djibouti, on 14 June 1983
Dominica, on 28 October 1988
Ecuador, on 3 January 1962
Egypt, on 9 March 1959
El Salvador, on 26 February 1998
Estonia, on 30 August 1993
Finland, on 19 January 1962
France, on 26 June 1959
Georgia, on 2 June 1994
Germany, on 30 June 1961
Ghana, on 9 April 1968
Greece, on 16 July 1962
Guatemala, on 21 March 1984
Guinea, on 23 January 1991
Haiti, on 5 December 1983
Holy See, on 14 May 1975
Honduras, on 3 October 2000
Hungary, on 5 March 1962
Iceland, on 24 January 2001
India, on 13 July 1960
Indonesia, on 7 October 1981
Iran, Islamic Republic of, on 15 October 2001
Ireland, on 12 May 1981
Israel, on 5 January 1959
Italy, on 31 January 1969
Japan, on 20 June 1961
Jordan, on 15 November 1979
Kazakhstan, on 20 November 1995
Kenya, on 10 February 1989
Korea, Republic of, on 8 February 1973
Kuwait, on 28 April 1978
Kyrgyzstan, on 18 December 1996
Lao People's Democratic Republic, on 17 June 1998
Latvia, on 14 April 1992
Lebanon, on 11 August 1998
Lesotho, on 13 June 1989
Lithuania, on 14 March 1995
Macedonia, the former Yugoslav Republic of, on 10 March 1994
Madagascar, on 16 July 1962
Malaysia, on 5 November 1985
Mali, on 8 September 1994
Malta, on 22 June 2000
Mauritania, on 30 January 1997
Mauritius, on 19 June 1996
Mexico, on 14 April 1971
Moldova, Republic of, on 18 September 1998
Monaco, on 2 June 1982
Mongolia, on 24 October 1994
Morocco, on 12 February 1959
Mozambique, on 11 June 1998
Nepal, on 4 March 1998
Netherlands, on 24 April 1964
New Zealand, on 6 January 1983
Niger, on 14 October 1964
Nigeria, on 17 March 1970
Norway, on 14 March 1961
Oman, on 25 February 1999
Panama, on 10 October 1984
Paraguay, on 8 October 1997
Peru, on 7 July 1988
Philippines, on 6 July 1967
Poland, on 3 October 1961
Portugal, on 18 October 1994
Romania, on 13 September 1961
Russian Federation, on 24 August 1960
Saint Vincent and the Grenadines, on 12 September 2000
San Marino, on 17 May 1979
Saudi Arabia, on 19 April 1994
Senegal, on 17 October 1994
Singapore, on 21 August 1986
Slovakia, on 28 May 1993
Slovenia, on 6 July 1992
South Africa, on 3 May 1976
Spain, on 12 May 1977
Sri Lanka, on 9 April 1962
Sweden, on 28 January 1972
Switzerland, on 1 June 1965
Syrian Arab Republic, on 9 March 1959
Tanzania, United Republic of, on 13 October 1964
Thailand, on 21 December 1959
Trinidad and Tobago, on 14 February 1966
Tunisia, on 17 July 1967
Turkey, on 2 July 1992
Uganda, on 12 February 1992
Ukraine, on 10 October 1960
United Kingdom of Great Britain and Northern Ireland, on 24 September 1975
United States of America, on 30 September 1970
Uruguay, on 30 March 1983
Uzbekistan, on 7 February 1996
Venezuela, on 8 February 1995
Vietnam, on 12 September 1995
Yugoslavia, on 12 March 2001
Zimbabwe, on 26 September 1994

External links

[Neil J. Saltzman, The Enforcement of Foreign Awards in New York State]

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