Description
What is the New York Convention (NYC)? What remedies are available to a businessperson seeking commercial judgment under the NYC? Article V of the convention lays out the seven exhaustive defenses that permit, but do not require, a court to refuse to enforce an award: Evaluate the seven principles.
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Running Head: THE NEW YORK CONVENTION
The New York Convention of 1958
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THE NEW YORK CONVENTION
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New York Convention is a type of an agreement that involved two treaties that signed in
New York in 1958. These treaties meant to help in judging whether enforcing an arbitrary rule or
policy by a country or a state within the United States or outside the United States was
enforceable or not based on the clauses of the same (Lakatos, 2014). The treaty was called the
United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards,
which is popularly known as the New York Convention and it helps in determining whether the
law should or should not enforce an award.
Take for example an investor who wants to invest in an English firm and he is an
American. The US constitution allows the antifraud rules to be enforced or used in the favor of
the American citizen or the investor and therefore he is governed fully in terms of securities.
However, when this happens, the issuer which is the English firm is put at risk by the antifraud
rules. It is, however, necessary just in case a case of fraud transactions occurs involving the
American citizen and vice versa might be ‘brutal’ according to the constitution. Therefore, the
New York Convention was set to ensure that the English firm can go to court and the court will
be in a position to accept or refuse to enforce an award stanched by the investor via the antifraud
rules. The foreign firm, however, will always want to include arbitrary clauses in their contracts
since it will help solve disputes in case they arise involving their investor.
Consider the following seven principles that were formed in the New York Convention
which can be helpful to a businessperson as explained above seeking commercial judgment
under the New York Convention.
Principle 1: Lack of a valid arbitration agreement (Article V (1) (a))
THE NEW YO...
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