Oklahoma Arbitration Agreement with Foreign Company
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How to fill out Arbitration Agreement With Foreign Company?
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FAQ
Under AAA rules, parties to AAA cases agree that the arbitration award can be entered as a judgment in any federal or state court with jurisdiction. This means that the court can enforce it like it was any other court judgment.
International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.
Arbitral awards are internationally recognized and enforced under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958, which is one of the world's most successful treaties, having been ratified or adhered to by almost 150 states.
An arbitration agreement must be in writing; An arbitration agreement must comply with the requirements of a valid contract; An arbitration agreement must be in respect of a dispute that is arbitrable; Parties may agree on the number of arbitrators and their nationalities (subject to it being an odd number);
Particularly in the international contracts area, arbitration is used to bypass the fear (real or perceived) of not getting a fair hearing in another country's courts, or fear of corruption in such courts.
To enforce a foreign commercial arbitral award in the U.S. courts (assuming the losing party is subject to the jurisdiction of the U.S. courts), an award holder need only present an authentic copy of the award to the court, at which point it will be recognized and enforced unless the losing party can establish a basis
International arbitration is the preferred method of resolving cross-border disputes. 1. The neutrality it offers, together with the relative ease of enforceability of awards, can make it a more attractive forum for disputes than litigating in contracting parties' national courts.
Perhaps the foremost advantage of international arbitration over litigation is that an international arbitral award is enforceable virtually worldwide, while a judgment from a national court is oftentimes only enforceable in the nation that issued it.
Arbitration provides a binding solution to the dispute by way of an arbitral 'award'. The award can be enforced internationally through the provisions of the 1958 New York Convention on the Recognition and Enforcement of Arbitral Awards, which more than 140 states have ratified.
Arbitration agreements are a way to limit litigation costs and keep disputes confidential. But signing an arbitration agreement also means giving up important rights. Before signing, it pays to read arbitration clauses and reject or renegotiate anything that you're uncomfortable with.
