Nassau New York Arbitration Agreement with Foreign Company
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How to fill out Arbitration Agreement With Foreign Company?
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FAQ
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 commercial arbitration is a means of resolving disputes arising under international commercial contracts. It is used as an alternative to litigation and is controlled primarily by the terms previously agreed upon by the contracting parties, rather than by national legislation or procedural rules.
The New York Convention, which is codified as Chapter Two of the FAA, provides a uniform approach for the recognition and enforcement of foreign arbitral awards in courts throughout the world.
International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.
If agreed to by the parties in their underlying agreement, Arbitration Awards are legally binding, meaning that if one is issued against you, it is legally recognized and may be reduced to an enforceable judgment by the 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.
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.
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.
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.
In the international context, arbitration also benefits from enforcement conventions that allow the direct enforcement of awards. The decisions of experts only have the force of contract and, to enforce them, parties must bring a new action in the appropriate jurisdiction for breach of contract.