According To Ny Convention And Agreement To Arbitrate Should Be

” (1) Each State Party recognizes a written agreement under which the Parties adopted the Convention on the Recognition and Enforcement of Foreign Arbitration Awards, commonly known as the New York Convention, by a United Nations Diplomatic Conference on 10 June 1958 and which came into force on 7 June 1959. The convention requires the courts of contracting states to implement private arbitration, recognition and enforcement agreements in other contracting states. Widely regarded as the fundamental instrument of international arbitration, it applies to arbitration procedures that are not considered national distinctions in the state where recognition and application are sought. Public information on general and specific arbitration procedures is quite limited, as there is absolutely no need to appeal to the courts, except in cases of litigation and, in most cases, the loser pays voluntarily. [1] In China, a review of the disputed cases in China revealed that, from 2000 to 2011, the Supreme People`s Court upheld in 17 cases the refusal to apply the arbitration agreement on the basis of a Section V provision; China has an automatic appeal system with the highest court, which includes all these refusals. [2] The 1958 Convention on the Recognition and Enforcement of Foreign Arbitration Awards (the New York Convention) defines the requirements for valid arbitration agreements that the States Parties to the New York Convention recognize and enforce by referring to arbitration. The mandatory nature of the obligation to recognize and enforce existing arbitration agreements has been confirmed by laws and decisions in most jurisdictions. The scope of the New York Convention was originally intended to be limited to the recognition and enforcement of arbitration awards, but in the last weeks leading up to the adoption of the New York Convention (and when the text was widely accepted), a specific provision on the recognition and enforcement of arbitration agreements was added. Agreements where authors could have been expected to need more time.