Question The 1958 UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) has been dubbed the most successful commercial treaty in the world. Critically evaluate this statement. Abstract The New York Convention has enabled the enforcement of arbitral awards in any country that is a Member States of the convention.
With most of the countries in the world signed up to it, this means that the recognition of those awards in commercial transactions grants confidence among contracting parties to engage in cross-border transactions. However, drawbacks exist in the international arbitration process, including those deriving from the residual powers of the State courts granted under the UNCITRAL rules to oversee the arbitration process occurring in their states. Students would be expected to discuss the extent of such oversight on the effectiveness of the New York Convention among Member States. Business Law Assignment: I need help writing a research paper.
