Convention on the Recognition and Enforcement of Foreign Arbitral Awards
- Type: Convention
- Date of signature: 10/06/1958
- Place of signature: New York, USA
- Depositary: Secretary-General of the United Nations
- Date of entry into force: 07/06/1959
What is it about?
Although the Convention, adopted by diplomatic conference on 10 June 1958, was prepared by the United Nations prior to the establishment of the United Nations Commission on International Trade Law (UNCITRAL), promoting the Convention is an integral part of the Commission's programme of work. The Convention is widely recognized as a foundation instrument of international arbitration. It requires courts of contracting States to give effect to an agreement to arbitrate when seized of an action in a matter covered by an arbitration agreement and, in so doing, to refer the parties to arbitration. The Convention's main objective is to ensure that non-domestic arbitral awards are recognized and enforced in the jurisdiction of a contracting State, subject to specific limited exceptions.
Why is it relevant?
It provides uniform regime for recognition and enforcement of arbitral agreements and awards and sets out defined grounds for refusal of recognition and enforcement. Adherence to the Convention helps enhance the confidence of foreign investors in the legal framework of the country, which is perceived as neutral, predictable and transparent. Furthermore, given the great number of States that have already adopted the Convention, adherence enables the country to join a global network of States, which implement international standards, enforce international arbitral awards and respect and support the parties’ agreement to arbitrate. Finally, joining the Convention implies that awards rendered in the adhering country are guaranteed to be enforceable in all other States parties to the Convention.
The Convention was finalised under the auspices of the United Nations Economic and Social Council at a Diplomatic Conference convened in New York in 1958. The Conference adopted the Convention in its Final Act on June 10, 1958. At that time ten nations signed it with a thirteen further nations signing it within the period open for signature. The Convention entered into force after the third ratification, on June 7, 1959. It remains open to accession by any state that is a member of the United Nations or of any of its specialised agencies or by a party to the Statute of the International Court of Justice or by any other State invited toaccede by the General Assembly (Articles VIII and IX). Current contracting States are listed on the UNCITRAL homepage at www.uncitral.org.
- UNCITRAL Arbitration Rules (1976) UNCITRAL Conciliation Rules (1980) UNCITRAL Model Law on International Commercial Arbitration (1985) as revised (2006) UNCITRAL Notes on Organizing Arbitral Proceedings (1996) UNCITRAL Model Law on International Commercial Conciliation (2002)