Introduction be examined relative to this regulation

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Introduction

 

     International commercial arbitration
continues to evolve and grow as a result of rapidly developing economies and the
increased influence of globalisation. Each State will have either similar or
distinct attitudes towards the arbitral process, which can be reflected in
their regulation of international arbitration. One explanation for this
variation in regulation can be directed towards the underlying juridical
theories: jurisdictional, contractual, hybrid, autonomous and concession theory.
For the sake of this essay, the concession and hybrid theory will not be
mentioned due to the limited word count. The synonymous meaning of
jurisdictional theory is relative to the seat theory and thus the term ‘seat’
will be used throughout. Thus, the attitude of courts can be assessed with
respect to a number of elements. Again, due to the limitation of the word
count, this essay will mainly discuss the enforcement of foreign arbitral
awards and awards that have been annulled at the country of origin. As a
result, the delocalisation theory will be examined relative to this regulation
in replacement of the contractual theory.

       The facilitated
enforcement of arbitral awards is notable in countries that are signatories to
the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards
1958 (“the Convention”). The principal objective is that foreign arbitral
awards will not be discriminated against. It forces signatory states to ensure
that such awards are capable of enforcement in their jurisdiction the same way
domestic awards are treated. Although there are 156 states that are signatories
to the Convention, not every state has taken a constant approach when enforcing
arbitral awards. Despite this, enforcement is one of the greatest benefits of
arbitration that is provided to a party, where the award is treated as final
and binding.

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    The upcoming
discussion will explore different jurisdictions in their process of regulating
arbitration, specifically enforcement of awards, in the following countries:
France, United Kingdom, United States, Dubai, Singapore and Nigeria. The
respective regulation will be explored in context with resembling aspects of
the juridical theories aforementioned, with the following case laws discussed
in demonstrating this link. 

Categories: United States

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