In Re (#10 October 2014)

Wrong Arbitration Clause can Bring in Winning Award Lie Waste

by Nikolay V. Melnykov, Alexander V. Chebotarenko

As we know, foreign economic activity is governed by international law and national laws of states involved in such relationships. Sometimes in international trade contentious situations occur which require prompt and impartial resolution. Thus, international arbitral tribunals have become basic and universal mechanism for resolving such conflicts. One of the main difficulties of settling international trade disputes is that even after the actual decision by the court in favor of the plaintiff: there is no firm guarantee of compulsory recognition and enforcement of the decision. Once an international commercial arbitration award has been completed, it is necessary to recognize and execute the same in due course in the appropriate court of the State where the respondent is located...

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