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The
Algiers Declaration of 1981 established the Iran-US Claims Tribunal to adjudicate claims of American corporations and individuals in relation to expropriated property during the Islamic revolution in Iran in 1979. Although formed in good faith, the tribunal has not been a notable success, and has
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The other characteristic of cross-border enforcement of arbitration awards that makes them appealing to commercial parties is that they are not limited to awards of damages. Whereas in most countries only monetary judgments are enforceable in the cross-border context, no such restrictions are imposed
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the award deals with an issue not contemplated by or not falling within the terms of the submission to arbitration, or contains matters beyond the scope of the arbitration (subject to the proviso that an award which contains decisions on such matters may be enforced to the extent that it contains
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In addition, although not by way of challenge, many countries permit appeals on a point of law (although almost no countries permit appeals to be made in relation to findings of fact). This right is usually closely circumscribed to avoid undermining the commercial efficacy of arbitration.
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The legal requirements relating to the making of awards vary from country to country and, in some cases, according to the terms of the arbitration agreement. Although in most countries, awards can be oral, this is relatively uncommon and they are usually delivered in writing.
191:(or ICSID). The Convention was primarily designed to create investor confidence, and to promote inward investment into developing countries. The ICSID Convention and ICSID Arbitration Rules are the most commonly-used arbitration rules for the settlement of investment disputes.
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award is an award of only part of the claims or cross claims which are brought, or a determination of only certain issues between the parties. Importantly, this leaves it open to the parties to either resolve or to continue to arbitrate (or litigate) the remaining
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The U.S. Government froze billions of dollars' worth of
Iranian assets and wanted to set up an impartial tribunal to determine claims to compensation out of those assets by corporations who had been subject to expropriation without compensation in
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Virtually every significant commercial country in the world is a party to the
Convention, but relatively few countries have a comprehensive network for cross-border enforcement of judgments of the court. Hence in many countries, particularly in
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Most countries in the world allow arbitration awards to be "challenged" in the court, although they usually limit the circumstances in which such challenges may be brought. The two most commonly permitted grounds of challenge are:
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the award has not yet become binding upon the parties, or has been set aside or suspended by a competent authority, either in the country where the arbitration took place, or pursuant to the law of the arbitration
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For example, the losing party may only be entitled to an indemnity where there is an actual award under a policy of insurance. An award is also easier to enforce than a settlement agreement, and gives rise to an
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Many tribunals make a practice of permitting the parties to see a draft award to allow basic factual errors or arithmetic mistakes to be flushed out. The practice helps reduce appeals on trivial technical
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award is an award which the tribunal, by its own initiative or on the application of a party makes in respect of any claim which was presented to the tribunal but was not resolved under the principal award.
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award is usually in the form of a settlement between the parties of their dispute (the equivalent of a judgment by consent). But by embodying the settlement in the form of an award it can have a number of
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The New York
Convention is not actually the only treaty dealing with cross-border enforcement of arbitration awards. The earlier Geneva Convention on the Execution of Foreign Arbitral Awards 1927
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105:"). One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign country than it is to enforce a judgment of the court.
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the composition of the arbitral authority was not in accordance with the agreement of the parties or, failing such agreement, with the law of the place where the hearing took place (the "
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For example, in the United
Kingdom, appeal on a point of law can only be made with the leave of the court, and the court will only give leave in very specific and limited circumstances.
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It is sometimes said that arbitration awards are not normally subject to appeal (often another reason given in favour of using arbitration), but that is usually an oversimplification.
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of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature.
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the award must be in writing and signed by all of the arbitrators assenting to the award (dissenting minority arbitrators need not sign unless the parties agree that they must);
314:" where the expert determines a matter of fact (which is ordinarily not subject to any form of appeal at all, except in cases of obvious bias or manifest error or bad faith).
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Although a successful party in arbitration will typically be awarded compensation or damages, tribunals usually have a range of remedies that can form a part of the award.
112:, an award issued in a contracting state can generally be freely enforced in any other contracting state, only subject to certain, limited defences. Those defences are:
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from suit. However, governments can submit to arbitration, and certain international conventions exist in relation to the enforcement of awards against nation states.
374:"What Is an Award? Concept, Content, Drafting, Effects, in Katia Fach Gómez and Catharine Titi (eds), The Award in International International Investment Arbitration"
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a party to the arbitration agreement was, under the law applicable to him, under some incapacity, or the arbitration agreement was not valid under its governing law;
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Many countries have similar requirements, but most permit the parties to vary the conditions, which reflects the fact that arbitration is a party-driven process.
149:, a foreign arbitration award is much easier to enforce than an award of the court. For example, it is very difficult to enforce foreign judgments in the former
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The
Washington Convention 1965 relates to settlement of investment disputes between nation states and citizens of other countries. The Convention created the
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and failing to hear the arguments of one party, to have an improper number of arbitrators or ruling evidence inadmissible when it should not have done so.
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a party was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings, or was otherwise unable to present its case;
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Although it is common to talk of an arbitration award as a single concept, in most legal jurisdictions there are several sub-categories of award.
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in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "
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award is not a sub-category of award, but is used to describe an award where the tribunal sets out its reasoning for its decision.
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against re-litigating settled issues. Occasionally having an award rather than a settlement agreement may confer tax advantages.
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remains in force, but the success of the New York
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provides that awards must be reasoned unless the parties have agreed that the tribunal may dispense with giving reasons.
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Although some regions have multi-lateral arrangements which have a similar effect over a smaller area, such as the
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in an arbitration proceeding which could then be enforced in another New York
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decisions on matters submitted to arbitration which can be separated from those matters not so submitted);
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the award must state the date upon which it is made. This is important for the calculation of interest.
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on arbitration awards and so it is theoretically possible (although unusual in practice) to obtain an
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which the award must comply with, unless the parties agree to vary them under section 52 of the Act:
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the award must state the "seat" of the arbitration (the place where the arbitration took place); and
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award is not an award as such, and is not binding on the parties until confirmed by the tribunal.
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the subject matter of the award was not capable of resolution by arbitration; or
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in most jurisdictions, the tribunal has the same power as a court to:
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that the tribunal did not have jurisdiction to make the award; or
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Arbitration awards are non-justiciable. Distinguish from an "
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In judicial proceedings in many countries, governments enjoy
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International Centre for
Settlement of Investment Disputes
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order a party to do or refrain from doing something ("
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424:full faith and credit
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