New York Principle Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9493
• Format: Word; Rich Text

Description

Agreement in Principle to Approach the Business Co-Operation on WLL Network Services between Saigon Post and Telecommunications Service Corporation and General-Tel/ePhone, Telecom, Inc. regarding jointly co-operating in developing, building up, and The New York Principle Agreement, also known as the New York Agreement or the New York Convention, is an international treaty that aims to facilitate the enforcement and recognition of arbitral awards across different countries. It establishes a framework for the recognition and enforcement of foreign arbitral awards in member states, providing a more efficient and consistent way for parties to enforce their arbitration agreements. The New York Principle Agreement was adopted on June 10, 1958, and currently has 167 member countries, making it one of the most widely accepted international conventions. Its primary purpose is to ensure that arbitral awards made in one country can be easily enforced and recognized in another, minimizing obstacles that could impede international trade and investment. Under the New York Principle Agreement, parties submitting to arbitration can have confidence that their awards will be enforceable in other member states. This provides a significant advantage when dealing with cross-border disputes, as it avoids the need for potentially costly and time-consuming litigation in multiple jurisdictions. The principle of party autonomy is fundamental to the New York Agreement, as it allows parties to choose their preferred dispute resolution method and ensures the award resulting from it will be respected. There are different types of New York Principle Agreement, which mostly revolve around the status of membership for various countries. The three main types of New York Principle Agreement include: 1. Original Signatories: These are the countries that initially signed and ratified the New York Agreement upon its adoption in 1958. They form the core group of states that contributed to the convention's creation and development. 2. Successor States: These are countries that have become parties to the New York Agreement as a result of succession, such as when a new state emerges after the division or dissolution of another state. Successor states automatically accede to the convention and its obligations. 3. Accession States: These are countries that have joined the New York Principle Agreement at a later stage by depositing their instruments of accession. Accession is open to any state that has not signed the convention but wishes to be bound by its provisions. In summary, the New York Principle Agreement plays a vital role in promoting international arbitration by ensuring the enforceability and recognition of arbitral awards globally. It offers a reliable framework that allows parties to have confidence in their arbitration agreements, thereby facilitating international trade and investment by providing a transparent and reliable method of resolving cross-border disputes.

The New York Principle Agreement, also known as the New York Agreement or the New York Convention, is an international treaty that aims to facilitate the enforcement and recognition of arbitral awards across different countries. It establishes a framework for the recognition and enforcement of foreign arbitral awards in member states, providing a more efficient and consistent way for parties to enforce their arbitration agreements. The New York Principle Agreement was adopted on June 10, 1958, and currently has 167 member countries, making it one of the most widely accepted international conventions. Its primary purpose is to ensure that arbitral awards made in one country can be easily enforced and recognized in another, minimizing obstacles that could impede international trade and investment. Under the New York Principle Agreement, parties submitting to arbitration can have confidence that their awards will be enforceable in other member states. This provides a significant advantage when dealing with cross-border disputes, as it avoids the need for potentially costly and time-consuming litigation in multiple jurisdictions. The principle of party autonomy is fundamental to the New York Agreement, as it allows parties to choose their preferred dispute resolution method and ensures the award resulting from it will be respected. There are different types of New York Principle Agreement, which mostly revolve around the status of membership for various countries. The three main types of New York Principle Agreement include: 1. Original Signatories: These are the countries that initially signed and ratified the New York Agreement upon its adoption in 1958. They form the core group of states that contributed to the convention's creation and development. 2. Successor States: These are countries that have become parties to the New York Agreement as a result of succession, such as when a new state emerges after the division or dissolution of another state. Successor states automatically accede to the convention and its obligations. 3. Accession States: These are countries that have joined the New York Principle Agreement at a later stage by depositing their instruments of accession. Accession is open to any state that has not signed the convention but wishes to be bound by its provisions. In summary, the New York Principle Agreement plays a vital role in promoting international arbitration by ensuring the enforceability and recognition of arbitral awards globally. It offers a reliable framework that allows parties to have confidence in their arbitration agreements, thereby facilitating international trade and investment by providing a transparent and reliable method of resolving cross-border disputes.