Nassau New York Arbitration Agreement with Foreign Company

Name: Nassau New York Arbitration Agreement with Foreign Company
Brand: US Legal Forms
Rating: 4.59 (427 reviews)

Category:

Technology - Litigating Computer Actions

State:

Multi-State

County:

Nassau

Control #:

US-13162BG

Format:

Instant download

Description

Process in which the disputing parties choose a neutral third person who hears both sides of the dispute and then renders a decision. Parties go into arbitration knowing they will be bound by the decision of the arbitrator.

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In the international context, arbitration also benefits from enforcement conventions that allow the direct enforcement of awards. The decisions of experts only have the force of contract and, to enforce them, parties must bring a new action in the appropriate jurisdiction for breach of contract.

Arbitration provides a binding solution to the dispute by way of an arbitral 'award'. The award can be enforced internationally through the provisions of the 1958 New York Convention on the Recognition and Enforcement of Arbitral Awards, which more than 140 states have ratified.

Particularly in the international contracts area, arbitration is used to bypass the fear (real or perceived) of not getting a fair hearing in another country's courts, or fear of corruption in such courts.

Perhaps the foremost advantage of international arbitration over litigation is that an international arbitral award is enforceable virtually worldwide, while a judgment from a national court is oftentimes only enforceable in the nation that issued it.

If agreed to by the parties in their underlying agreement, Arbitration Awards are legally binding, meaning that if one is issued against you, it is legally recognized and may be reduced to an enforceable judgment by the courts.

International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.

The New York Convention, which is codified as Chapter Two of the FAA, provides a uniform approach for the recognition and enforcement of foreign arbitral awards in courts throughout the world.

International commercial arbitration is a means of resolving disputes arising under international commercial contracts. It is used as an alternative to litigation and is controlled primarily by the terms previously agreed upon by the contracting parties, rather than by national legislation or procedural rules.

To enforce a foreign commercial arbitral award in the U.S. courts (assuming the losing party is subject to the jurisdiction of the U.S. courts), an award holder need only present an authentic copy of the award to the court, at which point it will be recognized and enforced unless the losing party can establish a basis

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New York Energy Savings Corp. , Doing Business as U.S. Energy Savings Corp.The Dell company sells computer equipment retail over the Internet. International Law and Consular Affairs,. Ministry of Foreign and European Affairs of the Republic of Croatia as Co-Agent;. The sale contracts contained arbitration clauses. 64,000 Americans in a 12-month period. The norms about the efficacy of foreign arbitral awards are in the Law and the conventions on international arbitration. In 2004 the Kazakh Supreme Court declared the arbitration clause invalid.

The Court held that the law did not apply in the absence of the existence of an agreement that it be included in the sale contract. The Court rejected the argument that the sale contract had to be written in Kazakh, which requires special training and skills. “The Supreme Court of the Republic of Kazakhstan clearly did not recognize the existence of 'Kazakh',” the Supreme Court wrote. In 2005 the International Chamber of Commerce stated that the sale contract for the computer products violated the agreement that the arbitration clause had to be written in Kazakh. International Arbitration and Investment, International Chamber of Commerce as Co-Agent;. Although the sale of the computer equipment was subject to the applicable arbitration clause, the sale contract was not in accordance with the requirements of the applicable international arbitration law. The sale contract contained a provision that excluded disputes of a commercial nature.

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Nassau New York Arbitration Agreement with Foreign Company

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Is arbitration good for international contracts?

Is arbitration binding in international law?

Why would arbitration be used in cases of international contractual dispute?

Are arbitration awards enforceable worldwide?

What are the advantages of international arbitration?

Are arbitrators awards binding?

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What convention ensures arbitration awards will be enforced by countries?

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