Enforcement-of-Foreign-Arbitral-Awards

  Introduction Effective and speedy dispute resolution mechanisms for domestic and global investors are essential in order to facilitate the growth of business, trade and commercial transactions across the globe. If foreign awards are not properly enforced within the country, the purpose of resorting to swifter methods of resolution is defeated and the parties may be compelled to take recourse to the traditional legal system. It is in this context that the proper enforcement of foreign arbitral awards in the country is crucial. A Brief History A general consensus to recognize and enforce foreign arbitral awards was first brought forth by the Geneva Protocol of 1923 under Articles 1, 2 and 3. It was subsequently followed by the Geneva Convention of 1927. Article 1 of the 1927 Convention enumerates that arbitral awards shall be recognized as binding and enforceable in accordance with rules of the procedure of the territory where the award is relied upon. These treaties would form the...