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Personal cabinetUnlocking the power of arbitral awards: strategies and challenges in global enforcement
Bibliographic description of the article for the citation:
Туз Анна-Марія. Unlocking the power of arbitral awards: strategies and challenges in global enforcement//Science online: International Scientific e-zine - 2023. - №9. - https://nauka-online.com/en/publications/jurisprudence/2023/9/04-18/
Annotation: In the complex world of international arbitration, the culmination of months or even years of legal proceedings results in an arbitral award, a binding decision that should, in theory, provide closure to the parties involved. However, the true litmus test for the effectiveness of this award is its enforceability. This article delves into the multifaceted landscape of enforcing arbitral awards on a global scale, shedding light on the strategies, intricacies, and challenges that parties face. The article begins by emphasizing the fundamental importance of arbitral awards. Arbitral awards are designed to be enforceable in multiple jurisdictions, a feature that underscores their global significance in resolving cross-border disputes. One of the central topics explored in this article is the practical strategies for enforcing arbitral awards. The author discusses the importance of understanding the legal framework and procedures in the relevant jurisdiction. Parties often face hurdles in enforcing awards due to disparities in national laws and international treaties. By strategically choosing the jurisdiction for enforcement and crafting a tailored approach, parties can maximize their chances of success. The article also highlights the role of international conventions, such as the New York Convention, in streamlining the enforcement process. Furthermore, the author delves into the role of judicial assistance in the enforcement process. Local courts play a pivotal role in enforcing arbitral awards, and their cooperation can greatly impact the outcome. Challenges in enforcement are not limited to legal complexities alone. The article also discusses the issue of asset dissipation, where a party seeks to evade the enforcement of an award by moving or hiding assets. The author explores strategies for preventing asset dissipation and ensuring that the award remains effective. Lastly, the article addresses the importance of compliance with ethical and legal standards throughout the enforcement process. It emphasizes the need for parties to maintain the highest ethical standards to avoid potential setbacks or challenges to the enforcement process. In conclusion, enforcing arbitral awards is a critical facet of international arbitration, ensuring that parties receive the resolution they deserve. This article underscores the importance of a well-thought-out enforcement strategy, navigating legal complexities, and maintaining ethical standards throughout the process.