Friday, November 22, 2019
Arbitration Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . Arbitration INTRODUCTION The world has come to experience many changes in the way legal systems are evolving. The conventional methods of dispensing justice are being abandoned in favour of faster and more efficient methods of dispute resolution such as arbitration and mediation. The concept of arbitration has risen to prominence as a widely accepted form of dispute resolution between jurisdictions due to its many advantages and wide ranging applicability from commercial transactions to even the most simple of disputes and this can be seen in the fact that the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 has a total of 144 signatories. Mainly due to the cumbersome and lengthy process of litigation, many parties have opted for arbitration as a means of settling disputes due to its many advantages. This thinking behind this research is to critically evaluate the nature of arbitration and attempt to look at it as a veritable and eff icient means of alternative dispute resolution. It seeks to analyse arbitration in an introductory sense and attempt a differentiation between the recognition of an arbitral award and the enforcement of the award. It will attempt to look at the requirements under the various conventions for enforcement to be possible and then critically examine the grounds for non-enforcements under the conventions especially the New York convention of 1958. The methodology to be adopted by this research will be of a critical and comparative nature. Reviews of diverse literatures on the subject of this essay from one chapter to another will be carried out and in achieving the aim of this essay; diverse sources will be made reference to, including, international human rights instruments, legislations, case laws, books, journal articles, internet articles, general opinions and personal ideas. Particular emphasis will be placed on the New York convention of 1958 as a benchmark for comparism with other existing treaties and conventions on the subject. Chapter One will adopt an introductory approach and try to define the important issues raised in this essay especially the subject of arbitration and the essential nature of an award. It will define the term arbitration and attempt to enumerate the advantages or arbitration and why it has become so popular in regards to settlements of disputes viz a viz other methods of settlement of disputes. It will also differentiate between recognition of an award and the enforceability of an award which is very crucial to the very nature of an award. Chapter two will attempt to look at the requirements for enforcement and the available procedure in the New York convention and also attempt to do a comparative analysis between different jurisdictions to see the existing requirements for enforcement. Chapter three will focus on the major part of this work which will be the grounds for non-enforcement and recognition of an award under the New York c onvention of 1958 under Article 5(1) and Article 5(2) and other treaties. This will be considered in detail and a comparative analysis will be attempted to ascertain if this defences are strictly adhered to in certain jurisdictions.