New York Convention

About the work In a world in which trade is becoming more and more global on the one hand, but on the other hand the quality of legal services, in particular of state courts, is increasingly diminishing, dispute resolution through arbitration courts is rapidly gaining in importance. Arbitration became the method of choice for cross-border legal transactions. International arbitration courts enable the parties to avoid national courts and at the same time to obtain decisions whose enforceability goes far beyond national court decisions. This is achieved by the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 10 June 1958, which entered into force in 1959. 157 states, including all major trading nations, have now ratified this Convention. For good reason.