Credit: Feng Yu/Adobe Stock Introduction
The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly called the New York Convention, requires the United States and other state parties to recognize and enforce foreign and nondomestic arbitral awards, with limited exceptions. There are currently 172 state parties to the convention. An award-creditor (the winning party in the arbitration) can take a New York Convention award and have it recognized and enforced as a domestic judgment around the world, in order to reach the award-debtor's assets wherever located. Under Article III of the New York Convention, "Each Contracting State shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon …" In the U.S., one of those rules of procedure is the requirement of, and process to obtain, jurisdiction over an award-debtor (the party that lost the arbitration). Given that personal jurisdiction is a constitutional requirement, a U.S. court could not recognize and enforce an arbitral award when it lacks jurisdiction over the award-debtor or its property.What to Know About New Jersey Courts Ruling in 'Quasi-in-Rem' Jurisdiction Case for Arbitral Awards
"A judgment-debtor should reasonably expect to be haled into court to satisfy a judgment where it has assets," writes David N. Cinotti of Pashman Stein Walder Hayden.
May 01, 2024 at 11:00 AM
10 minute read
Alternative Dispute Resolution
Credit: Feng Yu/Adobe Stock
Introduction
The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly called the New York Convention, requires the United States and other state parties to recognize and enforce foreign and nondomestic arbitral awards, with limited exceptions. There are currently 172 state parties to the convention. An award-creditor (the winning party in the arbitration) can take a New York Convention award and have it recognized and enforced as a domestic judgment around the world, in order to reach the award-debtor's assets wherever located. Under Article III of the New York Convention, "Each Contracting State shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon …" In the U.S., one of those rules of procedure is the requirement of, and process to obtain, jurisdiction over an award-debtor (the party that lost the arbitration). Given that personal jurisdiction is a constitutional requirement, a U.S. court could not recognize and enforce an arbitral award when it lacks jurisdiction over the award-debtor or its property.
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