Functions Of Arbitration Agreement

Agreement by which one or more parties agree that a dispute that has arisen (deposit agreement) or that may arise between them in the future (compromise clause) will be settled by one or more arbitrators. The “Convention on the Recognition and Enforcement of Foreign Arbitration Awards,” adopted in 1958 by an international conference under the aegis of the United Nations, is primarily aimed at facilitating the enforcement of arbitration awards, states undertake to recognize and enforce foreign arbitration awards issued in another state, unless the defendant can justify the existence of one of the limited grounds for not forcing the award. which excludes any substantive review. The convention, ratified by more than 148 states as of January 1, 2013, facilitates international arbitration and is an important instrument of international arbitration. Almost all of the world`s major trading countries are parties to the convention, while relatively few countries have a comprehensive network for cross-border enforcement of judgments before their courts. In addition, subsidies are not limited to damages. While as a general rule, only monetary judgments of national courts are enforceable in a cross-border context, it is theoretically possible (although unusual in practice) to obtain an enforceable injunction for a defined benefit in arbitration proceedings under the New York Convention. Questions about arbitration in Hamburg can be asked at the Hamburg International Arbitration Centre. A legal advisor will respond to each request as quickly as possible. The centre is located in the city centre of the Hamburg Chamber of Commerce, home to several institutional arbitration tribunals. The Rules of the International Bar were designed to arrange evidence in international commercial arbitrations, particularly between parties belonging to different legal systems.

Although they are rarely seen as directly applicable to arbitration, anxious to preserve the flexibility of the procedure, they are a source of inspiration for the majority of arbitrators.