New York Convention 1958 on arbitral awards
The 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards, under which maritime awards from London, New York and Singapore are enforced.
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards was adopted at New York on 10 June 1958 and is the treaty under which an arbitration award made in one contracting state is recognized and enforced in another. Every seat offered by NYPE 2015 Clause 54, New York, London and Singapore, sits in a contracting state, so an award from any of them enforces against assets in the others.
The full article will cover the Convention’s scope, the limited grounds for refusing enforcement under Article V, the arbitration agreement in writing requirement, the reservations states have made, and the practical steps to enforce a maritime award against a ship or a bank account.