Interview : London Maritime Arbitrators Association’s President Ian Gaunt on Why London is Maritime’s Main Arbitration Point – gCaptain
▻http://gcaptain.com/interview-london-maritime-arbitrators-associations-president-ian-gaunt-on-
Please talk to us about the importance of the New York Convention:
The success of the New York Convention of 1958, which celebrates its 60th anniversary in June, is one of the principal reasons why international businesses choose arbitration rather than court proceedings for dispute resolution (another being confidentiality of arbitration). The Convention has over 150 signatories (including China, Russia, Turkey, Greece and Ukraine, among other important players in the maritime world). This means that an award obtained in an arbitration with a seat in one signatory country can be enforced effectively as a court judgment in any other signatory country (subject to some rather narrowly defined exceptions). This is not the case with court judgments which can only be enforced in another country on the basis of a bilateral or multilateral treaty, such as exists between members of the European Union, or on the basis of reciprocity which may not be easy to establish.
#arbitrage #Convention_de_New_York sur l’arbitrage
