CYIL vol. 9 (2018)

MONIKA FEIGERLOVÁ

CYIL 9 ȍ2018Ȏ

60 YEARS OF THE NEW YORK CONVENTION ON THE RECOGNITION AND ENFORCEMENT OF FOREIGN ARBITRAL AWARDS: WHAT IS THE WAY FORWARD? Monika Feigerlová

Abstract: The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 10 June 1958 is marked as one of the most successful international treaties in the field of international business law and it demonstrated its success through an impressive number of 159 contracting States. 6o years of its applicability offer an opportunity to review the use of the Convention and to consider future challenges. Given fast development of international trade and investment accompanied by digital revolution in the last two decades the question arises as to whether the Convention is still suitable for today’s needs. The aim of the article is to analyse the challenges and shortcomings the Convention faces and whether it is time now for the international community to initiate steps to reform and modernize the Convention. Resumé: Newyorská úmluva o uznání a výkonu cizích rozhodčích nálezů ze dne 10. červ- na 1958 se považuje za jednu z nejúspěšnějších mezinárodních smluv v oblasti mezinárod- ního obchodu. Její úspěch dokazuje úchvatných 159 smluvních stran. 60. výročí od jejího přijetí nabízí příležitost zrekapitulovat její používání v praxi a zamyšlení se nad budoucími výzvami. S ohledem na rychlý vývoj mezinárodního obchodu a zahraničních investic v po- sledních dvou dekádách doprovázený digitální revolucí vyvstává otázka, zda Úmluva nadále slouží současným potřebám. Cílem článku je analyzovat problematické okruhy Úmluvy a na jejich základě posoudit, zda nastal čas Úmluvu nějakým způsobem modernizovat. Key Words: New York Convention, recognition and enforcement, arbitral award, interim measure, Miami Hypothetical Draft Convention. About the Author: JUDr. Monika Feigerlová, LL.M., PhD , is an attorney-at-law based in Prague specializing in international commercial arbitration, protection of foreign investment and cross-border disputes. She obtained a PhD in private international law at Charles University, Prague, the Czech Republic, and completed a Master program in International Dispute Settlement at the Graduate Institute of International and Development Studies and the University of Geneva, Geneva, Switzerland. She has previously practiced law with major law firms in Prague. Introduction The 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention” or “Convention”) has played a paramount role in the use of arbitration as a method for settlement of international commercial disputes. It demonstrated

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