NEW YORK CONVENTION. On the Recognition and Enforcement of Foreign Arbitral Awards.

    In a world characterised by globalised trade and commerce on the one hand and deteriorating judicial services on the other arbitration has become the dispute resolution mechanism of choice in crossborder commercial transactions. International arbitration not only paves the way for parties to avoid state courts. It also facilitates transnational enforceability of awards far beyond the enforceability of state court judgements.