Harmonisation on the Performance of International Arbitral Awards

Abstract

Arbitration has gained significant importance and become widely effective in international commerce during the last decades, paralleling the rise of globalization. The main reasons for the reputation of arbitration are based on having the following advantages over litigation: it is generally more neutral, more confidential, faster, more flexible, cheaper and its decisions are accepted as final and binding on both parties. In addition, arbitration awards have international validity as a result of multinational treaties. To create a uniform arbitration system worldwide, there have been amendments to national laws and institutional arbitration rules, improvements in the Model Law, and a contemporary approach and interpretation of convention rules. The question arises whether harmonization has been completed for the performance of arbitration awards.