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Arbitral Award Arbitration Agreement

With regard to the second feature, Article V of the New York Convention and Article 36 of the UNCLOS Model Law are drafted in a frank and non-binding manner. The provisions in question provide that enforcement „may be denied for one of the reasons invoked) (not „being“). In accordance with the policy of enforcing the New York Convention, there is nothing in this Act that requires a State party to refuse to carry out the sentence. Instead, the Tribunal can quash the defence of execution and render the sentence effective, even if one of the objections was raised in Article V of the New York Convention. This view of the application of the Tribunal`s autonomy has important consequences. It allows the court of execution to independently assess any deficiencies in the award and arbitration and, in appropriate circumstances, to apply the arbitration awards that have been quashed at headquarters. As noted above, it is customary in modern arbitration laws and institutional arbitration rules for an objection to the jurisdiction of a court to be made without delay, otherwise it is deemed to be repealed. Therefore, the enforcement court hearing the defence under Article V, paragraph 1, under a), of the agreement, should be referred to the same issue by the Court of Arbitration and, in appropriate circumstances, by the Arbitral Tribunal. However, it is important that the New York Convention empowers the enforcement court to conduct an independent analysis of the validity of the compromise clause. The court added that if it had reached an agreement between the parties, recognition would always have been denied on the grounds that the composition of the tribunal was not „consistent with the agreement“ and that the arbitral tribunal had ruled on matters outside the scope of the arbitration agreement. An example of the above approach is an English decision in Yukos Capital SARL v. OJSC Rosneft Oil Company,10 in which several arbitration decisions were made effective while they were set aside in Russia.


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