The convention was incorporated into American Law by virtue of Chapter two of the United States Federal Arbitration Act, 9 U. The FAA contains the basic procedures for enforcing domestic and foreign arbitration awards in the United States.
1/ Its fundamental purpose is to “ensure that private agreements to arbitrate are enforced according to their terms.” 2/ Pursuant to the FAA’s underlying policy in support of arbitration, any doubts must be resolved in favor of arbitration.
It also attempted to examine the reservations states can make in the enforcement of an arbitral award and how some states have indicated that it will only apply to certain transactions such as commercial transactions.
Chapter two will attempt to give a comparative analysis of the position in some selected jurisdictions such as the United Kingdom, United States, France, Italy and China.
The purpose of this analysis is to examine if there is any uniformity in the implementation of the specifications of the convention and where there seems to be, to make recommendations to clear any ambiguities.
The United Kingdom is a signatory to the Convention and by application; all aspects of the convention apply to this jurisdiction.
Also, it is observed that if enforcement is not challenged, the award can be enforced in a very short space of time but when the order is challenged, it could take a longer while to enforce the award. The primary law is the Federal Arbitration Act (FAA) of 1925(as amended) which implements parts the Convention and the Inter-American Convention on International Commercial Arbitration (Panama Convention of 1975).
The United States adopted the New York Convention in 1970 albeit with several restrictions. Where either of these acts do not apply, the party seeking to enforce will rely on the general bilateral treaties where available.
It is also important to note that the United Kingdom has enacted its own Arbitration Act of 1996 which came into force on the 31st of January 1997.
The Act was intended to replace the older English Acts on the subject (1950, 19) Arbitration Acts and the Consumer Arbitration Agreements Acts of 1988, and in addition, it was intended to make corrections and amendments to existing acts.