When Foreign Arbitral Awards Are Late ... Should U.S. Courts Enforce Them??
Mondaq Business Briefing › Switzerland Law Articles in English (2003)
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When Foreign Arbitral Awards Are Late ... Should U.S. Courts Enforce Them??
"In arbitration, as in the great traffic of life itself, delays are inevitable. Parties sometimes include a time limit for rendering an arbitration award in their agreements, but even that does not guarantee anything. Thus, the following article asks the question: Should courts enforce tardy arbitration awards? In the process, the article examines a French court decision involving a late foreign arbitration award, as well as American court decisions involving domestic arbitration awards. The conclusion is that under the regime of the New York Convention in the United States tardiness of an award itself should not prevent its enforcement. Only if the tardiness of the award prejudices the objecting party should recognition and enforcement be denied." [Rz 1] There are many reasons why international commercial disputes are submitted to arbitration, one of them being its expected speed. International business partners utilize arbitration to avoid the delay of extended court proceedings [Fn 1]. But reality shows that busy arbitrators and other factors can lead to arbitration being a lengthy process, lasting for months or even years. [Rz 2] To prevent this from happening, societies as early as the ancient Greeks imposed time limits on arbitrators to complete their mission [Fn 2]. Today, arbitration agreements sometimes contain time limits providing that the arbitrators must render awards within a certain peri...
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