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Description

Arbitration is – as a general conclusion - frequently more suitable in international commercial contracts / international commercial disputes than litigation. As concerns disputes with an international (cross-border) dimension, whenever the parties have doubts as to the alternative they should opt for, i.e. enter into an arbitration agreement or submit to courts of general jurisdiction, arbitration should probably be the preferred option. The enforcement of arbitral awards is still significantly less complicated than the enforcement of judgments. This general postulate stands despite the strengthened and sophisticated judicial cooperation within the countries, like for instance within the EU or the simplification of procedures by modern international legal assistance treaties. It still holds true that the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) is probably one of the most important pillars of international commerce. Primarily, however, any deliberations as to whether or not an arbitration agreement should be entered into must be supported by a professional drafting of the arbitration agreement that reflects the specifics of the particular legal relationships (contracts). Also many very unique specifics of arbitration must be reflected.