Enforcement Of Arbitral Awards In Asia

Arbitration as a means to solve contractual disputes often involving a variety of international parties, multinational concerns, global financial institutions and multi-lateral organizations is rapidly on the rise in Asia. This development goes hand in hand with growth in the region, with more arbitral institutions being set up in Asia in recent years and better capacity development in terms of handling complex and multivariate international matters. Arbitration, crucially, is increasingly seen as a better alternative to conventional litigation especially when it comes to cross-border disputes. Thanks to the New York Convention to which most countries are signatories, awards are easier to enforce in other jurisdictions than local court orders and the relevant parties are spared the problems of conflicting legislation or other local idiosyncrasies and disparities.