Legal arbitration awards are decisions taken by the arbitration tribunal in arbitration. Here the disputes are resolved out of court and the arbitration awards (that is equivalent to the judgment in a court) can consist of any of the following remedies,
- Payment of money
- Performance of specific acts
- Making certain declarations
- Order changes/ rectification in documents
Ever since globalization and the great boom in international trade, arbitration is increasingly being preferred in business circles than going for litigation in court. This is because while doing business in a foreign country it is easier to enforce arbitration awards there when compared to enforcement of court judgments.
In the above context the New York convention also known as the “Convention on the Recognition and Enforcement of Foreign Arbitral Awards” is the most important of the international conventions. Cross border business arbitration among the different states within the US will have to go by this convention, subject to certain limited defenses. These defenses include the arbitration agreement not being valid, or incapacity of one of the party. Other reasons for not being able to implement the arbitration award include the award being contrary to public policy, or because it has not become binding on the parties at a location.. Also, if the arbitration tribunal was not in accordance with the agreement of the parties, or if resolution of the matter was not a possibility through arbitration, the award would not have to be enforced.
Managed Outsource Solutions (MOS) is a US based legal process outsourcing company based in Oklahoma and offers highly professional legal arbitration services that includes mediation, mini-trials, and summary jury trials in all the US states. Other MOS legal services include legal transcription, legal animation, legal document preparation, litigation support and legal data entry.