TNAG-2303-FCO40-3332-Hong-Kong-International-Rights-and-Obligations-(IRO)-Sub-Gro-1991 — Page 26

PELLA PALING ME Narsed Pacarantee PMTARIA.

CONFIDENTIAL

3

territory of any of the Contracting States, subject to

certain conditions.

New York Convention

4.

Geneva

a

it

The New York Convention largely supersedes the

Protocol and Geneva Convention (Article VII). It is

considerable improvement upon the Geneva Convention since

provides for a much simpler and more effective method of

recognition and enforcement of foreign awards.

replaces the Geneva Convention as between states which

are parties to both Conventions. It also provides for

obtaining

It

The New York

recognition of a wider range of arbitration agreements than

those covered under the Geneva Protocol.

Convention replaces the Geneva Protocol as between States

which are bound by both.

5.

So far as recognition of awards is concerned, a

state bound by the Convention undertakes to respect the

binding effect of awards to which the Convention applies.

Such awards may be relied upon, by way of defence or

set-off

in

any legal

proceedings concerning the

subject-matter of the award commenced in the courts of the

state concerned.

So far as enforcement is concerned, a

state which is a party to the Convention undertakes to

CONFIDENTIAL