In the recent case of OMV Petrom SA v Glencore International AG  EWHC 242 (Comm) (07 February 2014) (“Petrom v Glencore”), the English Commercial Court was faced with the question of whether issues arising and decided in an arbitration should be treated as settled in subsequent court proceedings brought by a non-party to the arbitration.
The factual and procedural background to this case is particularly interesting and pertinent.
The dispute arose out of contracts for the supply of crude oil to Romania between Glencore, and a commission agent, a company called SC Petrolexportimport SA (“Petex”). Petex alleged that Glencore had supplied crude oil that did not comply with the [...]
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) is given effect in England and Wales through sections 100 to 103 of the Arbitration Act 1996 (the “1996 Act”). As is well known, the beneficiary of an award promulgated by an arbitral tribunal in a state-party to the New York Convention is broadly entitled to enforce the award in any other state-party, in the same manner as a judgment or order.
To enforce a New York Convention award in England and Wales, the party relying on it must satisfy certain basic procedural norms, which are themselves prescribed by Article IV of the Convention. Section 102 of the 1996 Act gives effect to, [...]
Arbitration, or tahkim, has long-standing religious and cultural roots in the Middle East. However, there are also a number of differences and tensions between the Western perception of arbitration and certain Islamic legal principles and traditions which form the cornerstone of many Middle Eastern States. As the Middle East becomes more prominent in the global marketplace, it is important that anyone involved in arbitration in the Middle East is aware of some of these differences. This blog looks to summarise some of the key points to be aware of in relation to arbitration in Egypt and the United Arab Emirates (UAE).
On 18 April 1994, the Egyptian Law of Arbitration i [...]
Setting the scene
Iraq currently ranks with Libya and Yemen amongst those recalcitrant Arab states that have thus far failed to ratify the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the New York Convention or Convention). This state of affairs and the inadequacy of the country’s domestic and international arbitration legal regime have been addressed numerous times by academics, politicians and lawyers over the last thirty years.
However, the subject of Iraq’s non-ratification of the Convention has recently achieved a heightened significance, for two reasons:
(1) This month, it is understood that on-site workshops to train senior members o [...]
As leading jurisdictions around the world continue to establish national courts dedicated to the oversight of international arbitration issues, one wonders whether this is an idea whose time has come. This issue was previously discussed on this blog in September 2010. Much progress has been made in the intervening years.
The most recent jurisdiction to adopt this reform is one that will continue to be in the spotlight during 2014 as the host of the upcoming ICCA Congress: Miami. Joining New York City as only the second jurisdiction in the United States to do so, the Miami-based Eleventh Judicial Circuit of Florida adopted this reform on December 3, 2013.
New York formally created its court o [...]
On February 6, 2013, Achmea (a Dutch insurer, better known by its former name, Eureko) initiated UNCITRAL arbitration proceedings against the Slovak Republic on the basis of the Agreement on encouragement and reciprocal protection of investments between the Kingdom of the Netherlands and the Czech and Slovak Federal Republic (the “Netherlands-Slovakia BIT“) [The Agreement on encouragement and reciprocal protection of investments between the Kingdom of the Netherlands and the Czech and Slovak Federal Republic was signed on 29 April 1991 and came into force on 1 October 1992.] These proceedings appear to be of a new kind: aimed at preventing a likely expropriation [Achmea press release "Achmea [...]