Q: What is Foreign Arbitration ?
Ans:
Foreign awards are granted in foreign countries for any dispute referred to arbitration in international cases and are enforceable in India under the Act. It is divided into two chapters under the Act:
The New York Convention
The Geneva Convention
When
both of the parties are foreigners they have mutually agreed to follow
rules of a foreign land through arbitration while dealing with legal
disputes, it is called foreign arbitration. In such cases, regardless of
whether the arbitration takes place in India or or in the other
country, foreign arbitration laws are followed. In such arbitration, a
"foreign award" is sought to be enforced.
For India, when an arbitration proceeding is conducted in a place outside India, it is called foreign arbitration.
Section 44: Foreign award for geneva convention. Foreign award is given in international commercial arbitration.
Section 2(1)(f) and Artilcle 51(d): International Arbitration.
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