Types of international arbitral awards and their effects, focusing on two case studies: arbitral award on case 'La Petrolifera Italo-Rumena' vs Republic of Albania (2007) and arbitral award on case 'DIA Ltd. vs OSHEE sh.a' (2015)

Author:Artan Spahiu
Pages:60-69
SUMMARY

An international arbitral award must be final, so that it may be subject of a request for a judicial recognition and enforcement in a particular state. The New York Convention instruments apply only to the final arbitral award, regardless of the different way it reflects the dispute in question. A final award is also considered to be one which does not directly resolve the dispute, but suffices... (see full summary)

 
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Types of international arbitral awards and their effects,
focusing on two case studies:
arbitral award on case "La Petrolifera Italo-Rumena" vs Republic
of Albania (2007) and arbitral award on case "DIA Ltd. vs OSHEE
sh.a" (2015)
Lecturer Artan SPAHIU1
Abstract
An international arbitral award must be final, so that it may be subject of a
request for a judicial recognition and enforcement in a particular state. The New York
Convention instruments apply only to the final arbitral award, regardless of the different
way it reflects the dispute in question. A final award is also considered to be one which
does not directly resolve the dispute, but suffices to declare that the dispute would be
settled by the parties themselves through a nego tiating agreement. An arbitral award called
a " partial award", which deals an interim measure, generally is not considered to be an
arbitral award enfo rceable forcefully through the Convention's framework. However, in
some jurisdictions, a partial award can be enforced in accordance with the local
arbitration law, if the award disposes ultimately on a particular and independent issue.
Parties in an arbitral process can reach a settlement agreemen t before the arbitrators
make an award. This arbitral award may incorporate th e agreement reached by the parties,
accordingly being considered as a "settlement award" or it can only declare that the
parties have a settlement agreement which have legal effects on them. In the case when the
settlement ag reement is converted into an arbitral award, the execution of the rights and
obligations agreed by the parties materialized in the disposition of an arbitral award will
be more effective through the New York Convention mechanism. This article, through
literature review, regulatory frameworks interpretation, as well as the analysis of case
studies, aims at identifying aspects related to the decision-making process of arbitrators.
The manner in which the arbitral Tribunal disposes of important moments of arbitral
procedure and for the final settlement of the dispute constitute very imp ortant procedural
aspects of the international arbitral procedure.
Keywords: international arbitral procedure; international arbitral awards;
UNCITRAL Rules; New York Convention.
JEL Classification: K33, K41
1 Artan Spahiu - Law Department, Faculty of Economy, "A.Xhuvani" University, Elbasan, Albania,
artan_spahiu@yahoo.com.

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