Are there any special considerations for international arbitration awards?
Yes, when it comes to international arbitration awards in Virginia, there are special considerations to take into account. This is because international arbitration awards are subject to different laws than domestic arbitration awards. First and foremost, when it comes to international arbitration awards, Virginia recognizes the principle of international comity which dictates that Virginia state courts should give respect to foreign decisions and judgments. This means that Virginia courts will generally recognize and enforce international arbitration awards, unless the award is in violation of fundamental Virginia public policy. Furthermore, under the Federal Arbitration Act, international arbitration awards must still comply with the relevant US law, meaning that under certain circumstances, US courts can refuse to enforce the award if it violates US law. Additionally, many countries, including the US, are parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the “New York Convention,” which creates a framework for international arbitration awards to be enforced in other countries. Finally, since international arbitration awards involving Virginia parties are typically governed by the laws of another country, it is important to consider the differences between the respective legal systems prior to entering into an international arbitration agreement. Doing so can avoid any unexpected surprises should a court decide to refuse to enforce an award.
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