Arbitration Arbitration Awards and Enforcement

Question 1

Under the New York Convention (1958), what is required for an arbitral award to be enforceable in a signatory country?

Accepted Answer

The award must be made in writing and signed by the arbitrators in a country that is party to the Convention

Answer

The award must be approved by the seat country's Supreme Court

Answer

Both parties must be corporations

Answer

The dispute must involve more than $1 million

Question 2

What are the grounds for refusing enforcement of a foreign arbitral award under Article V of the New York Convention?

Accepted Answer

Limited grounds such as incapacity, improper notice, excess of authority, public policy, or non-arbitrability

Answer

The enforcing court disagrees with the arbitrator's legal reasoning

Answer

Enforcement can be refused simply if the losing party objects

Answer

Awards over five years old cannot be enforced

Question 3

Under the FAA, what is the time limit for filing a motion to vacate a domestic arbitration award?

Accepted Answer

3 months

Answer

30 days

Answer

90 days

Answer

One year

Question 4

Which of the following is NOT a valid ground to vacate an arbitral award under FAA Section 10?

Accepted Answer

The arbitrator made a legal error in applying the law

Answer

Award procured by corruption or fraud

Answer

Evident partiality of an arbitrator

Answer

Arbitrators exceeded their powers

Question 5

What is a 'reasoned award' in arbitration?

Accepted Answer

An award that includes the arbitrator's factual findings and legal reasoning

Answer

An award based solely on settlement negotiations

Answer

An award that can be appealed to a court of appeals

Answer

An interim award pending final resolution

Question 6

What is 'correction of an award' in arbitration?

Accepted Answer

Fixing clerical, typographical, or computational errors without reconsidering the substance

Answer

Reopening the merits of the dispute

Answer

Substituting a new arbitrator to reconsider the decision

Answer

Appealing the award to a higher arbitral body