Part Seven Recognition and Enforcement of Foreign ...
Chapter One Recognition and Enforcement of Foreign Judgments
Chapter Two Recognition and Enforcement of Foreign Arbitral Awards
International litigation,like domestic litigation,does not necessarily come to an end when one party succeeds in obtaining a favorable judgment or award.An unsuccessful defendant may refuse voluntarily to fulfill a judgment rendered against it while a disappointed plaintiff may seek to re-litigate its claim in a different jurisdiction.1 A merchant who has obtained a favorable judgment against his debtor in one country and then learns that the debtor has not enough property in that country to cover the debt,will wish to enforce the judgment in another country where the debtor has a considerable bank deposit.Thus,in a world where international trading relations increasingly give rise to the possibility of transnational debts,the security of commercial transactions calls for a speedy,cheap and uncomplicated process for ensuring that judgments properly obtained against a debtor can be satisfied,even though his assets may be situated in another jurisdiction.(https://www.daowen.com)
Chapter One of this part deals with the principal mechanism—the recognition and enforcement of foreign judgments.Section one provides an overview of the recognition and enforcement of foreign judgments where the definition,the theoretical bases,and the conditions and procedures of recognizing and enforcing foreign judgments are analyzed.Section two discusses the recognition and enforcement of foreign judgments in China.
International commercial arbitrations take place daily in different parts of the world,which is a specially established mechanism for the final and binding determination of disputes,concerning a contractual or other commercial relationship with an international element,by independent arbitrators,in accordance with procedures,structures and substantive legal or non-legal standards chosen directly or indirectly by the parties.Among the various issues of international commercial arbitration,the recognition and enforcement of awards is of paramount importance,which is vital to the success of arbitration in the international arena.2
There is an important distinction between the enforcement of a domestic award in the country in which the arbitration takes place and the enforcement of a “foreign” award—that is,an award made outside the territory of the state in which recognition or enforcement is sought.3 Mainly concerned with the recognition and enforcement of foreign awards,Chapter Two of this part reviews (1) the distinction between recognition and enforcement; (2) the regime for recognition and enforcement of foreign awards in China; (3) the application of the New York Convention in China; (4) the prerequisites for the applications to have a foreign award enforced; and (5) the grounds to refuse enforcement.