Business in the Global Environment
Your book mentions the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Rewards of 1958, but this is much more commonly known simply as the “New York Convention.” The New York Convention provides for “the enforcement arbitral awards among member states.” Page 313. And it is widely considered as the foundation for international arbitration, which is a popular means of alternative dispute resolution for cross-border transactions. In contrast to cross-border litigation, international arbitration is the widely preferred means to resolving cross-border disputes. Based on your readings, why do you think this is? NOTE: “Cross-border disputes” may be defined as disputes between organizations or individuals based in different countries.