How to settle dispute in Import and Export?
Inclus
ion of Future Dispute Clause: While entering into export contract, suitable for referring the future disputes indicating the name of arbitrator, venue of arbitration and applicability of law may be incorporated to protect mutual interests. In case the arbitration clause is not included in the export contract. Originally, a subsequent written agreement may be entered into, referring to the earlier contract. The later agreement is called ‘Submission agreement.
Low for Enforcement of Foreign Awards in India
India is a party to International Conventions. Countries, which are members to the International Conventions, have to pass the necessary legislation for enforcement. Accordingly, Foreign Awards Recognition and Enforcement.) Act, 1961 has been passed.
Procedure for Enforcement in India: Any person interested in the award can pray the court, having jurisdiction, for filing the award. After giving notice to the parties why the award should not be filed, court pronounces the judgment according to the award, if the court is satisfied that the foreign award is enforceable under the above Act. Upon the judgment so pronounced, decree shall follow. No appeal can lie except when the judgment is in excess or not in accordance with the award.
Enforcement of Indian Awards in Foreign Countries
It is understood that awards made in India are enforceable in Foreign Countries, similarly, if the other country is a member of International Conventions. Where the other country is not a member of the International conventions or does not adhere to similar international regulations, enforcement of arbitration is beset with more difficulties.
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