AGREEMENTS LIMITING OR EXPANDING GROUNDS FOR ANNULLING INTERNATIONAL ARBITRAL AWARDS
AGREEMENTS LIMITING OR EXPANDING GROUNDS FOR ANNULLING INTERNATIONAL ARBITRAL AWARDS

Summary/Abstract: Within the traditional framework of international arbitration, an arbitral tribunal produces a final and binding award, which can be only exceptionally annulled based on the narrowly tailored grounds available under the law of the seat. However, parties sometimes seek to limit or expand the grounds for annulment, hoping to increase the chances for successful resolution of their dispute. As the clauses modifying the scope of judicial review become more popular, important questions come to the fore with respect to their validity, application and usefulness. This paper will analyse the compatibility of these clauses with the nature of arbitration, by examining their compliance with the principles of party autonomy and finality. Main characteristics and application of these arbitration clauses will be also discussed. In addition, the author will explore how the stipulation of these clauses affects the quality of awards, integrity of arbitral proceedings and enforceability of awards abroad.

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