An International Arbitral Award May Be Recognized And Enforced, Either By The Summary Process Stated In The New York Convention, Or At Common Law, By Filing Of A Civil Action Based On The Arbitral Award.
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n the CASE STOCKMAN INTERHOLD –V- ARRICANO TRADING LTD & OTHERS the District Court of Limassol held inter alia (following and adopting English case law) that an international arbitral award may be recognized and enforced.
In the CASE STOCKMAN INTERHOLD –V- ARRICANO
TRADING LTD & OTHERS the District Court of Limassol
held inter alia (following and adopting English case law) that an
international arbitral award may be recognized and enforced, either
by the summary procedure stated in the New York Convention, or at
common law, by filing of an action on the basis of the arbitral
award.
The court based its decision on inter alia Article VII on New
York Convention, which provides expressly that the provisions of
New York Convention, do not limit, or extinguish, the right of any
interested party from exercising any rights, may have in accordance
with the legal system of the country, where enforcement is sought.
Under common law principles, a foreign arbitral award may be
enforced by an action, or counterclaim based on the arbitral
award.
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