The Status of the Foreign Arbitral Award According to the Albanian Legislation Provisions in Light of the New York Convention: Formal and Substantial Issues

Artan Spahiu, Arber Gjeta

Abstract


The role played by foreign investments for the integration and economic development of Albanian commerce in European area and beyond is undisputed. These investments, as well as other commercial relationships between national and foreign businesses, need an attractive legal environment, especially in regard of legal certainty. There is the need, essentially, for guaranties in regard to the rules that assure a fair treatment and the eventual dispute resolution by reliable legal instruments.

It is a priority therefore to foresee modern alternative dispute resolution mechanisms and their effective use. Arbitration, especially the international arbitration is considered the most important legal instrument. According to these developments the Albanian legislation should modernize some aspects of the international arbitration institute, which is widely used in international commercial relations, in example recognition and enforcement of foreign arbitral awards.

In this article is our intention to discuss, in a comparative light, some important issues in Albanian legal framework, compared to the New York Convention provisions, concerning the arbitral award status and obstacles for its recognition and enforcement in the Republic of Albania.


Full Text: PDF DOI: 10.5539/ilr.v2n1p145

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International Law Research  ISSN 1927-5234  (Print)  ISSN 1927-5242  (Online)

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