Directly from Article 35 - ICC Arbitration Rules 2021.6. Every...

First 13 Last

Share
Profile

Follow
lmckenzie2

592 Posts.

153

09/10/23

09:59

Post #: 70240186
Share

Originally posted by Catch2200: ↑

Arbitration is (can be) binding in the sense that nations sign up to the New York Convention and agree to enforce arbitration decisions.

Arbitration is only really “binding” if it can be enforced. The good news is that the DRC is a signatory to the New York Convention.

The bad news is that the DRC does not recognise arbitration rulings in relation to immovable property.

Herbert Smith Freehills describes it this way:

“the New York Convention will not apply to disputes related to immovable property or on a right related to immovable property. This is a particularly significant reservation, as it has potential to bite, for example, on disputes arising from mining rights. Unlike the other three reservations, this reservation is not provided by the New York Convention itself (although not prohibited by it).”

What does this mean for these arbitrations? Honestly I don’t know. International arbitration is a giant mess of a rabbit hole and I know enough to know that I don’t know the answer.

I strongly suspect that in practical terms if AVZ wins at arbitration the next battle will be over enforcement (and that will be a case in the DRC courts because it’s about DRC law).

Expand

Directly from Article 35 - ICC Arbitration Rules 2021.

6. Every award shall be binding on the parties. By submitting the dispute to arbitration under the Rules, the parties undertake to carry out any award without delay and shall be deemed to have waived their right to any form of recourse insofar as such waiver can validly be made.

AVZ Price at posting: 78.0¢ Sentiment: Buy Disclosure: Held
59 Upvote

5 Great analysis

Reply

Top Stories

TM1

Shares up 196% on Terra's news of major reef discovery at Dante

ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

Your questions From the Floor: Investment experts respond...

GYG

Guzman Y Gomez shot up nearly 40% in first hour of trades. Can it last?

BRX

Belararox delineates another porphyry in Argentina at Tambo South