CIDIP:
This
Convention was adopted at the First Inter-American
Specialized Conference on Private International
Law (CIDIP-I), held in Panama City, Panama
- January 1975.
Ratifications:
To date, the following countries have ratified this
Convention: [click
here]
Objective:
This
Convention establishes the framework by which
the Parties submit commercial disputes to arbitration.
Summary:
This
Convention establishes that final arbitral awards
have the same force of a final judicial judgment.
As a result, the Convention requires
equal recognition and enforcement of arbitral
awards and court judgments pursuant to the procedural
rules of the country in which the award is enforced,
as well as those established by international
treaties on the matter.
The
party against whom an award is being enforced
may contest the recognition and enforcement
of the award
by proving the following elements: 1)
that the parties to the agreement were subject
to some incapacity under the applicable law or
that the agreement is not legally valid; 2) that
the party against which the arbitral decision
has been made was not duly notified of the
appointment of the arbitrator or of the
arbitration procedure, or was unable to present
his or her defense; 3) that the decision
concerns a dispute not envisaged in the
agreement between parties to submit to
arbitration; 4) that the constitution of the
arbitral tribunal or the arbitration procedure
has not been carried in accordance with the
terms of the agreement or in accordance with the
law of the State in which the arbitration took
place; and 5) that the decision is not yet
binding on the parties or has been annulled or
suspended by a competent authority of the State,
and if it is proven that the dispute cannot be
settled by arbitration under the law of that
State or that the recognition or execution of
the decision would be contrary to the public
policy of that State.