Issue 12 (2019)

RECOGNITION AND ENFORCEMENT OF ARBITRATION AWARD PROBLEMS OF REGULATION IN GEORGIAN LAW AND COMPARED OF THE 1958 NEW YORK CONVENTION

Authors:

Abstract: Judiciary in Georgia is overloaded by discussing civil disputes, especially disputes concerning economic matters. Correspondingly, it is necessary to reach the high level of international standards, such as establishment of the Alternative Dispute Resolution – Arbitration, which is significant and integral part of the economic development. That will make a great contribution to the progress of the country. The thesis deals with the issue of determining to what extent does the government intervene in a court of arbitration with readrd to recognition and enforcement. The paper defines problems of regulatory issues in the Georgian legislation. Thus, there will be used comparative research method. Specifically, the law of Georgian on “Arbitration” will be compared to the 1958 New York Convention. The main goal of the work is to introduce the advantages of arbitration, consider key issues – public order, adversarial principle and reduction of the amount of the penalty. The relevance of the mentioned issue has been conditioned by the legislative amendments and homogeneous approaches made by the court. There is not established common judicial practice in Georgia, hence, it does not operate in the country

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