Iceland - National Report - World Arbitration Reporter (WAR) - 2nd Edition
Gardar V. Gunnarsson is an attorney-at-law at LEX Law Offices in Reykjavik. Mr. Gunnarsson specializes in international commercial arbitration law, commercial law, company law and tax law. He has been a lecturer at Reykjavik University since 2008. In addition, Mr. Gunnarsson has been actively involved in promoting the use of arbitration in Iceland as well as instigating for a legislative reform of the Icelandic Arbitration Act. Mr. Gunnarsson received his B.A. and M.L. degrees from Reykjavik University School of Law and an LL.M. degree in International Commercial Arbitration Law from Stockholm University.
Originally from World Arbitration Reporter (WAR) - 2nd Edition
“Without an executive power, Icelanders had developed themethod of resolution to end or avoid conflicts, armed orotherwise. Most common was arbitrated resolution, in whicha third party, not directly involved in the issue at hand,would propose a settlement, to which the twoparties―having requested the procedure in the first placeand having expressed a willingness to consider theresolution―most often agreed.”6
are attributed to the arbitrator at this dramatic moment:
v. Formal requirements of the award vi. The award is founded on unlawful grounds or is contrary to public policy b) Time limits c) The challenge procedure d) Limiting judicial review of awards by contract e) Effect of a successful challenge 2. Appeal on the merits III. RECOGNITION AND ENFOREMCENT OF AWARDS A. Domestic Awards 1. Requirements for an enforcement procedure 2. Details of the enforcement procedure a) Enforcement of a payment or a performance obligation b) Possible grounds for objecting enforcement B. Foreign Awards 1. National law on recognition and/or enforcement of the award 2. Applicable conventions or treaties on recognition and/or enforcement of foreign awards 3. Procedure for the enforcement of Foreign Awards a) Party seeking enforcement must apply to the District Court b) Documents required for the enforcement application 4. Application of the New York Convention IV. APPENDICES AND RELEVANT INSTRUMENTS A. National Legislation (See CD-ROM) B. Major Arbitration Institutions C. Cases D. Bibliography 1. Monographs and journals 2. Icelandic legislation 3. Websites