Originally from the ICDR Handbook on International Arbitration & ADR - Third Edition

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I.    Introduction

In recent decades, the use of arbitration to resolve international commercial disputes has increased, and the growing frequency is likely to continue. Resolution by arbitration is the most practical method of commercial dispute resolution, because it complements the needs of modern, fast-paced business. More specifically, the increased economies in time and expense, as well as maximal privacy for the parties, are central reasons that businesses now prefer arbitration to litigation. A major obstacle to the effectiveness of arbitration, however, arises from the noncompliance of parties after arbitral awards are rendered. In circumstances where parties refuse to comply voluntarily, national courts must be called upon for enforcement support.

The New York Convention is the most prominent source of regulatory authority on enforcement of arbitral awards.  The primary goal of the Convention is to create an environment that is conducive to consistent, uniform treatment of arbitral awards around the world.  The New York Convention gives effect to this goal by requiring Contracting States to recognize and enforce international awards, unless the circumstances fall within one of seven enumerated exceptions to the requirement, which include considerations of procedural fairness and public policy.