Setting Aside and Recognizing and Enforcing Awards in Korea - Chapter 9 - Arbitration Law of Korea: Practice and Procedure
Originally from Arbitration Law of Korea: Practice and Procedure
SETTING ASIDE AND RECOGNIZING AND ENFORCING AWARDS IN KOREA
Korea is a pro-enforcement jurisdiction, having infrequently set aside awards rendered in Korea under the Arbitration Act and having only refused recognition and enforcement of a foreign award under the New York Convention in one exceptional case.1
This track record can be explained at least in part by the fact that the Korean legislature and judiciary embraced from a relatively early stage the international standards embodied in the New York Convention and Model Law (as discussed in Sections 1.3.4 and 1.3.5). As such, Korean courts endeavor to maintain the high standards of recognition and enforcement of awards called for by these international instruments.
The purpose of this chapter is to provide an overview of the framework of Korean law governing the setting aside and recognition and enforcement of arbitral awards, including the relevant procedural requirements, as well as the jurisprudence of the courts addressing the substantive grounds for challenging awards.