contract-law
New York convention contract necessary elements
<p>What are necessary elements of a contract that is supposed to follow the New York Convention?</p>
<p>In a hypothetical scenario, it would be signed in a country that is a member state of the convention.</p>
<p>Thank you.</p>

<h2>There needs to be a valid arbitration agreement</h2>
<p>Remember that an arbitration agreement is a seperate stand-alone contract from any contracts it is part of or associated with, if indeed there are any such contracts.</p>
<p>Most of the limitations in the NYC apply to the arbitration itself rather than the agreement. So, a state can refuse to enforce a foreign arbitral award if:</p>
<ul>
<li>The agreement was void including if one of the parties was legally incapable of entering the arbitration contract</li>
<li>a party was not given notice or otherwise prevented from presenting their case</li>
<li>the award deals with things beyond the scope of the arbitration agreement (although these can be severed if that’s possible)</li>
<li>the tribunal composition was not in accordance with the agreement or local law</li>
<li>the award is not locally binding: either because it has not yet come into force or has been legally set aside</li>
<li>the subject matter is not of a type permitted to be arbitrated</li>
<li>enforcement is against public policy</li>
</ul>
<p>In addition, party states are permitted to limit the treaty for:</p>
<ul>
<li>Convention reservation - they will only enforce awards from other member states</li>
<li>Commercial reservation - they will only enforce commercial arbitrations</li>
<li>Reciprocity reservation - they will only enforce awards that the other state will also enforce (member or no)</li>
</ul>
