Critical overview of the enforcement of foreign arbitral award in Dissertation - 1

Critical overview of the enforcement of foreign arbitral prize in Saudi Arabia - Dissertation ExampleThis study investigated this law. Its adherence to the Sharia law and its impact on moneymaking(prenominal) arbitration and foreign arbitration enforcement are also explored in depth. To this end, the research perused several conventions such as UNCITRALs Model Law, the New York Convention, the Washington Convention and the capital of Saudi Arabia Convention. This study concluded that the modern arbitration mechanism in Saudi Arabia typifies the classic hybrid theory of control and regulation. It has to loosen regulation, which is primarily set by the restrictive Sharia Law on one hand while on the other, it has to implement certain regulatory controls in order to protect public interest and reconcile international arbitration conventions with the Sharia law. In addition, the legal framework for arbitration remains insufficient. The implications of this fact in the enforcement of foreign arbitral awards are significant. The absence of clear and specific laws on commercial arbitration and the enforcement of foreign arbitral awards fix several challenges, particularly in terms of fair and credible examination of applications for awards enforcement and in providing a immediate arbitration resolution. ACKNOWLEDGMENTS When I began this study, I did not know that I would be indebted to so many a(prenominal) people. I found that I needed a lot of help because of the amount of work and knowledge required. However, I would equivalent to start with expressing my gratitude to Allah for blessing me with the strength and ability to see this research through. As always, I dedicate my work in his service and glory. I am also deeply grateful to Dr.Gbenga Odatun. He has been very patient with me as I struggled in each stage of this research. His insights and observations were absolutely helpful. Finally, I would like to say thank you so very much to my father and my m other. They have been unfailing in grown support, understanding and encouragement. Without them, I would have been a lesser individual. Therefore, I also dedicate this work to them and my family. I hope that this testament to my effort somehow makes them recognize the extent of what I have accomplished in my studies. TABLE OF CONTENTS Abstract 2 Acknowledgement 3 INTRODUCTION 7 Statement of the hassle and Scope of the Study 8 Limitations 9 I INTERNATIONAL ARBITRATION 10 1.1 Evolution of upstart International Arbitration 10 1.2 International Conventions 13 1.2.1 The New York Convention 13 1.2.2 ICSID 14 1.2.3 The Riyadh Convention 15 1.3 The Legal Nature of Arbitration 15 1.4 Arbitration and Formal Judiciary 16 1.5 The International Arbitration Process 18 II ARBITRATION IN SAUDI ARABIA 20 2.1 annals of commercialized Arbitration in Saudi Arabia 20 2.2 Present Arbitration Policy 23 2.3 Commercial Arbitration Procedure in Saudi 25 2.4 Other Pertinent Laws 27 III. LIMITATIONS, IMPE DIMENTS AND PROHIBITIONS 28 3.1 light Laws 28 3.2 Sharia and Arbitration 29 3.3 Exemption of Government Entities 33 3.4 Concerning the Legal Environment 34 IV THE ENFORCEMENT OF FOREIGN ARBITRAL AWARDS IN SAUDI ARABIA 35 4.1 Enforcement According to Shari