ArmInfo. The Stockholm Arbitration Award, like any award from any international commercial arbitration, is final and binding on the parties once it is issued. If a party fails to voluntarily enforce the award, the other party can seek compulsory enforcement from the court in the country where the debtor's assets are located. Economist Suren Parsyan told about the process of enforcing an arbitration award.
Note that the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), commonly known as the Stockholm Arbitration, is an arbitration court for resolving international civil disputes. Since its foundation in 1917, the SCC has become a leading center for resolving international disputes.
Parsyan reminded.
He emphasized that the failure by the defendant to adhere to the court decision could lead to the party who won the case to seek enforcement in other countries where the defendant's assets (property) are located. According to the economist, under the New York Convention, international arbitration decisions can be enforced by applying to the courts of the countries that are signatories to the convention for recognition and enforcement of the ruling if the defendant's assets are located in such countries.
The party that benefited from the decision can also initiate a new claim for compensation of damages resulting from the violation of its rights. Specifically, if the decision is not carried out, a new arbitration/court process may be launched to seek further damages due to the failure to execute the decision.
, Suren Parsyan noted.
