Application Of Public Policy In Recognition And Enforcement Of International Commercial Arbitral Awards

As the international economic business has become increasingly frequent, a growing number of parties choose to settle the dispute by international Commercial Arbitration. Recognition and enforcement of the Arbitral award is one of the core issues of commercial arbitration system, which determines the autonomy of the party can be achieved or not, the value of an arbitral award can be attained or not. The public policy is settled in The New York Convention. It provides the foundation to refuse recognition and enforcement of the award without a clear definition, but put the issue to all national courts. Therefore, the State courts retain the final decision of the recognition and enforcement of the award implementation. As the situation difference between nationals, there is a huge difference in the understanding of public policy, for the party who apply for recognizing and enforcing arbitral awards, there is no doubt with the doom of the risk, as if hanging a sword in his head. However, the public policy can maintain its vigor in the field of international commercial arbitration; it is truly because of its vague nature, as a powerful weapon to protect their fundamental interests. This dissertation analyzes the public policy issues and its development, in order to help courts to apply it more reasonably.