Recognition of foreign arbitral awards in the republic of lithuania

Recognitions of foreign arbitral awards in the Republic of Lithuania Lithuania, being a very dynamic region, develops intensively its laks on arbitration. Nevertheless, the practice of tie local courts is still very poor and that is tie main motive why the author of the article decided to investigate the practice of other countries on arbitration, specifically – the province of recognition and enforcement of international arbitration awards. The work compares and analyses new tendencies in the development of recognition and enforcement of foreign arbitration awards, the practice of foreign courts in this area and the positions of foreign and Lithuanian legal acts on arbitration. Guided by such investigation the author of the work raises the similarities and differencies in the regulation of foreign arbitration awards throughout different countries. That leads to the conclusion that some positions or terms are interpreted in the courts or regulated in the legal acts of different countries not unilaterally or even differently in the area. Such situation does not assure that the arbitration awards will be successfully enforced and does not contribute to the convencience of both – the parties and the courts. Nevertheless, the process of unification is still developing and is still in great need. The investigation also gives grounds to the author,s recommendations for the improvement of Lithuanian legal acts on arbitration. Author reccomends to define some terms of the process of recognition and enforcement of foreign arbitration awards, to change some grounds for the renouncement of recognition and enforcement of foreign arbitration awards and to provide the procedure for the formalion of the arbitration court when parties agreed in the contract on the even number of arbitrators