The International Arbitration Bill and the simplification of the recognition and enforcement of arbitral awards

LL.M. (International Commercial Law)Abstract: A historic and comparative study was undertaken to determine the current position in South African law pertaining to the recognition and enforcement of arbitral awards and what the impact will be when and should the International Arbitration Bill of 2016 be enacted. In order to get to the outcome consideration was given to the practices and legislation in place in South Africa currently compared to global growth in the field, with specific attention being paid to the developments by way of UNCITRAL’s Model Law, and the impact thereof. Further consideration and comparison was made between the UNCITRAL Model Law, the current position and the impact of same on the proposed International Arbitration Bill. The outcome of such study indicates that the recognition and enforcement of awards under the proposed Bill, once enacted, will be extremely beneficial and will as such simplify the position regarding the recognition and enforcement of foreign arbitral awards. The manner in which this is simplified is by the proposed legislation having the effect of giving proper effect to the leading tools available globally; this being by way of the UNCITRAL Model Law and the provisions of the New York Convention. The reason for having the recognition and enforcement of arbitral awards be a simple one is that it opens up South Africa as an attractive place to hold arbitral tribunals and also enhances South Africa as a viable and attractive trade partner