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Big changes for Irish Companies entering International Commercial Contracts

With the enactment of the Arbitration Act 2010, Irish companies will have instant access to a recognisable and internationally accepted code of international arbitration law, originally devised by the United Nations Commission on International Trade Law, and known colloquially as the ‘Model Law’.

The Act enables Irish businesses to obtain an arbitration award/judgment that can be easily enforced against a company in another country (provided that country has either adopted the Model Law or has ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards). If the country in which you are seeking to enforce the award/judgement meets this criteria then it only has very limited grounds for refusing to recognise and enforce a foreign arbitration award.

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