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Since our 16 May 2017 article on the “February 2017 Draft Convention”, there have been additional developments, as reflected in the “November 2017 Draft Convention”. The Special Commission convened to discuss the November 2017 Draft Convention in mid-November 2017.
The developments are positive, as the overall aim at the end of the day, is to facilitate the establishment of efficient and reliable machinery for regulating cross border litigation.
The November 2017 Draft Convention contains various amendments, the main ones being:
International business requires cross border interaction. It is fundamental to have a uniform legal process for the recognition and enforcement in one State, of judgments obtained in another State. Apart from a reduction in costs, it would provide parties with certainty in seeking recourse against defaulting counterparties. Having an official mechanism is crucial to a prosperous business environment.
We shall provide further updates when the Special Commission on the Recognition and Enforcement of Foreign Judgments reconvenes in 2018.
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