Abstract
Public policy permeates the legal principles of a state and its ruling government. The justification of public policy is topical to the ethics and canons acknowledged by that state. These values are determined by the applicable political, social, economic, religious, and legal systems, which differ among states. As public policy usually best illuminates the broad area of government laws, regulations, provincial ordinances, and court decisions, the standards creating public policy alter as states develop. The motif of public policy is critical when the question of enforcement of arbitral awards suffice. There is no definite meaning of the term in the famous Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Arbitration Convention) to enforce foreign arbitral awards. Hence, this paper explores and traces some contemporary trends in defense of public policy as an exception to the enforcement of arbitral awards worldwide.
Highlights
The notion of public policy is a frequent component in the issue of arbitration in International Commercial Law
Public policy permeates the legal principles of a state and its ruling government
For Private International Law (Conflict of Laws or Choice of Law), public policy impedes the exercise of a foreign law that would otherwise be designated by the „conflict of laws‟ rules
Summary
A public policy rule is construed as a “mechanism that corrects the „choice of law‟ designation for substantive reasons, namely, the defense of the forum‟s fundamental legal principles and moral values” (Gruson 2003). Complexities evolve in defining the principles and values signifying the state‟s public policy (Dye 1992). Since public policy stands within the framework of implementing a specific state‟s legal principles, the interpretation of the public policy is susceptible to the values and standards accepted by that state. These standards are determined by the applicable economic, political, religious, social, and legal systems, which vary among societies. It is pertinent to define the key terms concerning it, and these are as follows
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