The New York Convention is an agreement between states that provides for stay of national proceedings during arbitration, for enforcement of arbitral decisions rendered abroad, and for limits to the grounds for appealing arbitral decisions. Broad US-style discovery is rarely agreed to in arbitration proceedings, and parties can agree to limit the length and complexity of hearings. By agreeing on appropriate procedures, parties can reduce the cost of the proceedings. The area of partial and interim awards is one in which national arbitration laws differ. Some jurisdictions grant broad powers to arbitrators regarding interim awards while others do not.
All jurisdictions recognize final awards as binding.
In a few countries, parties can agree to waive the right of appeal altogether, thus limiting the scope for the losing party to delay the enforcement of the arbitral setence by appealing to national courts. The New York Convention is an agreement between states that provides for the enforcement of arbitral decisions rendered abroad, and that limits the grounds for denying enforcement of those sentences to misconduct by the arbitrators, lack of due process, and similar gross miscarriages of justice. The vast majority of international commercial arbitrations are administred by the International Chamber of Commerce in Paris, France. ICC arbitrations typically involve complex cases and can be as lengthy and expensive as conventional court proceedings. In practice, a small group of professional arbitrators tends to handle the bulk of cases.