WILL THE MECHANISM BE TOO COMPLEX? Sample Clauses

WILL THE MECHANISM BE TOO COMPLEX?. In its comments in relation to the Convention, Russia also stated that the legal mechanism needed to enforce international settlement agreements is unlikely to be less complex than the current mechanism for enforcing international arbitral awards. In addition, it will require unified solutions to develop, which will be extremely difficult to achieve given the rather profound differences in approach in this matter among domestic legal systems, which largely reflect their prevailing cultural and legal traditions.29 As a whole, the UNCITRAL legal mechanism is identical to both the legal mechanism for enforcement of foreign arbitral awards, which has long been known to Russian law30, and the issuance of writ of execution to domestic arbitral awards.31 This mechanism is clearly more favorable for the creditor than filing a lawsuit. Cultural differences are significant in disputes between individuals, especially in family or inheritance disputes, and disputes involving consumers. Therefore, these disputes are specifically excluded from the scope of the Convention.32 In commercial disputes, especially international, these differences are minimal. Therefore, the creation of a uniform standards for the enforcement of international commercial settlement agreements is possible, despite the differences. In view of this, this argument is not convincing.
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Related to WILL THE MECHANISM BE TOO COMPLEX?

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  • Disputes between a Contracting Party and an Investor of the other Contracting Party

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