In accordance with Arbitration Rules 125/126 and IGPA, Gafta may post a company who neglects or refuses to carry out or to abide by a final award of Arbitration.
The defaulter process comprises of two standard form letters which are sent to the party apparently in default with copy to the reporting party. If no settlement is informed to Gafta after the first letter has been sent, then a second letter will be sent 6-8 weeks later. If no settlement is made after the second letter, then Gafta will request confirmation from the reporting party to bring the name of the party in default to the Gafta Council to seek their approval. Once Council has approved the posting a circular will be sent to all Gafta members informing them of the name and address of the party in default and the Gafta website will be updated to reflect the default.
One of the main advantages of commercial arbitration is the comparative ease of enforcing an award internationally compared to the enforcement of a foreign court judgment. This is significantly facilitated by the New York Convention of 1958. The Convention essentially imposes on Contracting States the duty to stay court proceedings if a dispute exists and a valid arbitration agreement is established, and most importantly, to recognise and enforce foreign arbitration awards.
If a party wishes to apply to Gafta for the Defaulter service. Please complete the request for posting form and send to arbitration@gafta.com.
Parties needing to enforce Awards can do so by requesting Gafta to provide a certificate (first tier certificate template and appeal certificate template) and request these certificates to be legalised through De Pinna Notaries.
Parties can request Gafta to provide wet signatures from the Tribunal members on the electronically issued Awards.
Please note there is an extra cost for this service from both Gafta and De Pinna Notaries. Please email arbitration@gafta.com for further information.