Сontractual relations of companies often involve, and sometimes end in, a dispute. To resolve these disputes, parties usually choose between a local court or commercial arbitration.
As a common practice, the dispute resolution procedure in commercial arbitration may take more than a year and once the arbitral award is rendered, the losing party often refrains from voluntary execution of a decision. Consequently, the winning party has no other choice than to enforce such decision in a local court of the jurisdiction where the guilty party resides or keeps its assets.
We would like to address some aspects which may prevent enforcement of an arbitral award in Kazakhstan. From this perspective, our further recommendations may be of practical value to companies as well as their legal counsels. It is worth noting that some of the recommendations need to be observed before the arbitration to mitigate some of the risks in advance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
