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Will the courts in the Dominican Republic recognize and enforce an arbitral award given against the company without re-examination of the merits?

The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958, as approved by Congress on July 10, 2002 will apply to a foreign arbitral award enforced in the Dominican Republic, provided it is final and conclusive between the parties thereto. In accordance with Article 3 of the aforementioned Convention, each of the contracting States undertakes the obligation to recognise the authority of arbitral awards and to grant its execution in accordance with the norms of procedure in force within the territory where the award is being invoked, with conformity to the conditions established in the Convention, while providing that the recognition and enforcement of arbitral awards will not be subject to conditions appreciably more rigorous, or higher fees or expenses, than those applicable to the recognition and enforcement of national arbitral awards. Based on the above, a debate had emerged on the enforceability of a foreign arbitral award within Dominican territory following the ratification of the New York Convention in said jurisdiction. Currently however, based on judicial precedents and the terms of the Commercial Arbitration Law in force in the Dominican Republic as adopted in 2008, the enforcement of an arbitral award is subject to basically the same rules to be observed in connection with the enforcement of foreign judgments, i.e., the obtainment of a writ of execution, called an exequatur. (more…)

What are the Main Trends/Significant Developments in the Lending Markets in the Dominican Republic?

The most significant progresses in the lending markets in the Dominican Republic result from the enactment in 2011 of a new law aimed towards the Development of the Mortgage Market and Trusts in said jurisdiction, followed by the adoption of its rulings of enforcement by the Monetary Board and the Executive Branch of the Dominican Republic. (more…)