You have already met Perttu Kaikkonen who was a visiting Finnish lawyer at our firm between March 2017 and April 2017. As part of our WAGNER Arbitration Internship Program, Perttu was so kind to put together a Q&A questionnaire with 30 questions and answers addressing the issue of how to enforce an arbitral award in Finland which you will find below.
Finland as a jurisdiction is friendly to arbitration as well as to enforcement of foreign arbitral awards. The costs of both applications for enforcement before a court and enforcement proceedings before the enforcement authority are very low and if a dispute arises for example out of an enforcement application, the winning party may be entitled to compensation of all necessary legal costs without any statutory limitations.
There are some specific features to recognition and enforcement of arbitral awards, which one should know when enforcing a foreign arbitral award or even perhaps when one is about to be a party in an arbitration procedure with its seat in Finland. Features such as automatic recognition of a foreign award and leniency in translation requirements in enforcement proceedings help to save both money and time by simplifying the procedural requirements.
Finland’s national arbitration law is not literally based on the UNCITRAL Model Law, it was however used as one of the sources when drafting it.