Resolution of advice and consent, Treaty Doc. 97-12

TEXT OF RESOLUTION OF ADVICE AND CONSENT TO RATIFICATION REPORTED BY THE COMMITTEE ON FOREIGN RELATIONS AND AS ADOPTED BY THE SENATE: Resolved, (two-thirds of the Senators present concurring therein), That the Senate advise and consent to the ratification of the Inter-American Convention on Commercial Arbitration adopted by the First Inter-American Specialized Conference on Private International Law, at Panama City, Panama, on January 30, 1975, and signed by the United States on June 9, 1978, subject to the following reservations: 1. Unless there is an express agreement among the parties to an arbitration agreement to the contrary, where the requirements for application of both the Inter-American Convention on International Commercial Arbitration and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards are met, if a majority of such parties are citizens of a state or states that have ratified or acceded to the Inter-American Convention and are member states of the Organization of American States, the Inter-American Convention shall apply. In all other cases, the Convention on the Recognition and Enforcement of Foreign Arbitral Awards shall apply. 2. The United States of America will apply the rules of procedure of the Inter-American Commercial Arbitration Commission which are in effect on the date that the United States of America deposits its instrument of ratification, unless the United States of America makes a later official determination to adopt and apply subsequent amendments to such rules. 3. The United States of America will apply the Convention, on the basis of reciprocity, to the recognition and enforcement of only those awards made in the territory of another Contracting State. (Vote No. 343 Ex.)