VII. WAIVER OF IMMUNITY FROM EXECUTION OF THE AWARD

Under Article 54 of the Convention, all Contracting States, whether or not parties to the dispute, must recognize awards rendered pursuant to the Convention as binding and enforce the pecuniary obligations imposed thereby. Article 55 of the Convention nevertheless makes it clear that a State does not by becoming a party to the Convention waive such immunity from execution of an award as the State might enjoy under national laws. Such a waiver may, however, be effected by an express stipulation of which the following is an example.