Abstract
The effects of an arbitration agreement depend on the legislative policy of the nation where arbitral awards are made and where awards are worked out in the private procedures. According to the main body of Article 35 of the Korean Arbitration Act, arbitral awards have the same effects on the parties as the final and conclusive judgment of the court. This is only possible if the awards are formed by satisfying all the legal requirements, have gone into effect, and have become final and conclusive. It is for the legal stability and the effectiveness of the settlement of disputes that the Act grants arbitral awards. While investigating the effects of an arbitral award, the character of the arbitration in which the party's autonomy applies should be considered, along with the substance of the disputes which parties intend to resolve by an arbitration agreement. The proviso of Article 35, which was added in the 2016 Act, says that the main body of the Article shall not apply if recognition or enforcement of arbitral awards is refused under Article 38. Two stances have been proposed in interpreting the proviso. One of them is that there are grounds for refusing the recognition and enforcement of the awards. The other one is that the ruling of the dismissal of a request for enforcement has been final and conclusive. According to the former, it is really unexplained as to its relations with the action for setting aside arbitral awards to court and the distinction between nullity and revocation, and so on. Therefore, its meaning must be comprehended on the basis of the latter so that the current Act system with revocation litigation could be kept. The procedures of setting aside, recognizing, and enforcing arbitral awards are independent of one another under the Act. It is apprehended that the duplicate regulations may lead to the concurrence or contradiction of a court's judgment and ruling. Thus, we need to take proper measures against the negative sides by interfacing and conciliating these proceedings.