English Translation a contract

Question

The Parties agree that the arbitral award may be enforced against the Parties to the arbitration proceedings or their assets wherever they may be found and that a judgement award may be entered in any court having jurisdiction thereof.

what is the meaning of the parties to the arbitration proceedings or their assets ? are they parties in or out or at the arbitration proceedings or their assets ? can someone explain what does this sentence mean ?

? am not a english speaker ?

Answer 1

You should consult a lawyer if this is a practical question and not merely a translation exercise.

The meaning of "parties to the arbitration proceedings or their assets" is best understood if you split it up a bit. The parties to the arbitration proceedings are the two entities that have entered into arbitration. They are the entities that have a dispute that they are trying to resolve via arbitration. Their assets are anything that they own that has value.

The paragraph means that once you enter into arbitration, if the arbitrator determines that one side owes money to the other side, then this is an enforceable decision. The party that prevailed in the arbitration can get a court to put a lien against the assets of the losing party.

Arbitration is a process that is used to resolve civil disputes in lieu of a lawsuit, but the end result can be very similar to a lawsuit (one side has to pay money to the other side).