World-wide recognition and enforcement of foreign arbitral awards represent one of the most effective achievements of international community. Despite the general deference to arbitral awards on enforcement avenues of New York Convention member states, sovereign jurisdictional powers of the countries of origin of awards give raise the issue of international effectiveness of annulled foreign arbitral awards. The book analyzes general international legal framework established by New York, Geneva and Inter-American Conventions and the practice of United States and the Netherlands in treatment of vacated foreign arbitral awards. Research aims to identify the review criteria appropriate for courts in the named jurisdictions exercising discretionary power granted under Article 5.1(e) of New York Convention. Present work is a master thesis submitted to Central European University, International Business Law LLM program in March, 2013.