A foreign arbitral award rendered at the conclusion of arbitration proceedings commenced under an arbitration clause contained in the contract is declared enforceable in Italy pursuant to Articles II, III, IV and V of the New York Convention of 1958, ratified by Law No 62 of 19 January 1968, and Article 839 of the Code of Civil Procedure, where the formal regularity of the award has been ascertained and the conditions precluding recognition set out in Article 839(4)(1) and (2) of the Code of Civil Procedure do not exist.