Part VI The Post-Award Phase, 27 Annulment of ICSID Awards: Is it Enough or Is Appeal around the Corner?
From: Arbitration Under International Investment Agreements: A Guide to the Key Issues (2nd Edition)
Edited By: Katia Yannaca-Small
- Annulment — Appeal from award — Stay of enforcement
The International Centre for Settlement of Investment Dispute (ICSID) Convention prevents domestic courts from reviewing any decisions issued by ICSID panels. ICSID awards are therefore immune from challenges brought before national courts which may have a local bias or be subject to the influence of the host government. This chapter discusses (i) the scope and application of annulment of ICSID awards under the ICSID Convention; (ii) the grounds for annulment; (iii) the stay of enforcement as a requirement that often accompanies an application for annulment; and, (iv) the proposals related to the creation for an appeal mechanism for investment disputes as a response to the mounting criticism of the investor-state dispute settlement system and the quest to improve legitimacy and consistency.