How are ICSID awards enforced?
How are ICSID awards enforced?
For starters, an ICSID award under the ICSID Convention is “automatically” enforceable in a Contracting State. There are almost no grounds upon which to challenge enforcement of an ICSID award under the ICSID Convention (other than challenges to the authenticity of the award).
What is an ICSID claim?
ICSID is the world’s leading institution devoted to international investment dispute settlement. It has extensive experience in this field, having administered the majority of all international investment cases.
How an arbitral award can be enforced?
The arbitral award is final and binding on the parties to the dispute and for the enforcement of such award the party has to move to the court[6]. Arbitration allows the parties to have a private dispute resolution procedure and avoid national courts.
Is ICSID a court?
The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution established in 1966 for legal dispute resolution and conciliation between international investors and States.
Can enforcement of ICSID awards be refused under public policy grounds?
Recognition and enforcement of an award may be refused by a local court following a challenge by a party on the grounds stated in Article V(1) of the New York Convention. the award has not become binding or is not final.
Is it possible to take steps against an ICSID award before domestic courts?
A party can only resort to the remedies under the Convention and cannot bring a challenge before local courts based on domestic law or other treaties.
What is the jurisdiction of ICSID?
Article 25(1) of the ICSID Convention extends the jurisdiction of ICSID to any legal dispute arising directly out of an investment between a Member State or a constituent subdivision or agency designated by that State, and a national of another Member State.
How are ICSID proceedings initiated?
To commence arbitration the claimant must file a Request for Arbitration along with the required supporting documents and fee. Upon receipt, ICSID will register the Request unless the dispute is manifestly outside ICSID’s jurisdiction.
What is enforcement of an award?
ENFORCEMENT OF DOMESTIC AWARDS IN NIGERIA According to Order 39 Rule 4 of the High Court of Lagos State Civil Procedure Rules 2012, provides that a party seeking to enforce or remit or set aside an arbitral award can do so with a motion on notice accompanied with an affidavit.
How is an arbitral award enforced in India?
Unlike the Arbitration Act, 1940, no decree was required to be passed by a Court as under the new Act of 1996, the award itself is enforceable as a decree. The party, against who the award is being enforced, has a right to raise their objections so as to create grounds to set aside the award.
What is meant by enforcement of award?
It provides that an award shall be enforced once the time for making an application to set aside the award under Section 34 of the Act has expired. Such award shall be enforced in accordance with the provisions of the Code of Civil Procedure, 1908, in the same manner as if it were a decree of the court.