ICSID Arbitrations as an ARBITRATIONS INVOLVING STATES.
ARBITRATIONS INVOLVING STATES
ICSID Arbitrations
State or State-owned entities are
generally immune from suits by individuals or companies. However, if the state or state entity engages in a
commercial deal, and particularly if it enters into an arbitration agreement,
normally it will be considered to have waived immunity. Moreover, it may
be obliged to arbitrate under the provisions of a bilateral investment treaty. For Contracting States who agree to arbitration under the
ICSID Rules of Arbitration, any resulting award is not appealable to a court,
and national laws are not applicable to the process. The award can,
however, under the ICSID Rules, be reviewed by an ad hoc committee of three arbitrators, and, if annulled, will have
to be arbitrated again by yet another tribunal. A monetary award is enforceable
in a Contracting State as though it were a final judgment in the court of that
state.
THE PRINCIPLES AND PRACTICE OF INTERNATIONAL COMMERCIAL ARBITRATION by Margaret L. Moses, Loyola University Chicago School of Law, CAMBRIDGE UNIVERSITY PRESS, First published in 2008,Page no.12.
Comments
Post a Comment