ICSID arbitration — annulment procedure (article 52)

Summary

This Practice Note sets out the procedure for requesting the annulment of an award issued by an Inter-national Centre for Settlement of Investment Disputes (ICSID) tribunal under article 52 of the ICSID Convention. It covers the procedure for seeking an annulment (a post-award remedy under the ICSID Convention), including the appointment of an ad hoc annulment Committee. It sets out the limited grounds on which an annulment application can be made and the stay of enforcement of the ICSID award, which the applicant will usually seek at the same time as applying for annulment (as well as the res judicata effect of a stay on the award). The five grounds of potential annulment are: the tribunal was not properly constituted; the tribunal manifestly exceeded its powers; corruption on the part of a mem-ber of the tribunal; a serious departure from a fundamental rule or procedure; and, the award has failed to state the reasons upon which it is based. The Practice Note also contains examples of...