BIICL and Baker Botts are pleased to present this comprehensive empirical study on annulment in investor-State arbitration under the auspices of ICSID
This report examines the trends and practices of annulment committees on key issues such as the success rate of annulment applications, the most frequently invoked annulment grounds, the length and costs of annulments proceedings. It also provides an in-depth analysis on how tribunals approach the specific annulment grounds under Article 52(1) of the ICSID Convention.
The drafters of the ICSID Convention regarded the annulment process as an exceptional remedy. As a result, ICSID awards can be challenged exclusively within the ICSID Convention framework, on the five defined grounds. These are contained in Article 52(1) of the Convention are the following:
- The Tribunal was not properly constituted;
- The Tribunal manifestly exceeded its powers;
- There was corruption on the part of a member of the Tribunal;
- There was a serious departure from a fundamental rule of procedure;
- The award failed to state the reasons on which it was based.
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