32 J. Int'l Arb. 621 (2015)
Annulment of ICSID and Non-ICSID Investment Awards: Differences in the Extent of Review

handle is hein.kluwer/jia0032 and id is 639 raw text is: 

















Annulment of ICSID and Non-ICSID Investment

     Awards: Differences in the Extent of Review



                                  Kateryna  BONDAR*


     Annulment  of investment awards is a safeguard mechanism and a threat to the enforcement of
     awards. It is an interesting and important topic from the point of view of comparison between
     awards rendered under the Arbitration Rules of the International Centre for Settlement of
     Investment Disputes (ICSID) and non-ICSID  investment awards.' The purpose of this article
     is to analyse how  the annulment  of ICSID   awards compares with  the annulment  of
     non-ICSID   investment awards. In the author's opinion, the choice between the two systems
     should be equally informed in terms of rules and applicable standard of review. The article
     discusses the key distinctive features of the two mechanisms, the practice of annulment, and the
     differences in the scope and standard of review by ICSID annulment committees and the
     national courts. It aims to analyse whether the extent of review is more expansive in one system
     compared to the other, as well as the reasons for the differences. While describing the evolution of
     the standard of review, closer attention is paid to the more recent annulment decisions.


1   INTRODUCTION

Annulment is an important consideration involved in choosing between different
arbitration rules  and  procedures  and   enforcing  any  eventual  award. An   investor
willing to pursue  his investment  claim through   international arbitration usually has
several procedural   options.2  Advantages   and   disadvantages  of  the International
Centre   for Settlement   of  Investment   Disputes  (ICSID)   Arbitration  Rules   (the
'ICSID Rules') and other procedural options should be considered before
commencing an arbitration.While the ICSID regime is 'self-contained' and review
of  awards   is delocalized,  non-ICSID awards are subject to domestic court
supervision. Annulment in the ICSID system has been used more extensively in


    Kateryna Bondar (LLM 2011, Harvard Law School; LLM in International Dispute Settlement (MIDS)
    2014, Geneva (Hans Wilsdorf Scholar)) is Counsel in Gentium Law Group Sarl (Geneva) where she
    specializes in international arbitration and a PhD Candidate at the Koretsky Institute of State and Law,
    National Academy of Sciences (Kyiv). The author wishes to thank Dr Gabrielle Kaufmann-Kohler and
    Dr Reka Papp (MIDS) for their advice during the preparation of this article.
    Awards rendered in arbitrations between investors and states under arbitration rules other than the
    ICSID Rules.
2   Investment treaties usually provide an opportunity to choose between the ICSID Arbitration Rules,
    the Rules of the ICSID Additional Facility, UNCITRAL Arbitration Rules, the Arbitration Institute
    of the Stockholm Chamber of Commerce, and the International Chamber of Commerce (ICC).

Bondar, Kateryna. 'Annulment of ICSID and Non-ICSID Investment Awards: Differences in the Extent of
Review'. Journal of International Arbitration 32, no. 6 (2015): 621-676.
0 2015 Kluwer Law International BV, The Netherlands

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