Icsid

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Submitted By aroojm
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Before examining arguments that might support an overhaul of the present system, it seems necessary to discuss obstacles to reform. The present section addresses three rather different problems that any reform proposal must face. In very brief terms, these obstacles can be formulated in the following propositions:
The ICSID dispute settlement system at present already allows for a review of awards in exceptional circumstances.
The ICSID dispute settlement system deliberately restricted review to these exceptional circumstances, while otherwise stressing the need for finality.
A reform of the ICSID dispute settlement system depends on stringent majority requirements and therefore requires broad political backing. 
All three obstacles will be addressed in turn
I. The Present System Permits a Review of Awards in Exceptional Circumstances The first point to make is that even at present, there is some scope for a review of ICSID awards. When assessing that scope, it is necessary to distinguish between awards governed by the ICSID Convention proper, and those rendered under the Additional Facility Rules.

1. ICSID Convention Awards
Awards rendered under the ICSID Convention can only be attacked by the procedures provided by the Convention itself. In particular, Article 54 of the Washington Convention obliges States to treat pecuniary awards as if they were final judgments of the State's own courts. For the purposes of recognition and enforcement, the ICSID Convention thus excludes any outside re-assessment of awards, or possibility of vacatur, by national courts. However, Article 54 is only part of the picture. It is one feature of a careful compromise struck during drafting. The other main feature is equally relevant and equally remarkable: internally, i.e. by mechanisms set out in the Washington Convention itself, ICSID awards can at present be reviewed.…...

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