Investor Presentaiton
188
INVESTOR-STATE DISPUTE SETTLEMENT: A SEQUEL
Review of
arbitral
awards
shared equally but that each party bears its own
attorneys' fees. However, it might be difficult to
foresee the appropriate apportionment of fees in
all cases.
Arbitral awards are subject to set-aside under
the law of the seat of arbitration in non-ICSID-
Convention cases or to annulment in ICSID
Convention cases.
In a non-ICSID Convention
case, the
reviewing court will apply its domestic arbitral
law to decide whether the award should be
recognized or vacated. In practice, that review is
often deferential to the awards. Should Parties to
a treaty want to limit the jurisdictions in which
set-aside decisions can be made, they should
specify in the treaty which jurisdictions would be
acceptable arbitration sites. ICSID Convention
awards are a-national, but are still subject to the
control of an annulment committee applying
Article 52 of the ICSID Convention. In practice
both such methods of review are likely to focus
on whether the arbitral procedure met
fundamental standards of procedural fairness and
not on whether the decision was substantively
correct.
Certain recent treaties have required that the
contracting parties to the treaty consider adhering
to a separate multilateral agreement establishing
an appellate body to review awards rendered by
investor-State tribunals or consider setting up an
appellate body for each specific treaty. Such an
appellate body, consisting of permanent or quasi-
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