Investor Presentaiton
153
an award on grounds of public policy. A few jurisdictions permit
appeals on questions of law in very limited circumstances."
178
An award that has been set aside may or may not be enforced in
another jurisdiction. The New York Convention (Article 5(e))
recognizes set-aside in the place of arbitration as a discretionary
ground for determining whether or not to enforce an award. In
practice, awards are rarely set aside; however, those that are set
aside will often not be enforced in another jurisdiction as the
enforcing court is quite likely to be influenced by another court's
decision to set aside the award; it is nonetheless clear that the
enforcing court has discretion to decide whether or not to enforce
the award. 179
2. Annulment of ICSID Convention awards
The drafters of the ICSID Convention sought to create an a-
national, or de-localized, process that would be removed from the
control of any national courts. Thus, ICSID Convention proceedings
can only be annulled according to the terms of the ICSID
Convention itself and are not subject to set-aside in domestic courts.
The ICSID Convention provides in Article 52:
"(1) Either party may request annulment of the award by an
application in writing addressed to the Secretary-General on
one or more of the following grounds:
(a) that the Tribunal was not properly constituted;
(b) that the Tribunal has manifestly exceeded its powers;
(c) that there was corruption on the part of a member of
the Tribunal;
(d) that there has been a serious departure from a
fundamental rule of procedure; or
178 Ibid., pp.
179
677-79.
Born, 2009, pp. 2672-2699.
UNCTAD Series on International Investment Agreements IIView entire presentation