Investor Presentaiton
77
Recognition
and
enforcement of
arbitral awards
Costs
Review by national
courts is excluded.
All ICSID Contracting
States are obliged to
recognize an award as
binding and enforce it
as if it were a final
judgment of the
State's own courts.
Arbitrators' fees are
set according to the
ICSID schedule
currently US$3,000
per day per arbitrator.
The parties may agree
to different
arbitrators' fees, with
the Secretary-
General's permission.
Additional
institutional fees to
ICSID include a
US$25,000 fee for
lodging the request for
arbitration and a
Awards are enforced
through national courts,
usually in accordance
with the New York
Convention on the
Recognition and
Enforcement of Foreign
Arbitral Awards. In the
course of this procedure,
a national court may
refuse to enforce the
award on any one of the
grounds listed in the
Convention (1976 and
2010 Rules).
Arbitrators generally set
their own fees. They are
to be "reasonable",
taking into account the
amount in dispute, the
complexity of the
subject-matter, and the
amount of time spent by
the arbitrators. Fees may
be fixed in the
agreement to arbitrate,
often by reference to a
schedule of fees.
Otherwise, arbitrators
propose their fees to the
parties. In the event the
parties and the
arbitrators cannot agree
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