An ICSID Convention arbitration proceeding is governed by:
The main steps in an ICSID Convention arbitration are depicted in the following flow chart.
Conduct of an ICSID Convention Arbitration
The ICSID Convention
The ICSID Convention provides the framework for the conduct of an arbitration proceeding. The main procedural provisions are contained in Chapters IV to VII of the Convention. These provisions cross-reference other provisions, such as Article 14(1) of the Convention concerning the required qualities of an arbitrator. The conditions for jurisdiction are in Chapter II.
All provisions of the Convention are mandatory except when the Convention allows parties to agree otherwise. If a question of procedure arises which is not covered by the Convention or by the applicable Arbitration Rules, the Tribunal has discretion to decide the question (see Article 44 of the Convention).
The Institution Rules
The Institution Rules explain how to institute an arbitration proceeding, including the form and contents of the request for arbitration. They apply to the steps taken between filing a request for arbitration until dispatch of the notice of registration. Article 36 of the Convention also applies to this period. On average, cases are registered within three weeks of the Centre receiving the request for arbitration with supporting materials and the fee for lodging the request.
The Institution Rules do not apply to the institution of post-award remedy proceedings under the ICSID Convention and Arbitration Rules.
The Arbitration Rules
The Arbitration Rules govern the arbitration proceeding once a request for arbitration has been registered. They complement the ICSID Convention procedural provisions, including provisions concerning post-award remedies.
Article 44 of the ICSID Convention provides that arbitrations will be conducted in accordance with the Arbitration Rules in effect on the date on which the parties consented to arbitration, except as the parties otherwise agree. The current rules came into effect on April 10, 2006.
The Administrative and Financial Regulations
The Administrative and Financial Regulations contain provisions concerning: