There is only one award in an ICSID case, and it is the Tribunal's last decision which disposes of the case. Any other ruling before the final award, such as a decision on liability, is not considered an award, and recourse cannot be taken against it until after the award is rendered.
If a Tribunal issues a decision on jurisdiction upholding its jurisdiction, such decision forms part of the eventual award. If a Tribunal decides that it has no jurisdiction, it renders an award.
The award is final and binding and can be recognized and enforced in any ICSID Member State. There is no appeal against an award, but there are limited post-award remedies available under the Convention.
Once the presentation of the case is completed, the proceeding is declared closed and the award must be signed in the next 120 days, with the possibility of an extension of 60 days (Arbitration Rule 38 and 46). Usually, the closure of the proceeding occurs after the Tribunal has deliberated and concluded that it has no further questions for the parties.
The award must comply with certain formal requirements (Article 48 of the Convention, Arbitration Rule 47) and must state the reasons on which it is based. The questions before the Tribunal must be decided by a majority vote of the Tribunal members, but any member may attach an individual opinion (concurring, dissenting or other). The award must be signed by the Tribunal members who voted for it.
The award is rendered when ICSID dispatches certified copies of the award to the parties (Article 49 of the ICSID Convention, Arbitration Rule 48(2)). Additional certified copies of the award may be requested by the parties.
The parties may agree to publish the award on ICSID’s website. When an award is not made public by the parties, the Centre will publish excerpts of the award’s legal reasoning (Arbitration Rule 48(4)). ICSID also publishes other material in the case with the parties' consent.
- Pierre Lalive, On the Reasoning of International Arbitral Awards, Journal of International Dispute Settlement, Vol. 1, No. 1, p. 55 (2010)
- Christoph H. Schreuer, Loretta Malintoppi, August Reinisch & Anthony Sinclair, Article 48 – Award, The ICSID Convention: A Commentary (2nd ed.), Cambridge University Press, p. 805 (2009)
- Christoph H. Schreuer, Loretta Malintoppi, August Reinisch & Anthony Sinclair, Article 49 – Dispatch, Supplementation and Rectification, The ICSID Convention: A Commentary (2nd ed.), Cambridge University Press, p. 840 (2009)
- John R. Crook, Award and Discontinuance of the Proceeding, Litigating International Investment Disputes: A Practitioner’s Guide (Chiara Giorgetti ed.), Brill / Nijhoff, pp. 443-461 (2014)
- Bernardo Cremades, The Arbitral Award, The Leading Arbitrators' Guide to International Arbitration (Lawrence W. Newman & Richard D. Hill eds.), Juris Publishing, pp. 813-829 (2014)