Award - ICSID Convention Arbitration (2022 Rules)
There is only one Award in an ICSID case, and it is the Tribunal's last decision which disposes of the entire case. Any other ruling before the final Award, such as a decision on liability without an assessment of damages, is not considered an Award, and recourse under the Convention cannot be taken against it until after the Award is rendered.
If a Tribunal issues a decision 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 (Article 53 of the ICSID Convention). There is no appeal against an Award, but specific post-Award remedies are available under the Convention.
The Tribunal must render the Award as soon as possible after the last submission in a case (e.g., a post-hearing brief) and in any event within certain timeframes depending on the type of Award being issued:
- 60 days on objections that claims are manifestly without legal merit (Arbitration Rule 41(2)(e))
- 180 days if the Tribunal declines jurisdiction in a bifurcated proceeding addressing jurisdiction (Arbitration Rule 44(3))
- 240 days in all other cases (Arbitration Rule 58(1)).
These time limits are counted from the last submission on the matter (or from Tribunal constitution if all submissions were filed before constitution) and the Tribunal must use best efforts to comply with them (Arbitration Rule 12(1)). If the Tribunal cannot comply, it must send a notice explaining the delay and provide an estimate of the date when it will render the Award.
The Award must comply with certain form requirements (Article 48 of the Convention, Arbitration Rule 59). It must also contain the decision of the Tribunal on every question submitted to it, and the reasons on which the Award is based.
The questions before the Tribunal must be decided by a majority vote of the Tribunal members, and these members must sign the Award. They may do so by electronic means if the parties agree (Arbitration Rule 59(2)). Any member may attach an individual opinion (concurring, dissenting or other).
The Award is rendered when ICSID dispatches certified copies of the Award to the parties (Article 49 of the ICSID Convention, Arbitration Rule 60(2)). This is typically done by electronic means. Certified hard copies of the Award may be requested by the parties.
If the parties agree, ICSID will publish the full text or a redacted version of the Award (Arbitration Rule 62(2)). Consent to publish an Award will be deemed if no party objects in writing within 60 days (Arbitration Rule 62(3)). If either party objects to publication, ICSID will publish excerpts of the Award (Arbitration Rule 62(4)).