Arbitration Award Annulments Are Declining, ICSID Says
Law360, New York (May 9, 2016, 8:16 PM EDT) -- The World Bank’s International Centre for Settlement of Investment Disputes has reported a decline in award annulments over the last three decades, with just a 3 percent rate of full or partial annulment for awards granted since 2011 in cases registered under the ICSID Convention, the international arbitration institution announced Friday.
Since its founding in 1966, ICSID has registered 505 cases under the ICSID Convention and Additional Facility Rules and issued 228 awards, the institution said. Five of those awards were later annulled, while 10 ICSID awards have led to partial annulment, according to an updated background paper on annulment released...
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