We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
from CHAPTER IV - Arbitration
Published online by Cambridge University Press: 07 September 2010
INTRODUCTION
General
Art. 54 is the second of three Articles in Section 6 of Chapter IV of the Convention. Section 6 is entitled “Recognition and Enforcement of the Award”. Art. 53 deals with the award's binding force on the parties. Art. 55 deals with an exception to Art. 54 in preserving the immunity of a foreign State from execution.
Art. 54 is one of the most important provisions of the Convention. It provides for recognition and enforcement of ICSID awards by the courts of all States parties to the Convention. In addition to this general obligation, Art. 54 offers certain procedural directions: Parties to the Convention shall designate the competent authorities for recognition and enforcement to the Centre; a party to arbitration proceedings may submit a certified copy of an award to such an authority; and the modalities of execution are governed by the law concerning the execution of judgments of the country where execution is sought.
This enforcement provision is a distinctive feature of the ICSID Convention. Most other instruments governing international dispute settlement do not cover enforcement but leave this issue to domestic laws or applicable treaties. These domestic laws and treaties typically provide for some review of arbitral awards at the enforcement stage.
To save this book to your Kindle, first ensure no-reply@cambridge-org.demo.remotlog.com is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.
