PREAMBLE
CHAPTER I International Centre for
Settlement of Investment Disputes
SECTION 1: Establishment and Organization (Articles 1 - 3)
SECTION 2: The
Administrative Council (Articles 4 - 8)
SECTION 3: The Secretariat (Articles
9 - 11)
SECTION 4: The Panels (Articles 12
- 16)
SECTION 5: Financing the
Centre (Articles 17 - 24)
CHAPTER II -
Jurisdiction of the Centre (Articles 25 - 27)
CHAPTER III - Conciliation
SECTION 1: Request for
Conciliation (Article 28)
SECTION 2:
Constitution of the Conciliation Commission (Articles 29 - 31)
SECTION 3:
Conciliation Proceedings (Articles 32 - 35)
CHAPTER IV - Arbitration
SECTION 1: Request for
Arbitration (Article 36)
SECTION 2;
Constitution of the Tribunal (Articles 37 - 40)
SECTION
3: Powers and Functions of the Tribunal (Articles 41 - 47)
SECTION 4: The Award (Articles 48 -
49)
SECTION
5: Interpretation, Revision and Annulment of the Award (Articles 50
- 52)
SECTION
6: Recognition and Enforcement of the Award (Articles 53 - 55)
CHAPTER
V - Replacement and Disqualification of Conciliators and
Arbitrators (Articles 56 - 58)
CHAPTER VI - Cost of
Proceedings (Articles 59 - 61)
CHAPTER VII - Place
of Proceedings (Articles 62 - 63)
CHAPTER
VIII - Disputes between Contracting States (Article 64)
CHAPTER IX - Amendment (Articles
65 - 66)
CHAPTER X (Articles 67 - 74)
{Post Provisions}
{Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts;
& Deposited Clauses)}
PREAMBLE
The Contracting States
Considering the need for international cooperation for economic
development, and the role of private international investment
therein;
Bearing in mind the possibility that from time to time disputes may
arise in connection with such investment between Contracting States
and nationals of other Contracting States;
Recognizing that while such disputes would usually be subject to
national legal processes, international methods of settlement may
be appropriate in certain cases;
Attaching particular importance to the availability of facilities
for international conciliation or arbitration to which Contracting
States and nationals of other Contracting States may submit such
disputes if they so desire;
Desiring to establish such facilities under the auspices of the
International Bank for Reconstruction and Development;
Recognizing that mutual consent by the parties to submit such
disputes to conciliation or to arbitration through such facilities
constitutes a binding agreement which requires in particular that
due consideration be given to any recommendation of conciliators,
and that any arbitral award be complied with; and
Declaring that no Contracting State shall by the mere fact of its
ratification, acceptance or approval of this Convention and without
its consent be deemed to be under any obligation to submit any
particular dispute to conciliation or arbitration,
Have agreed as follows:
CHAPTER I
International Centre for Settlement of Investment Disputes
SECTION 1: Establishment and Organization
Article 1
1 . There is hereby established the International Centre for
Settlement of Investment Disputes (hereinafter called the Centre).
2 . The purpose of the Centre shall be to provide facilities for
conciliation and arbitration of investment disputes between
Contracting States and nationals of other Contracting States in
accordance with the provisions of this Convention.
Article 2
The seat of the Centre shall be at the principal office for the
International Bank for Reconstruction and Development (hereinafter
called the Bank). The seat may be moved to another place by
decision of the Administrative Council adopted by a majority of
two-thirds of its members.
Article 3
The Centre shall have an Administrative Council and a Secretariat
and shall maintain a Panel of Conciliators and a Panel of
Arbitrators
SECTION 2: The
Administrative Council
Article 4
The Administrative Council shall be composed of one representative
of each Contracting State. An alternate may act as representative
in case of his principal's absence from a meeting or inability to
act.
In the absence of a contrary designation, each governor and
alternate of the Bank appointed by a Contracting State shall be ex
officio its representative and its alternate respectively.
Article 5
The President of the Bank shall be ex officio Chairman of the
Administrative Council (hereinafter called the Chairman) but shall
have no vote. During his absence or inability to act and during any
vacancy in the office of President of the Bank, the person for the
time being acting as President shall act as Chairman of the
Administrative Council.
Article 6
1 . Without prejudice to the powers and functions vested in it by
other provisions of this Convention, the Administrative Council
shall
(a) adopt the administrative and Financial regulations of the
Centre;
(b) adopt the rules of procedure for the institution of
conciliation and arbitration proceedings;
(c) adopt the rules of procedure for conciliation and arbitration
proceedings (hereinafter called the Conciliation Rules and the
Arbitration Rules);
(d) approve arrangements with the Bank for the use of the Bank's
administrative facilities and services;
(e) determine the conditions of service of the Secretary-General
and of any Deputy Secretary-General.;
(f) adopt the annual budget of revenues and expenditures of the
Centre;
(g) approve the annual report on the operation of the Centre.
The decisions referred to in sub-paragraphs (a), (b), (c) and (0
above shall be adopted by a majority of two-thirds of the members
of the Administrative Council.
2 . The Administrative Council may appoint such committees as it
considers necessary.
3 . The Administrative Council shall also exercise such other
powers and perform such other functions as it shall determine to be
necessary for the implementation of the provisions of the
Convention.
Article 7
1 . The Administrative Council shall hold an annual meeting and
such other meetings as may be determined by the Council, or
convened by the Chairman, or convened by the Secretary-General at
the request of not less than five members of the Council.
2 . Each member of the Administrative Council shall have one vote
and, except as otherwise herein provided, all matters before the
Council shall be decided by a majority of the votes cast.
3 . A quorum for any meeting of the Administrative Council shall be
a majority of its members.
4 . The Administrative Council may establish, by a majority of
two-thirds of its members, a procedure whereby the Chairman may
seek a vote of the Council without convening a meeting of the
Council. The vote shall be considered valid only if the majority of
the members of the Council cast their votes within the time limit
fixed by the said procedure.
Article 8
Members of the Administrative Council and the Chairman shall serve
without remuneration from the Centre.
SECTION 3: The Secretariat
Article 9
The Secretariat shall consist of a Secretary-General, one or more
Deputy Secretaries-General and staff,
Article 10
1 . The Secretary-General and any Deputy Secretary-General shall be
elected by the Administrative Council by a majority of two-thirds
of its members upon the nomination of the Chairman for a term of
service not exceeding six years and shall be eligible for
re-election. After consulting the members of the Administrative
Council, the Chairman shall propose one or more candidates for each
such office.
2 . The offices of Secretary-General and Deputy Secretary-General
shall be incompatible with the exercise of any political function.
Neither the Secretary-General nor any Deputy Secretary-General may
hold any other employment or engage in any other occupation except
with the approval of the Administrative Council.
3 . During the Secretary-General's absence or inability to act, and
during any vacancy of the office of Secretary-General, the Deputy
Secretary-General shall act as Secretary-General. If there shall be
more than one Deputy Secretary-General, the Administrative Council
shall determine in advance the order in which they shall act as
Secretary-General.
Article 11
The Secretary-General shall be the legal representative and the
principal officer of the Centre and shall be responsible for its
administration, including the appointment of staff, in accordance
with the provisions of this Convention and the rules adopted by the
Administrative Council. He shall perform the function of registrar
and shall have the power to authenticate arbitral awards rendered
pursuant to this Convention, and to certify copies thereof.
SECTION 4: The Panels
Article 12
The Panel of Conciliators and the Panel of Arbitrators shall each
consist of qualified persons, designated as hereinafter provided,
who are willing to serve thereon.
Article 13
1 . Each Contracting State may designate to each Panel four persons
who may but need not be its nationals.
2 . The Chairman may designate ten persons to each Panel: The
persons so designated to a Panel shall each have a, different
nationality.
Article 14
1 . Persons designated to serve on the Panels shall be persons of
high moral character and recognized competence in the Fields of law,
commerce, industry or finance, who may be relied upon to exercise
independent judgement. Competence in the Field of law shall be of
particular importance in the case of persons on the Panel or
Arbitrators.
2 . The Chairman, in designating persons to serve on the Panels,
shall in addition pay due regard to the importance of assuring
representation on the Panels of the principal legal systems of the
world and of the main forms of economic activity.
Article 15
1 . Panel members shall serve for renewable periods of six years.
2 . In case of death or resignation of a member of a Panel, the
authority which designated the member shall have the right to
designate another person to serve for the remainder of that
member's term.
3 . Panel members shall continue in office until their successors
have been designated.
Article 16
1 . A person may serve on both Panels.
2 . If a person shall have been designated to serve on the same
Panel by more than one Contracting State, or by one or more
Contracting States and the Chairman, he shall be deemed to have
been designated by the authority which First designated him or, if
one such authority is the State or which he is a national, by that
State.
3 . All designations shall be notified to the Secretary-General and
shall take effect from the date on which the notification is
received.
SECTION 5: Financing the
Centre
Article 17
If the expenditure of the Centre cannot be met out of charges for
the use of its facilities, or out of other receipts, the excess
shall be borne by Contracting States which are members of the Bank
in proportion to their respective subscriptions to the capital
stock of the Bank, and by Contracting States which are not members
of the Bank in accordance with rules adopted by the Administrative
Council.
Section 6:
Status, Immunities and Privileges
The Centre shall have full international legal personality. The
legal capacity of the Centre shall include the capacity
(a) to contract;
(b) to acquire and dispose of movable and immovable property;
(c) to institute legal proceedings
Article 19
To enable the Centre to fulfil its functions, it shall enjoy in the
territories of each Contracting State the immunities and privileges
set forth in this Section.
Article 20
The Centre, its property and assets shall enjoy immunity from all
legal process, except when the Centre waives this immunity.
Article 21
The Chairman, the members of the Administrative Council, persons
acting as conciliators or arbitrators or members of a Committee
appointed pursuant to paragraph (3) of Article 52, and the officers
and employees of the Secretariat.
(a) shall enjoy immunity from legal process with respect to acts
performed by them in the exercise of their functions, except when
the Centre waives this immunity;
(b) not being local nationals, shall enjoy the same immunities from
immigration restrictions, alien registration requirements and
national service obligations, the same facilities as regards
exchange restrictions and the same treatment in respect of
travelling facilities as are accorded by Contracting States to the
representatives, officials and employees of comparable rank of
other Contracting States.
Article 22
The provisions of Article 21 shall apply to persons appearing in
proceedings under this Convention as parties, agents, counsel,
advocates, witnesses or experts; provided, however, that
sub-paragraph (b) thereof shall apply only in connection with their
travel to and from, and their stay at, the place where the
proceedings are held.
Article 23
1 . The archives of the Centre shall be inviolable, wherever they
may be.
2 . With regard to its official communications, the Centre shall be
accorded by each Contracting State treatment not less favorable
than that accorded to other international organizations.
Article 24
1 . The Centre, its assets, property and income, and its operations
and transactions authorized by this Convention shall be exempt from
all taxation and customs duties. The Centre shall also be exempt
from liability for the collection or payment of any taxes or
customs duties.
2 . Except in the case of local nationals, no tax shall be levied
on or in respect of expense allowances paid by the Centre to the
Chairman or members of the Administrative Council, or on or in
respect of salaries, expense allowances or other emoluments paid by
the Centre to officials or employees of the Secretariat.
3 . No tax shall be levied on or in respect of fees or expense
allowances received by persons acting as conciliators, or
arbitrators, or members of a Committee appointed pursuant to
paragraph (3) of Article 52, in proceedings under this Convention,
if the sole jurisdictional basis for such tax is the location of
the Centre or the place where such proceedings are conducted or the
place where such fees or allowances are paid.
CHAPTER II -
Jurisdiction of tbe Centre
Article 25
1 . The jurisdiction of the Centre shall extend to any legal
dispute arising directly out of an investment, between a
Contracting State (or any constituent subdivision or agency of a
Contracting State designated to the Centre by that State) and a
national of another Contracting State, which the parties to the
dispute consent in writing to submit to the Centre. When the
parties have given their consent, no party may withdraw its consent
unilaterally.
2 . "National of another Contracting State" means:
(a) any natural person who had the nationality of a Contracting
State other than the State party to the dispute on the date on
which the parties consented to submit such dispute to conciliation
or arbitration as well as on the date on which the request was
registered pursuant to paragraph (3) of Article 28 or paragraph (3)
of Article 36, but does not include any person who on either date
also had the nationality of the Contracting State party to the
dispute; and
(b) any juridical person which had the nationality of a Contracting
State other than the State party to the dispute on the date on
which the parties consented to submit such dispute to conciliation
or arbitration and any juridical person which had the nationality
of the Contracting State party to the dispute on that date and
which, because of foreign control, the parties have agreed should
be treated as a national of another Contracting State for the
purposes of this Convention.
3 . Consent by a constituent subdivision or agency of a Contracting
State shall require the approval of that State unless that State
notifies the Centre that no such approval is required.
4 . Any Contracting State may, at the time of ratification,
acceptance or approval of this Convention or at any time thereafter,
notify the Centre of the class or classes of disputes which it
would or would not consider submitting to the jurisdiction of the
Centre. The Secretary-General shall forthwith transmit such
notification to all Contracting States. Such notification shall not
constitute the consent required by paragraph (1).
Article 26
Consent of the parties to arbitration under this Convention shall,
unless otherwise stated, be deemed consent to such arbitration to
the exclusion of any other remedy. A Contracting State may require
the exhaustion of local administrative or judicial remedies as a
condition of its consent to arbitration under this Convention.
Article 27
1 . No Contracting State shall give diplomatic protection, or bring
an international claim, in respect of a dispute which one of its
nationals and another Contracting State shall have consented to
submit or shall have submitted to arbitration under this Convention,
unless such other Contracting State shall have failed to abide by
and comply with the award rendered in such dispute.
2 . Diplomatic protection, for the purposes of paragraph (1), shall
not include informal diplomatic exchanges for the sole purpose of
facilitating a settlement of the dispute.
CHAPTER III - Conciliation
SECTION 1: Request for Conciliation
Article 28
1 . Any Contracting State or any national of a Contracting State
wishing to institute conciliation proceedings shall address a
request to that effect in writing to the Secretary-General who
shall send a copy of the request to the other party.
2 . The request shall contain information concerning the issues in
dispute, the identity of the parties and their consent to
conciliation in accordance with the rules of procedure for the
institution of conciliation and arbitration proceedings.
3 . The Secretary-General shall register the request unless he
finds, on the basis of the information contained in the request,
that the dispute is manifestly outside the jurisdiction of the
Centre. He shall forthwith notify the parties of registration or
refusal to register.
SECTION
2: Constitution of the Conciliation Commission
Article 29
1 . The Conciliation Commission (hereinafter called the Commission)
shall be constituted as soon as possible after registration of a
request pursuant to Article 28.
2 . (a) The Commission shall consist of a sole conciliator or any
uneven number of conciliators appointed as the parties shall agree.
(b) Where the parties do not agree upon the number of conciliators
and the method of their appointment, the Commission shall consist
of three conciliators, one conciliator appointed by each party and
the third, who shall be the president of the Commission, appointed
by agreement of the parties.
Article 30
If the Commission shall not have been constituted within 90 days
after notice of registration of the request has been dispatched by
the Secretary-General in accordance with paragraph (3) of Article
28, or such other period as the parties may agree, the Chairman
shall, at the request of either party and after consulting both
parties as far as possible, appoint the conciliator or conciliators
not yet appointed.
Article31
1 . Conciliators may be appointed from outside the Panel of
Conciliators, except in the case of appointments by the Chairman
pursuant to Article 30.
2 . Conciliators appointed from outside the Panel of Conciliators
shall possess the qualities stated in paragraph (1) of Article 14.
SECTION 3:
Conciliation Proceedings
Article 32
1 . The Commission shall be the judge of its own competence.
2 . Any objection by a party to the dispute that the dispute is not
within the jurisdiction of the Centre, or for other reasons is not
within the competence of the Commission, shall be considered by the
Commission which shall determine whether to deal with it as a
preliminary question or to join it to the merits of the dispute.
Article 33
Any conciliation proceeding shall be conducted in accordance with
the provisions of this Section and, except as parties otherwise
agree, in accordance with the Conciliation Rules in effect on the
date on which the parties consented to conciliation. If any
question of procedure arises which is not covered by this Section
or the Conciliation Rules or any rules agreed by the parties, the
Commission shall decide the question.
Article 34
1 . It shall be the duty of the Commission to clarify the issues in
dispute between the parties and to endeavor to bring about
agreement between them upon mutually acceptable terms. To that end,
the Commission may at any stage of the proceedings and from time to
time recommend terms of settlement to the parties. The parties
shall cooperate in good faith with the Commission in order to
enable the Commission to carry out its functions, and shall give
their most serious consideration to its recommendations.
If the parties reach agreement, the Commission shall draw up a
report noting the issues in dispute and recording that the parties
have reached agreement. If, at any stage of the proceedings, it
appears to the Commission that there is no likelihood of agreement
between the parties, it shall close the proceedings and shall draw
up a report noting the
submission of the dispute and recording the failure of the parties
to reach agreement. If one party fails to appear or participate in
the proceedings, the Commission shall close the proceedings and
shall draw up a report noting that party's failure to appear or
participate.
Article 35
Except as the parties to the dispute shall otherwise agree, neither
party to a conciliation proceeding shall be entitled in any other
proceeding, whether before arbitrators or in a court of law or
otherwise, to invoke or rely on any views expressed or statements
or admissions or offers of settlement made by the other party in
the conciliation proceedings, or the report or any recommendations
made by the Commission.
CHAPTER IV - Arbitration
SECTION 1: Request for Arbitration
Article 36
1 . Any Contracting State or any national of a Contracting State
wishing to institute arbitration proceedings shall address a
request to that effect in writing to the Secretary-General who
shall send a copy of the request to the other party
2 . The request shall contain information concerning the issues in
dispute, the identity of the parties and their consent to
arbitration in accordance with the rules of procedure for the
institution of conciliation and arbitration proceedings.
3 . The Secretary-General shall register the request unless he
finds, on the basis of the information contained in the request,
that the dispute is manifestly outside the jurisdiction of the
Centre. He shall forthwith notify the parties of registration or
refusal to register.
SECTION 2;
Constitution of the Tribunal
Article 37
1 . The Arbitral Tribunal (hereinafter called the Tribunal) shall
be constituted as soon as possible after registration of a request
pursuant to Article 36.
2 . (a) The Tribunal shall consist of a sole arbitrator or any
uneven number of arbitrators appointed as the parties shall agree.
(b) Where the parties do not agree upon the number of arbitrators
and the method of their appointment, the Tribunal shall consist of
three arbitrators, one arbitrator appointed by each party and the
third, who shall be the president of the Tribunal, appointed by
agreement of the parties.
Article 38
If the Tribunal shall not have been constituted within 90 days
after notice of registration of the request has been dispatched by
the Secretary-General in accordance with paragraph (3) of Article
36, or such other period as the parties may agree, the Chairman
shall, at the request of either party and after consulting both
parties as far as possible, appoint the arbitrator or arbitrators
not yet appointed. Arbitrators appointed by the Chairman pursuant
to this Article shall not be nationals of the Contracting State
party to the dispute or of the Contracting State whose national is
a party to the dispute.
Article 39
The majority of the arbitrators shall be nationals of States other
than the Contracting State party to the dispute and the Contracting
State whose national is a party to the dispute; provided, however,
that the foregoing provisions of this Article shall not apply if
the sole arbitrator or each individual member of the Tribunal has
been appointed by agreement of the parties.
Article 40
1 . Arbitrators may be appointed from outside the Panel of
Arbitrators, except in the case of appointments by the Chairman
pursuant to Article 38.
2 . Arbitrators appointed from outside the Panel of Arbitrators
shall possess the qualities stated in paragraph (1) of Article 14.
SECTION
3: Powers and Functions of the Tribunal
Article 41
1 . The Tribunal shall be the judge of its own competence.
2 . Any objection by a party to the dispute that that dispute is
not within the jurisdiction of the Centre, or for other reasons is
not within the competence of the Tribunal, shall be considered by
the Tribunal which shall determine whether to deal with it as a
preliminary question or to join it to the merits of the dispute.
Article 42
1 . The Tribunal shall decide a dispute in accordance with such
rules of law as may be agreed by the parties. In the absence of
such agreement, the Tribunal shall apply the law of the Contracting
State party to the dispute (including its rules on the conflict of
laws) and such rules of international law as may be applicable.
2 . The Tribunal may not bring in a Finding of non liquet on the
ground of silence or obscurity of the law.
3 . The provisions of paragraphs (1) and (2) shall not prejudice
the power of the Tribunal to decide a dispute ex aequo et bono if
the parties so agree.
Article 43
1 . Except as the parties otherwise agree, the Tribunal may, if it
deems it necessary at any stage of the proceedings;
(a) call upon the parties to produce documents or other evidence,
and
(b) visit the scene connected with the dispute, and conduct such
inquiries there as it may deem appropriate.
Article 44
Any arbitration proceeding shall be conducted in accordance with
the provisions of this Section and, except as the parties otherwise
agree, in accordance with the Arbitration Rules in effect on the
date on which the parties consented to arbitration. If any question
of procedure arises which is not covered by this Section or the
Arbitration Rules or any rules agreed by the parties, the Tribunal
shall decide the question.
Article 45
1 . Failure of a party to appear or to present his case shall not
be deemed an admission of the other party's assertions.
2 . If a party fails to appear or to present his case at any stage
of the proceedings the other party may request the Tribunal to deal
with the questions submitted to it and to render an award. Before
rendering an award, the Tribunal shall notify, and grant a period
of grace to, the party failing to appear or to present its case,
unless it is satisfied that that party does not intend to do so.
Article 46
Except as the parties otherwise agree, the Tribunal shall, if
requested by a party, determine any incidental or additional claims
or counter-claims arising directly out of the subject-matter of the
dispute provided that they are within the scope of the consent of
the parties and are otherwise within the jurisdiction of the
Centre.
Article 47
Except as the parties otherwise agree, the Tribunal may, if it
considers that the circumstances so require, recommend any
provisional measures which should be taken to preserve the
respective rights of either party.
SECTION 4: The Award
Article 48
1 . The Tribunal shall decide questions by a majority of the votes
of all its members.
2 . The award of the Tribunal shall be in writing and shall be
signed by the members of the Tribunal who voted for it.
3 . The award shall deal with every question submitted to the
Tribunal, and shall state the reasons upon which it is based.
4 . Any member of the Tribunal may attach his individual opinion to
the award, whether he dissents from the majority or not, or a
statement of his dissent.
5 . The Centre shall not publish the award without the consent of
the parties.
Article 49
1 . The Secretary-General shall promptly dispatch certified copies
of the award to the parties. The award shall be deemed to have been
rendered on the date on which the certified copies were dispatched.
2 . The Tribunal upon the request of a party made within 45 days
after the date on which the award was rendered may after notice to
the other party decide any question which it had omitted to decide
in the award, and shall rectify any clerical, arithmetical or
similar error in the award. Its decision shall become part of the
award and shall be notified to the parties in the same manner as
the award. The periods of time provided for under paragraph (2) of
Article 51 and paragraph (2) of Article $2 shall run from the date
on which the decision was rendered.
SECTION
5: Interpretation, Revision and Annulment of the Award
Article 50
1 . If any dispute shall arise between the parties as to the
meaning or scope of an award, either party may request
interpretation of the award by an application in writing addressed
to the Secretary-General.
2 . The request shall, if possible, be submitted to the Tribunal
which rendered the award. If this shall not be possible, a new
Tribunal shall be constituted in accordance with Section 2 of this
Chapter. The Tribunal may, if it considers that the circumstances
so require, stay enforcement of the award pending its decision.
Article 51
1 . Either party may request revision of the award by an
application in writing addressed to the Secretary-General on the
ground of discovery of some fact of such a nature as decisively to
affect the award, provided that when the award was rendered that
fact was unknown to the Tribunal and to the applicant and that the
applicant's ignorance of that fact was not due to negligence.
2 . The application shall be made within 90 days after the
discovery of such fact and in any event within three years after
the date on which the award was rendered.
The request shall, if possible, be submitted to the Tribunal which
rendered the award. If this shall not be possible, a new Tribunal
shall be constituted in accordance with Section 2 of this Chapter.
4 . The Tribunal may, if it considers that the circumstances so
require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his
application, enforcement shall be stayed provisionally until the
Tribunal rules on such request.
Article 52
1 Either party may request annulment of the award by an application
in writing addressed to the Secretary-General on one or more of the
following grounds:
(a) that the Tribunal was not properly constituted;
(b) that the Tribunal has manifestly exceeded its powers;
(c) that there was corruption on the part of a member of the
Tribunal;
(d) that there has been a serious departure from a fundamental rule
of procedure; or
(e) that the award has failed to state the reasons on which it is
based.
2 . The application shall be made within 120 days after the date on
which the award was rendered except that when annulment is
requested on the ground of corruption such application shall be
made within 120 days after discovery of the corruption and in any
event within three years after the date on which the award was
rendered.
3 . On receipt of the request the Chairman shall forthwith appoint
from the Panel of Arbitrators an ad hoc Committee of three persons.
None of the members of the Committee shall have been a member of
the Tribunal which rendered the award, shall be of the same
nationality as any such member, shall be a national of the State
party to the dispute or of the State whose national is a party to
the dispute, shall have been designated to the Panel of Arbitrators
by either of those States, or shall have acted as a conciliator in
the same dispute. The Committee shall have the authority to annul
the award or any part thereof on any of the grounds set forth in
paragraph (1).
4 . The provisions of Articles 41-45, 48, 49, 53 and 54, and of
Chapters VI and VII shall apply mutatis mutandis to proceedings
before the Committee.
5 . The Committee may, if it considers that the circumstances so
require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his
application, enforcement shall be stayed provisionally until the
Committee rules on such request.
6 . If the award is annulled the dispute shall, at the request of
either party, be submitted to a new Tribunal constituted in
accordance with Section 2 of this Chapter.
SECTION
6: Recognition and Enforcement of the Award
Article 53
1 . The award shall be binding on the parties and shall not be
subject to any appeal or to any other remedy except those provided
for in this Convention. Each party shall abide by and comply with
the terms of the award except to the extent that enforcement shall
have been stayed pursuant to the relevant provisions of this
Convention.
2 . For the purposes of this Section, "award" shall
include any decision interpreting, revising or annulling such award
pursuant to Articles 50, 51 or 52.
Article 54
1 . Each Contracting State shall recognize an award rendered
pursuant to this Convention as binding and enforce the pecuniary
obligations imposed by that award within its territories as if it
were a final judgment of a court in that State. A Contracting State
with a federal constitution may enforce such an award in or through
its federal courts and may provide that such courts shall treat the
award as if it were a final judgement of the courts of a
constituent state.
2 . A party seeking recognition or enforcement in the territories
of a Contracting State shall furnish to a competent court or other
authority which such State shall have designated for this purpose a
copy of the award certified by the Secretary-General. Each
Contracting State shall notify the Secretary-General of the
designation of the competent court or other authority for this
purpose and of any subsequent change in such designation.
3 - Execution of the award shall be governed by the laws concerning
the execution of judgments in force in the State in whose
territories such execution is sought.
Article 55
Nothing in Article 54 shall be construed as derogating from the law
in force in any Contracting State relating to immunity of that
State or of any foreign State from execution.
CHAPTER
V - Replacement and Disqualification of Conciliators and
Arbitrators
Article 56
1 . After a Commission or a Tribunal has been constituted and
proceedings have begun, its composition shall remain unchanged;
provided, however, that if a conciliator or an arbitrator should
die, become incapacitated, or resign, the resulting vacancy shall
be filled in accordance with the provisions of Section 2 of Chapter
III or Section 2 of Chapter IV.
2 . A member of a Commission or Tribunal shall continue to serve in
that capacity notwithstanding that he shall have ceased to be a
member of the Panel.
3 . If a conciliator or arbitrator appointed by a party shall have
resigned without the consent of the Commission or Tribunal of which
he was a member, the Chairman shall appoint a person from the
appropriate Panel to fill the resulting vacancy.
Article 57
A party may propose to a Commission or Tribunal the
disqualification of any of its members on account of any fact
indicating a manifest lack of the qualities required by paragraph
(1) of Article 14. A party to arbitration proceedings may, in
addition, propose the disqualification of an arbitrator on the
ground that he was ineligible for appointment to the Tribunal under
Section 2 of Chapter IV.
Article 58
The decision on any proposal to disqualify a conciliator or
arbitrator shall be taken by the other members of the Commission or
Tribunal as the case may be, provided that where those members are
equally divided, or in the case of a proposal to disqualify a sole
conciliator or arbitrator, or a majority of the conciliators or
arbitrators, the Chairman shall take that decision. If it is
decided that the proposal well-founded the conciliator or
arbitrator to whom the decision relates shall be replaced in
accordance with the provisions of Section 2 of Chapter III or
Section 2 of Chapter IV.
CHAPTER VI - Cost of
Proceedings
Article 59
The charges payable by the parties for the use of the facilities of
the Centre shall be determined by the Secretary-General in
accordance with the regulations adopted by the Administrative
Council.
Article 60
1 . Each Commission and each Tribunal shall determine the fees and
expenses of its members within limits established from time to time
by the Administrative Council and after consultation with the
Secretary-General.
2 . Nothing in paragraph (1) of this Article shall preclude the
parties from agreeing in advance with the Commission or Tribunal
concerned upon the fees and expenses of its members.
Article 61
1 . In the case of conciliation proceedings the fees and expenses
of members of the Commission as well as the charges for the use of
the facilities of the Centre, shall be borne equally by the
parties. Each party shall bear any other expenses it incurs in
connection with the proceedings.
2 . In the case of arbitration proceedings the Tribunal shall,
except as the parties otherwise agree, assess the expenses incurred
by the parties in connection with the proceedings, and shall decide
how and by whom those expenses, the fees and expenses of the
members of the Tribunal and the charges for the use of the
facilities of the Centre shall be paid. Such decision shall form
part of the award.
CHAPTER VII - Place of
Proceedings
Article 62
Conciliation and arbitration proceedings shall be held at the seat
of the Centre except as hereinafter provided.
Article 63
Conciliation and arbitration proceedings may be held, if the
parties so agree,
(a) at the seat of the Permanent Court of Arbitration or of any
other appropriate institution, whether private or public, with
which the Centre may make arrangements for that purpose; or
(b) at any other place approved by the Commission or Tribunal after
consultation with the Secretary-General.
CHAPTER
VIII - Disputes between Contracting States
Article 64
Any dispute arising between Contracting States concerning the
interpretation or application of this Convention which is not
settled by negotiation shall be referred to the International Court
of Justice by the application of any party to such dispute, unless
the States concerned agree to another method of settlement.
CHAPTER IX - Amendment
Article 65
Any Contracting State may propose amendment of this Convention. The
text of a proposed amendment shall be communicated to the
Secretary-General not less than 90 days prior to the meeting of the
Administrative Council at which such amendment is to be considered
and shall forthwith be transmitted by him to all the members of the
Administrative Council.
Article 66
If the Administrative Council shall so decide by a majority of
two-thirds of its members, the proposed amendment shall be
Circulated to all Contracting States for ratification, acceptance
or approval. Each amendment shall enter into force 30 days after
dispatch by the depository of the Convention of a notification to
Contracting States that all Contracting States have ratified,
accepted or approved the amendment.
CHAPTER X
Final Provisions
Article 67
This Convention shall be open for signature on behalf of States
members of the Bank. It shall also be open for signature on behalf
of any other State which is a party to the Statute of the
International Court of Justice and which the Administrative
Council, by a vote of two-thirds of its members, shall have invited
to sign the Convention.
Article 68
1 . This Convention shall be subject to ratification, acceptance or
approval by the signatory States in accordance with their
respective constitutional procedures.
2 . This Convention shall enter into force 30 days after the date
of deposit of the twentieth instrument of ratification, acceptance
or approval. It shall enter into force for each State which
subsequently deposits its instrument of ratification, acceptance or
approval 30 days after the date of such deposit.
Article 69
Each Contracting State shall take such legislative or other
measures as may be necessary for making the provisions of this
Convention effective in its territories.
Article 70
This Convention shall apply to all territories for whose
international relations a Contracting State is responsible, except
those which are excluded by such State by written notice to the
depository of this Convention either at the time of ratification,
acceptance or approval or subsequently.
Article 71
Any Contracting State may denounce this Convention by written
notice to the depositary of this Convention. The denunciation shall
take effect six months after receipt of such notice.
Article 72
Notice by Contracting State pursuant to Articles 70 or 71 shall not
affect the rights or obligations under this Convention of that
State or of any of its constituent subdivisions or agencies or of
any national of that State arising out of consent to the
jurisdiction of the Centre given by one of them before such notice
was received by the depositary.
Article 73
Instruments of ratification, acceptance or approval of this
Convention and of amendments thereto shall be deposited with the
Bank which shall act as the depositary of this Convention. The
depositary shall transmit certified copies of this Convention to
States members of the Bank and to any other State invited to sign
the Convention.
Article 74
The depositary shall notify all signatory States of the following:
(a) signatures in accordance with Article 67;
(b) deposits of instruments of ratification, acceptance and
approval in accordance with Article 73;
(c) the date on which this Convention enters into force in
accordance with Article 68;
(d) exclusions from territorial application pursuant to Article 70;
(e) the date on which any amendment of this Convention enters into
force in accordance with Article 66; and
(f) denunciations in accordance with Article 71.
DONE at Washington, in the English, French and Spanish languages,
all three texts being equally authentic, in a single copy which
shall remain deposited in the archives of the International Bank
for Reconstruction and Development, which has indicated by its
signature below its agreement to fulfil the functions with which it
is charged under this Convention.
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