- Table of Cases
- Table of International Treaties and Conventions
- Table of Rules and Resolutions
- Table of Legislation
- List of Contributors
- Policy Issues
- Investment, Investor, Nationality, and Shareholders
- Applicable Law
- Multilateral Investment Rules Revisited
- Interactions Between Investment and Non-investment Obligations
- Trade and Investment
- Admission and Establishment
- Standards of Treatment
- Coverage of Taxation Under Modern Investment Treaties
- Most-Favoured-Nation Treatment
- Emergency Exceptions: State of Necessity and <i>Force Majeure</i>
- Investment Insurance
- State Responsibility and Attribution
- Regulatory Transparency
- Corporate Social Responsibility
- Methods of Dispute Resolution
- Procedural Transparency
- Independence, Impartiality, and Duty of Disclosure of Arbitrators.
- Consent to Arbitration
- Jurisdiction and Admissibility
- The Jurisdictional Threshold of a Prima-Facie Case
- The Relationship between International Tribunals and Domestic Courts
- Parallel Proceedings
- Compensation, Damages, and Valuation
- Review of Awards
- An Appellate System in International Investment Arbitration?
- Compliance and Enforcement
- A Doctrine of Precedent?
- Tribunal's Powers versus Party Autonomy
Abstract and Keywords
This article discusses the issues related to the slow movement of international investment arbitration law through many procedural issues. It mainly focuses on the problem of compliance and enforcement for investment arbitration awards. It reveals the distinction between compliance with international investment instruments and the procedural issues of enforcement, recognition, and execution of arbitral decisions. It discusses the two basic systems in international investment arbitration concerning the review of arbitral awards. With respect to awards under the ICSID Convention, four court decisions involving challenges by states to the enforcement and/or execution of investment awards in national courts are discussed. This article raises a potentially serious question about the future of investor-state arbitration, in particular whether it is an effective system of justice and discusses most recent cases that clearly demonstrate the major weakness in the system for enforcement of investment awards.
Alan S. Alexandroff, Research Director, Program on Conflict Management and Negotiation, University of Toronto.
Ian A. Laird is Special Legal Consultant, Fulbright & Jaworski LLP, Washington, DC.
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