Pursuant to Article 53 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of March 18 , 1965 (the “Washington Convention”), arbitral wards rendered within the framework of the International Centre for Settlement of Investment Disputes (ICSID) are binding on the arties and “shall not be subject to appeal.” The parties can, however:
- request that the arbitral Tribunal itself decide any question that it omitted to decide or that it rectify any clerical, arithmetical or similar error in the award (Art. 49(2)); - request interpretation and/or revision of the award, which must be submitted, if at all possible, to this same Tribunal (Arts. 50 and 51); - request the annulment of the award by an ad hoc Committee subject to the conditions and on the grounds set out in Article 52.
It must be pointed out that these remedies are exceptional, as specified in Article 53. Furthermore, the grounds for annulment, listed in Article 52, are limited: