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Convention on the Settlement of Investment
Disputes Between States and Nationals
of Other States
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 DIDPUTES
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 of 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
(1) 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.
(2) In the absence of a contrary designation, each governor and alternate governor
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 (f) 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 this 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 of
finance, who may be relied upon to exercise independent judgment. Competence in
the field of law shall be of particular importance in the case of persons on the Panel
of 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 of which he is a national, by that State.
(3) All designation 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
facilites, 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
Article 18
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 favourable 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 THE 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 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 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 of 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 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.
Article 31
(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 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 the 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 endeavour 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.
(2) 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 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
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 52 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.
(3) 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.
Article54
(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 judgment 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 DISQULIIFICATION 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 be 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 is well-founded the conciliator
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 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
(1) 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 depositary of this Convention of a notification to Contracting States that
all Contracting States have ratified, accepted or approved the amendment.
(2) No amendment shall affect the rights and obligations under this Convention of
any Contracting State or of any of its constituent subdivisions or agencies, or of any
national of such State arising out of consent to the jurisdiction of the Centre given
before the date of entry into force of 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 depositary 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 a 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 register this Convention with the Secretariat of the United Nations
in accordance with Article 102 of the Charter of the United Nations and the Regulations
thereunder adopted by the General Assembly.
Article 75
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.
(Signatures omitted)
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>정보센터>중재관련법규
