Abstract
A review of recent International Centre for Settlement of Investment Disputes (ICSID) annulment decisions indicates that ICSID awards are increasingly coming under tighter scrutiny. On the other hand, national courts in ‘arbitration friendly’ jurisdictions, such as England, France and the United States, appear to be more reluctant to set aside arbitral awards. There may, therefore, be a tendency that the non-ICSID route with the seat of arbitration in an ‘arbitration friendly’ country is the safer option for a claimant investor. This tendency is confirmed by our empirical study among international arbitration experts. This article discusses challenging international arbitral awards and explores the important question: to ICSID or not to ICSID?
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