International Centre for Settlement of Investment Disputes – ICSID

It is an international center established for the settlement of investment disputes arising between the States Parties to the “Convention for the Settlement of Investment Disputes between States and Nationals of Other States” within the World Bank group and the citizens of other States party to this Convention.  It has an international legal entity, so it can sign contracts, own movable/immovable property and has the right and capacity to file legal lawsuits.           

The ICSID is not a court. It aims to resolve disputes through mediation or arbitration. ICSID does not resolve disputes itself, it creates the legal environment for resolution. Unlike other arbitrations, ICSID has direct enforcement capabilities, it does not require enforcement action.  ICSID arbitral awards are binding, non-appealable, recognizable and enforceable in all countries.The ICSID General Secretariat shall be contacted for the interpretation or correction of the decision.

 As a result of a dispute, it is not possible for either party to withdraw the consent of one of the parties after declaring their consent to ICSID Arbitration and to request withdrawal from the arbitration, it is a mandatory arbitration in this respect.  In the event that the Contracting State leaves the Convention, its binding force shall cease if six months have elapsed since the decision reached the Centre.