Author(s)

Lu Liu

Corresponding Author

Lu Liu

Abstract

"International Center for Settlement of Investment Disputes" (ICSID) arbitration mechanism is one of most important international investment dispute settlement mechanism nowadays, as the case it is handling is very special, often concerns in the government acts of the host state, the subject matter is of a huge amount and with immerse influences, so the fairness and consistency of the ICSID arbitral award is of vital importance. In this concern, the ICSID set up an independent in-built relief for the supervision of its awards, i.e. the ICSID arbitral award annulment mechanism. On one hand, the mechanisms is endowed with inherent uniqueness and advantage; while on the other hand, the ICSID arbitration awards annulment mechanism is only focusing on the procedural review, it has no right to review the substantive matters, and omnipresent contradicting interpretations and inconsistent awards nullified this mechanism. This paper focuses on the status quo of annulment mechanism; it analyzes the defects and the current crisis of the system from the perspective of five grounds for annulment, and proposes suggestions for improvements.

Keywords

ICSID, Annulment Procedure , Procedural Review.