ENFORCEMENT OF ICSID AWARDS: ARTICLES 53 AND 54 OF THE ICSID CONVENTION
This chapter discusses Articles 53 and 54 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention). Article 53's obligation to abide by and comply with an award is independent of the enforcement mechanisms provided for in Article 54. States cannot require that investors holding an award against the respondent State submit themselves to the procedures of Article 54 before an obligation to honour the award under Article 53 can arise. To allow this would be inconsistent with both the text and the drafting history of the ICSID Convention, would run counter to the practice of the vast majority of contracting States and the conclusions of ICSID tribunals, and would undermine the very foundation of the ICSID system.
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