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International Investment Law for the 21st CenturyEssays in Honour of Christoph Schreuer$
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Christina Binder, Ursula Kriebaum, August Reinisch, and Stephan Wittich

Print publication date: 2009

Print ISBN-13: 9780199571345

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199571345.001.0001

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STATE IMMUNITY AND THE ENFORCEMENT OF INVESTOR-STATE ARBITRAL AWARDS

STATE IMMUNITY AND THE ENFORCEMENT OF INVESTOR-STATE ARBITRAL AWARDS

Chapter:
(p.302) 17 STATE IMMUNITY AND THE ENFORCEMENT OF INVESTOR-STATE ARBITRAL AWARDS
Source:
International Investment Law for the 21st Century
Author(s):

Andrea K. Bjorklund

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199571345.003.0017

This chapter begins by describing the regimes set forth for the enforcement of awards under the ICSID Convention and under the New York Convention. Though the routes each prescribes are different, each refers the prevailing party in a dispute to the municipal legal system(s) of State parties to the treaties in the event of a losing party's refusal to pay an award. Successful investors in investment arbitrations governed by either regime can thus run into difficulties in attempts to recover assets that are protected by municipal laws on sovereign immunity with respect to execution. The chapter illustrates the pitfalls investors can face both because of the protections States enjoy due to State immunity and the complexity of the interaction between the New York Convention and municipal State immunity laws. It serves to demonstrate Professor Schreuer's prescience with respect to the perennially intractable nature of State immunity with respect to enforcement.

Keywords:   enforcement, ICSID Convention, New York Convention, Foreign Sovereign Immunities Act, investment arbitration

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