Page 85 - M & A Disputes

In fact, under Article 52 of the ICSID Convention, a party can only annul an arbitration award under five
grounds: the arbitration panel was not properly constituted, the panel manifestly exceeded its powers,
proof of corruption on the part of one of the panelists, the panel made a serious departure from a funda-
mental rule of procedure, or the panel failed to state the reasons on which the award is based. These dis-
crete grounds limit challenges to International Centre for Settlement of Investment Disputes awards,
which, in turn, leads to less litigation following arbitration awards.

An award of an arbitral tribunal rendered pursuant to chapter IV of the convention shall create a right arising under a treaty of the
United States. The pecuniary obligations imposed by such an award shall be enforced and shall be given the same full faith and
credit as if the award were a final judgment of a court of general jurisdiction of one of the several States. The Federal Arbitration
Act (9 U.S.C. 1 et seq.) shall not apply to enforcement of awards rendered pursuant to the convention.

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