Consent: Crossing A Jurisdictional Hurdle For An Arbitration Under The ICSID Convention.

The term jurisdiction is traditionally defined as the power of an adjudicatory body, such as a court or tribunal, to admit, hear and decide claims and make orders in relation those claims. In investment arbitration proceedings, a tribunal only has jurisdiction to the extent that the parties agree to submit to arbitration. There must be a written consent to arbitrate. This removes all doubt that the parties intended to contract out of the national court system.

The ICSID Convention is a treaty or International Agreement registered as such with the secretariat of the United Nations under Article 102 of the United Nations Charter. Its text was formulated by the Executive Directors of the International Bank for Reconstruction and Development- the IBRD or the World Bank, the latter name being a sobriquet that the institution eventually adopted officially.