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ARTICLE · 25 MARCH 2024

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ICSID Updates Guidance On Annulment Of Investment Arbitration Awards

Schellenberg Wittmer Ltd
Schellenberg Wittmer Ltd
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Schellenberg Wittmer Ltd

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On 11 March 2024, the World Bank's International Center for Settlement of Investment Disputes ("ICSID") released the third edition of its Background Paper on Annulment ("Updated Background Paper").

SwitzerlandLitigation, Mediation & Arbitration

On 11 March 2024, the World Bank's International Center for Settlement of Investment Disputes ("ICSID") released the third edition of its Background Paper on Annulment ("Updated Background Paper"). First published in 2012 and previously updated in 2016, the Updated Background Paper provides a thorough examination of the annulment mechanism under the ICSID Convention.

In its revised third edition, the paper includes new data and updated charts and tables with respect to relevant case law on annulment proceedings from 16 April 2016 through 31 December 2023. Specifically, the latest update incorporates 104 new annulment proceedings, 73 new annulment decisions, and 78 new decisions on the stay of enforcement of an award issued since the last iteration of the Background Paper published in May 2016.

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