Enforcement Of ICSID Awards In Turkey

Enforcement of ICSID Awards in Turkey

While the ICSID Convention lacks a specific procedure to be followed in the enforcement of ICSID awards, it provides under Article 54/1 that each Contracting State shall recognize an award rendered pursuant to this Convention as binding and enforce the pecuniary obligations imposed by that award within its territories as if it were a final judgment of a court in that State. According to Yargıtay, although ICSID Convention does not refer to a recognition and enforcement procedure, the Turkish Private International and Procedural Law Act (PILA) no. 5718 article 50 to 60, and article 54/ 2 of the Convention warrant a pre-condition for the execution of ICSID awards. Indeed, ICSID Convention refers to a requirement before the execution of arbitral awards in its art. 54/2 which states: "A party seeking recognition or enforcement in the territories of a Contracting State shall furnish to a competent court or other authority which such