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Representation in International Investment Arbitration under the ISCID Convention

13 октября 2019

Nadmitov, Ivanov and Partners Law Firm provides representation in the International Investment Arbitration under the ISCID convention (International Center for Settlement of Investment Disputes).

Arbitration operates in accordance with the Investment Dispute Settlement Convention. The Convention considers two main ways of resolving disputes: conciliation of the parties and arbitration. Accordingly, the convention contains rules of procedure for the initiation of cases, for conciliation hearings and for the conduct of arbitration.

Number of arbitrators: The tribunal consists of a sole arbitrator or any odd number of arbitrators appointed by agreement of the parties.

Time frame: The case may take up to 39 months.

Cost: Each Commission and each Tribunal shall determine the fees and expenses of its members, within the limits established by the Governing Body and after consultation with the Secretary General. According to various studies, the average costs for the plaintiff reach $ 6,000,000 and for the defendant $ 5,000,000.

Positive aspects: The procedure allows the protected investor to avoid the burden of going to national courts to sue the state and the risk of bias by its national judges

Disadvantages: The high cost of investment arbitration is perhaps the only thing that keeps many investors from initiating a dispute settlement and is the subject of reform. The parties bear significant costs associated with the organization, payment for the services of experts and legal advisers. However, in recent years, third party funding is gaining popularity.

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