Part III Annulment Procedure, 12 Stay of Enforcement and Guarantees

12.01 Article 53(1) of the ICSID Convention provides that an ICSID award is binding on the parties, who must comply with its terms ‘except to the extent that enforcement shall have been stayed pursuant to the relevant provisions of this Convention’.1 That exception is provided in Article 52(5) of the Convention, which states that enforcement of ICSID awards may be stayed while the decision on an annulment request is pending.2 A request for annulment per se does not stay the enforcement of the award, but if the applicant requests the stay of enforcement in the...