Part I General Framework and Fundamental Observations, 3 Finality of ICSID Awards

3.01 Finality of international awards is a distinctive feature of arbitration and a natural consequence of the long-recognized principles of pacta sunt servanda and res judicata.1 As early as 1907 the Hague Convention for the Pacific Settlement of International Disputes clearly stated the effect of the pacta sunt servanda principle in arbitral proceedings: ‘Recourse to arbitration implies an engagement to submit in good faith to the award’.2 Kenneth Carlston’s understanding on this point is also worth mentioning. He maintained that by entering into an arbitration...