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...