Lawyers, other representatives, expert(s), tribunal’s secretary

    Rectification of Award

    1.

    On October 12, 2005, the Secretary-General of ICSID dispatched to the parties certified copies of the Award rendered by the Tribunal in this arbitration (the “Award”). On October 18, 2005, in accordance with Article 49 of the ICSID Convention and Rule 49 of the ICSID Arbitration Rules, the Respondent Romania submitted a Request for Rectification of the Award (the “Request”) dated October 17, 2005.

     

    3.

    By letter of October 19, 2005, the Claimant indicated that it had no objection to the rectification requested by the Respondent.

    4.

    On October 26, 2005, the Secretary-General registered the Request, pursuant to ICSID Arbitration Rule 49(2)(a). On the same date, the Secretary-General, in accordance with ICSID Arbitration Rule 49(2)(b), notified the parties of the registration of the Request and, in accordance with ICSID Arbitration Rule 49(2)(c) and (d), transmitted copies of the Request to Noble Ventures, Inc, and to each member of the Tribunal.

    5.

    The Tribunal has taken note of Romania’s Request for Rectification and of the Claimant’s lack of objections thereof. In accordance with ICSID Arbitration Rule 49(3), the members of the Tribunal have agreed that it would not be necessary for them to meet in order to consider the Request.

    6.

    The tribunal has taken into consideration Article 49(2) of the ICSID Convention, in accordance with which the Request is made, which reads, in pertinent part:

    The Tribunal upon the request of a party made within 45 days after the date on which the award was rendered may after notice to the other party decide any question which it had omitted to decide in the award, and shall rectify any clerical, arithmetical or similar error in the award. Its decision shall become part of the award and shall be notified to the parties in the same manner as the award.
    (...)

    8.

    Each party shall bear the entirety of the expenses incurred by it in connection with the present Decision. The costs, including fees of the members of the Tribunal, shall be borne by the parties in equal shares.

    9.

    For the purpose of ICSID Arbitration Rule 49(4), the present decision refers to the terms of the Award dated October 12, 2005, relating to the matters indicated in Arbitration Rule 47(1)(a-g). In accordance with Article 49(2) of the ICSID Convention, the present decision constitutes an integral part of the Award.

    Whole document
    para.
    Click on the text to select an element Click elsewhere to unselect an element
    Select a key word :
    1 /

    Instantly access the most relevant case law, treaties and doctrine.

    Start your Free Trial

    Already registered ?