I. Definition
Following the issuance of an ICSID award, parties may request a handful of remedies, revision being one of them.1 The revision of an ICSID award implies a substantive alteration of its content, based on the discovery of new facts that were unknown at the time it was rendered and are of such nature as to affect the award decisively.2 Therefore, it is an exception to the principle of finality of awards.3
II. Requisites: Decisive and uknown facts
A request for revision must be based on the discovery of new facts.4 Those facts must be of such nature as to decisively affect the award, and must have been unknown, at the time of rendering the award, to both the tribunal and the party that applies for revision.5 In addition, the applicant may not invoke facts it ignored due to negligence.6 Some tribunals have also held that the discovered fact must predate the award.7 ICJ caselaw has also been followed to find guidance on the characteristics a new fact should bear.8
III. Procedure and time limits
IV. Distinction with other remedies
In short, a decision on interpretation clarifies the scope or the meaning of the award without revisiting the merits of the dispute, and leaves its content unaltered.15 Contrariwise, a decision on revision re-examines the merits of the dispute and –if upheld– modifies the award, while a successful bid for annulment invalidates (fully or partially) the decision contained in the award without a review on the merits.16
V. Effects of a request for revision
A. Stay of enforcement of the award
In case the applicant requests a stay of enforcement of the award, the Secretary General shall provisionally stay the enforcement until the tribunal decides on such request.17 If granted, the stay is automatically terminated when the tribunal issues its decision.18
B. Modification of the award
VI. Revision under the ICSID Additional Facility Rules
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