Tag: procedure icsid

Arhive procedure icsid - Quick Consulting

Romania is a party to the Convention for the Settlement of Investment Disputes between States and Persons of Other States,(ICSID dispute resolution) concluded in Washington in 1965, known as the ICSID (International Center for Settlement of Investment Disputes) Convention. The Convention regulates the operation and establishment of the International Center for the settlement of relative investment disputes (ICSID in English). The convention contains regulations regarding the procedure of settlement by arbitration or by conciliation of the disputes related to investments. The rules of procedure are explained by the regulations approved by the Board of Directors, the most important being the Arbitration Regulation which explains the rules based on which the arbitration litigation is carried out and contains all the guidance elements necessary for the management of an arbitration litigation. The ICSID Convention and Regulations are posted on the ICISD portal.

Foreign investors can settle disputes with the state by notifying ICSID; for ICSID dispute resolution; through an arbitration request. Investor citizenship is not important, for example, the famous Micula case in which these claimants were Romanian citizens but they invested money obtained abroad.

The arbitration request must have a certain form and contain information such as: the data of the parties, the litigant state, evidence, supporting documents, etc. The application must be submitted to the Secretary-General in five copies, and the party who submitted it may unilaterally withdraw.