- The disputing parties may agree on a resolution of the dispute at any time before the tribunal issues its final award.
- Where a tribunal makes a final award against either of the disputing parties, the tribunal may award, separately or in combination, only:
- (a) monetary damages and any applicable interest; and
- (b) restitution of property, in which case the award shall provide that the disputing Member State may pay monetary damages and any applicable interest in lieu of restitution.
- A tribunal may also award costs and attorney’s fees in accordance with this Agreement and the applicable arbitration rules.
- A tribunal may not award punitive damages.
- An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case.
- Subject to paragraph 7 and the applicable review procedure for an interim award, the disputing party shall abide by and comply with an award without delay.
- The disputing party may not seek enforcement of a final award until:
- (a) in the case of a final award under the ICSID Convention:
- (i) 120 days has elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or
- (ii) revision or annulment proceedings have been completed;
- (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 33(1)(e):
- (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or
- (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal.
- (a) in the case of a final award under the ICSID Convention:
- A claim that is submitted for arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for purposes of Article 1 of the
New York Convention. - Each Member State shall provide for the enforcement of an award in its territory.
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