Public international law recognizes certain grounds upon which an arbitral award may be vacated. The International Law Commission, in its 1958 Draft Articles on Arbitral Procedure, attempted to codify these principles as including exces de pouvoir, corruption, serious procedural misconduct and failure to state reasons. The 1965 ICSID Convention has largely adopted these grounds, and ICSID annulment jurisprudence has become highly significant in this field. The seminal decision on annulment of arbitration awards, however, remains the Permanent Court of Arbitration’s 1910 decision in the Orinoco Steamship case. The principles developed in Orinoco Steamship form the bedrock foundation of annulment practice today.
ASA Bulletin