The Provisional Measures are frequently requested in the course of arbitrations, and the ICSID has compiled a comprehensive table with past requests for provisional measures, showing when requests for provisional measures in ICSID investment arbitration were granted and when they were rejected. In the International Centre for the Settlement of Investment Disputes (ICSID), convention allows parties, ICSID arbitration lawyer to request provisional measures from arbitral tribunals.

Sometimes, the provisional measures may take any form that the parties request or the tribunals consider appropriate. These measures may ensure the preservation of evidence, or provide the security for costs. Considering the Article 47 of the ICSID Convention, the arbitral tribunals are vested with the power to grant “any” provisional measures which they deem necessary. “Except as the parties otherwise agree, the Tribunal may, if it considers that the circumstances so require, recommend any provisional measures which should be taken to preserve the respective rights of either party.” Furthermore, according to the Rule 39 of the ICSID Arbitration Rules lays out the procedure for granting provisional measures in ICSID investment arbitration. An application to a tribunal must include the rights the party is seeking to preserve, the types of measures requested and the circumstances that make them necessary.

Moreover, the threshold for granting provisional measures of any kind is usually high and tribunals are guided by the principles of urgency and necessity in their assessment of whether the circumstances warrant the requested protection to prevent irreparable harm to the rights of the party. Although the high threshold required, provisional measures in ICSID investment arbitrations are an important tool for both investors and Respondent States, as they can guarantee both parties’ cooperation during the arbitration, safeguard the parties’ interests and help to ensure compliance with an eventual award.

To learn more about the ICSID investment arbitration, feel free to visit https://www.international-arbitration-attorney.com/