ICSID Tahkim Yargılamasında Teminat

In international investment arbitration, security for costs may often be requested by respondent states from the foreign investor, who is unable to pay and generally seeks to exploit unfair or abusive arbitration proceedings. Especially with the increasing third-party financing of international investment arbitration, security for costs in arbitral proceedings is a frequently used method. Prior to the ICSID Arbitration Rules that entered into force on July 1, 2022, there was no explicit provision in the ICSID arbitration rules regarding the security for costs by the parties in arbitration proceedings. Likewise, the rules of other arbitration institutions do not contain a provision on the security for costs. Therefore, in order to protect their rights, the parties have previously requested security for costs from the arbitral tribunals in accordance with the provisions on interim measures. In this study, firstly, the situation in ICSID arbitration proceedings prior to the ICSID Arbitration Rules of 2022 will be explained by taking into account the decisions of the arbitral tribunals regarding security for costs. Then, the new regulation introduced by the ICSID Arbitration Rules of 2022 will be analyzed and a general assessment will be made. Arbitral tribunals have wide discretion in deciding on security for costs. In practice, however, despite the wide discretion of arbitral tribunals to order security for costs, decisions on the security for costs in ICSID arbitration proceedings have rarely been rendered and security for costs requests have generally been rejected. In this study, Article 53 of the ICSID Arbitration Rules 2022 …

Keywords:…

Security for Costs, Provisional Measure, Proportionality, Discretion, ICSID Arbitration Rules Article 53.…