Environmental Engineering Reference
In-Depth Information
Although there are loopholes within the NY Convention, it represents a major
step within international arbitration. Acceptance and enforceability of arbitration
awards have increased tremendously. A possible investor must be aware of the fact
that Morocco has options to circumvent an arbitration award. The NY Convention
offers cases where enforcement can be refused, despite the binding character of the
award. Morocco should be aware that abusing exceptional provisions could affect
their reputation at an international level.
2.3
International Investment Arbitration
After finding the best forum for commercial arbitration, the next step is to find the
best arbitration institution for investment arbitration. It is also possible to have ad
hoc investment arbitration. However, based on the reasons above, ad hoc invest-
ment arbitration cannot be considered.
As mentioned above, investment arbitration deals with the ISDS. Usually the
ICSID, ad hoc tribunals according to UNCITRAL arbitration rules or the ICC deal
with matters of international investment arbitration.
248
Although courts like the
ICC and LCIA also deal with matters of investment arbitration, their main field of
action is still commercial arbitration.
249
Over the last few years, there has been an
increase in the usage of international commercial arbitration to solve investment
disputes.
250
Some parties chose investment arbitration, because it
(
...
) is swifter,
'
251
cheaper, more flexible, and more familiar for economic operators.
'
2.3.1 Alternative Dispute Resolution Instead of Investment
Arbitration
The costs of investment arbitration have increased dramatically over the last few
years.
252
Furthermore, the long duration of arbitration processes and the issue of a
missing appeal option against final verdicts are considered to be the disadvantages
of investment arbitration.
253
To avoid these drawbacks the United Nations
248
Zampetti and Sauv´ (
2007
), 211 (228-229); Tietje (
2010
), 5 (8-9); Reinisch (
2008
), 107 (111);
Vannieuwenhuyse (
2009
), 115 (127); Karl (
1994
), 809 (813).
249
Dolzer and Schreuer (
2008
), 225.
250
Moss (
2009
), 782 (793).
251
UNCTAD (
2010b
), 14; Concerning arbitration in general, in: Ozumba (
2009
), 4.
252
UNCTAD (
2010b
), 16.
253
Further aspects arguing against investment arbitration benefits, in: UNCTAD (
2010b
), 16-21.
