In Turkey has been started implementation process of the decision taken by Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) with regard to cases \u00abKili\u00e7 In\u015faat Ithalat Ihracat Sanayi ve Ticaret Anonim \u015eirketi\u00bb and \u00abI\u00e7kale In\u015faat Limited \u015eirketi\u00bb as well as UNCITRAL arbitration proceedings \u00abErhas Di\u015f Ticaret Ltd. \u015eti, et al\u00bb vs Turkmenistan.\u00a0\u00bb
\nIt should be noted that at the UNCITRAL arbitration proceedings along with \u00abErhas Di\u015f Ticaret Ltd. \u015fti, et al\u00bb were attended by 11 Turkish companies and 11 individuals. \u00abKili\u00e7 In\u015faat Ithalat Ihracat Sanayi ve Ticaret Anonim \u015eirketi\u00bb, \u00abI\u00e7kale In\u015faat Limited \u015eirketi\u00bb and \u00abErhas Di\u015f Ticaret Ltd. \u015fti, et al \u00bbare Turkish companies.
\nDecisions adopted by international arbitrations indicate quite clearly, firstly, inadequate organization of its activities by Turkish companies in Turkmenistan on the basis of the signed contracts and, secondly, they have no adequate experience in the implementation of the assumed contractual obligations.
\nAccording to international law the decision of ICSID is legally-binding for its parties and not subject to appeal, except in cases provided for by the Convention on the Settlement of Investment Disputes between States and Nationals of other States of 1965 (the Washington Convention). Each party must comply and perform actions to meet the requirements of arbitration. Under the Convention, each State party recognizes the decision of the arbitration rendered in accordance with the Convention as binding, and ensures the implementation of financial obligations imposed by the decision, within their territory in the same way as if it were a final decision of a judicial authority of that State.
\nParty interested in the execution of the decision, shall submit to the appropriate judicial authority of the State party a copy of the arbitration decision, certified by the Secretary General. Enforcement of arbitration shall be in accordance with the law on the execution of judgments in force.
\nThe peculiarity of the Washington Convention is that it imposes on Member States to consider the ICSID arbitration decisions as legally binding by recognizing them as made by the courts of that State.<\/p>\n","protected":false},"excerpt":{"rendered":"
In Turkey has been started implementation process of the decision taken by Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) with regard to cases \u00abKili\u00e7 In\u015faat Ithalat Ihracat Sanayi ve Ticaret Anonim \u015eirketi\u00bb and \u00abI\u00e7kale In\u015faat Limited \u015eirketi\u00bb as well as UNCITRAL arbitration proceedings \u00abErhas Di\u015f Ticaret Ltd. \u015eti, et al\u00bb
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