Principle of Finality of Arbitration Award in International Procedural Law

This work represents the complex research of the finality of arbitral awards both in international commercial and investment arbitration. The author examines the principle of finality of arbitral awards in the context of their finality as to the merits since nowadays there is obviously no need to argue that arbitral awards are not absolutely final. Both international trearies and national procedural laws contain the list of grounds to challenge/dismiss the recognition and enforcement of the awards. In this research the author analyses the doctrine and case law with respect to the following key questions: - the distinction of the types of decisions rendered by the arbitral tribunals; - the variety of approaches to the issue of finality of arbitral awards in different jurisdictions; - the use of public policy defence as a prerequisite to intervene into the substance of the award on the merits; - the search of mechanisms to ensure the finality of arbitral awards. The research puts a particular accent on the analysis of the case law because the state courts obviously represent the main threat to the principle of finality. Additionally, the author analyses the principle of finality in context of the investment disputes resolution using the example of ICSID ad hoc annulment committee. In the end, the author comes to the conclusion that the finality of arbitral awards is not sufficiently respected by the state courts. To resolve this problem the author suggests that the balanced approach of English courts be used which in principle allows certain degree of intervention into the substance of the award but at the same time preserves its finality by means of efficient procedural tools.