Arbitration procedure in accordance with the convention on the settlement of investment disputes between states and nationals of the other states (ICSID)

ABSTRACTToday, it has been understood how important is the arbitration method to solvethe disputes resulting from international relationships.Investors who are willing to expand their investments out of their origin bordersare willing to invest in the countries where they are protected legally or at least treatedequally.On the other hand, countries which do not have sufficient financial sources ortechnological grounds to carry out huge projects are willing to attract foreigninvestors. The fundamental provision for this achievement is providing sufficient legalguarantees to the foreign investors.In those terms ICSID Arbitration has brought a necessary, effective andcontemporary mechanism. An arbitral award given through ICSID Mechanism is aseffective and applicable as a Court decision given in one of the signatory countries.Thus there is no need for enforcement proceedings for ICSID arbitral awards.Signatories of Washington Convention are all aware of this principle therefore they aredeemed as they have committed that they shall carry out this where required.International arbitration has also been discussed and criticized in Turkey.Those were especially focused until the disputes that may arise from concessioncontracts became eligible for arbitral resolution. However Turkey has signed manybilateral and multilateral investment treaties in which ICSID arbitration has beenreferred. These treaties have attracted many foreign investors.In this dissertation, after we have explained the general structure of ICSID, wehave explained ICSID proceeding mechanism. Particularly, we tried to explain how anapplication received by secretary general is converted into an arbitral proceeding; inwhich way the dispute is examined; provisional measures; arbitral award;interpretation, revision and annulment of the arbitral award; enforcement of thearbitral award at last.