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Non-Pecuniary Remedies: The Practice Of Declaratory Relief And Specific Performance In International Commercial Arbitration

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Chapter Summary

Under most developed national arbitration regimes, arbitrators have broad discretion in fashioning relief. The main issue arising in respect of non-monetary remedies such as declaratory relief and specific performance is that of appropriateness. This issue involves examination of factual elements but also legal factors that include the question of recognition and enforcement. Declaratory relief often aims at asserting the validity or invalidity of a contract, but it may also relate to the termination of a contract, of letters of credit, or of the arbitration clause. There are numerous examples of cases where the Iran-United States Claims Tribunal had to examine requests for specific performance or declaratory relief. International Centre for the Settlement of Investment Disputes (ICSID) tribunals most often grant relief in the form of pecuniary damages and not specific performance, as investors almost always seem to frame their claims in terms of monetary damages.

Keywords:arbitration clause; declaratory relief; ICSID; Iran-United States Claims Tribunal; monetary damages; national arbitration; non-monetary remedies; specific performance



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