(4) The Tribunal may, if it considers that the
circumstances so require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his application, enforcement
shall be stayed provisionally until the Tribunal rules on such request.
Article 52
(1) Either party may request annulment of the award by an
application in writing addressed to the Secretary-General on one or more of the following
grounds:
(a) that the Tribunal was not properly constituted;
(b) that the Tribunal has manifestly exceeded its powers;
(c) that there was corruption on the part of a member of
the Tribunal;
(d) that there has been a serious departure from a
fundamental rule of procedure; or
(e) that the award has failed to state the reasons on which
it is based.
(2) The application shall be made within 120 days after the
date on which the award was rendered except that when annulment is requested on the ground
of corruption such application shall be made within 120 days after discovery of the
corruption and in any event within three years after the date on which the award was
rendered.
(3) On receipt of the request the Chairman shall forthwith
appoint from the Panel of Arbitrators an ad hoc Committee of three persons. None of the
members of the Committee shall have been a member of the Tribunal which rendered the
award, shall be of the same nationality as any such member, shall be a national of the
State party to the dispute or of the State whose national is a party to the dispute, shall
have been designated to the Panel of Arbitrators by either of those States, or shall have
acted as a conciliator in the same dispute. The Committee shall have the authority to
annul the award or any part thereof on any of the grounds set forth in paragraph (1).
(4) The provisions of Articles 41-45, 48, 49, 53 and 54,
and of Chapters VI and VII shall apply mutatis mutandis to proceedings before the
Committee.
(5) The Committee may, if it considers that the
circumstances so require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his application, enforcement
shall be stayed provisionally until the Committee rules on such request.