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TCW Group, Inc and Dominican Energy Holdings, L.P. v. Dominican Republic (PCA)

Why it matters

This consent award illustrates the resolution of an investment treaty arbitration through settlement, highlighting the role of the Permanent Court of Arbitration in administering UNCITRAL proceedings. It demonstrates how parties can terminate arbitration by mutual agreement, with the tribunal issuing a consent award to formalize the termination and cost allocation.

Summary

TCW Group, Inc and Dominican Energy Holdings, L.P. initiated arbitration against the Dominican Republic under the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) and the UNCITRAL Arbitration Rules 1976. The dispute was settled, and the parties entered into a Settlement, Transfer and Mutual Release Agreement dated May 26, 2009. By joint letter dated June 30, 2009, they requested the tribunal to issue a consent award terminating the proceedings. The tribunal, composed of Prof. Dr. Karl-Heinz Böckstiegel (Chairman), Prof. Dr. Juan Fernández-Armesto, and Mr. Mark Kantor, issued the consent award on July 16, 2009, in New York. The award records that the disputes have been fully and finally settled, with no admission of liability by either party. The tribunal ordered termination of the proceedings, equal sharing of tribunal fees and PCA expenses, and each party bearing its own legal costs.

The detail

Parties: TCW Group, Inc and Dominican Energy Holdings, L.P. v. Dominican Republic

Case number: PCA Case No. 2008-06

Outcome: The arbitral proceedings were terminated by consent; each party bears its own costs and shares tribunal fees equally.

Applicable law: Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR); UNCITRAL Arbitration Rules 1976

Issues in play: The case involved a settlement agreement between the parties, with no admission of liability.

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