The committee should consider the entire record to determine whether or not the tribunal failed to state reasons

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Tribunal can adopt its own reasoning without breaching a fundamental rule of procedure, as long as it remains within the legal framework argued by the parties

Tribunal could find that recommendations of provisional measures were binding, in view of the jurisprudence

Tribunal was empowered to ask for further evidence from claimant

In context, two lines of reasoning sufficed for application of adimpleti contractus exception

Tribunal’s terminology is not evidence of departure from legal framework

Tribunal correctly identified the law applicable to key parts of the merits

Committee’s discretion is not unlimited

Tribunal properly identified applicable law on counterclaims

No contradiction in upholding jurisdiction over caducidad claims

Tribunal did not exercise jurisdiction over third parties

The TPA’s object and purpose is deemed to be of little help

The TPA’s ordinary meaning implies that the tribunal lacks jurisdiction to order provisional measures that prevent the implementation of the measures that allegedly breached the TPA

Background: After Panama terminates their construction contract, the claimants lodge ICSID arbitration and ask for provisional measures

Tribunal adds that, even if it had jurisdiction, it would have rejected the provisional measures request

Main question in dispute concerns the tribunal’s power to order the requested provisional measures under the TPA

Tribunal orders Panama to refrain from liquidating the guarantee until the provisional measures decision is rendered

Looking at previous practice, committee sees no jurisprudence constante, but finds consistency on some points

Committee weighs the interests of both parties for and against the stay

Committee confirms power to order conditional stay, and orders Ecuador to provide a letter assuring compliance

Committee has “wide discretion” to extend the stay of enforcement

Committee clarifies criteria for exercising discretion

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