Foreign investment disputes: cases, materials and commentary
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Datensatz im Suchindex
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| adam_text | Titel: Foreign investment disputes
Autor: Bishop, R. Doak
Jahr: 2005
Contents
Acknowledgements v
Chapter 1
Foreign Investment Disputes 1
I. Introduction 1
II. A Brief History of Foreign Investment 2
III. The International Commitment to Encouraging and Protecting
Foreign Investment 7
IV. What is a Foreign Investment Dispute? 9
V. Investment Treaties 10
VI. International Forums for Resolving Investment Disputes 11
VII. Political Risk Insurance 13
VIII. Applicable Law 13
IX. International Claims 14
X. Procedure and Proof 16
XI. Transparency and the Role of NGOs 16
XII. Sovereign Immunity and the Enforcement of State Awards 17
XIII. Format 17
CHAPTER 2
Treaty Schemes for Bilateral Investment Disputes 19
I. Introduction: Why Treaties have been Concluded with Respect to
International Investment 19
A. Jeswald W. Salacuse, BIT by BIT: The Growth of Bilateral Investment
Treaties and Their Impact on Foreign Investment in Developing
Countries, 24 Int l Law 655, 659-60 (1990) 19
B. Comments and Questions 20
II. Precursors of Modern Investment Treaties 21
A. Kenneth J. Vandevelde, The Bilateral Investment Treaty Program of
the United States, 21 Cornell Int l L.J. 201, 203-08 (1988) 21
B. Comments and Questions 23
C. Treaty of Friendship, Commerce, and Consular Rights, June 15, 1931,
U.S.-Pol., 11 Bevans 237 23
FOREIGN INVESTMENT DISPUTES
D. Comments and Questions 30
III. History of Attempts to Create Bilateral Investment Treaties 31
A. Jeswald W. Salacuse, BIT by BIT: The Growth of Bilateral Investment
Treaties and Their Impact on Foreign Investment in Developing
Countries, 24 Int l Law 655, 655-59 (1990) 31
B. Comments and Questions 33
C. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Br. Y.B. Int l L. 241, 241-42 (1981) 33
IV. What Should be Addressed in an Investment Treaty? 35
A. Eli Lauterpacht, The Drafting of Treaties for the Protection of
Investment, 1962 Int l Comp. L.Q. (Supp. Publ. No. 3) 18, 24-34 35
B. Comments and Questions 42
C. W. Michael Reisman Mark Wiedman, Contextual Imperatives
of Dispute Resolution Mechanisms: Some Hypotheses and Their
Applications in the Uruguay Round and NAFTA, Journal of World
Trade June 1995, at 5,5-11 43
D. Comments and Questions 46
V. Modern Investment Treaties 47
A. Bilateral Treaties 47
1. Rudolf Dolzer Margrete Stevens, Bilateral Investment Treaties
10-11 (1995) 47
2. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice 19-20 (1992) 47
3. Treaty Between the Government of the United States of America and
Government of [Country] Concerning the Encouragement and
Reciprocal Protection of Investment, 1-36 (2004), available at
http://www.state.gov/documents/organization/38710.pdf 48
4. Agreement Between the Government of the United Kingdom of Great
Britain and Northern Ireland and the Government of [...] for the
Promotion and Protection of Investments 73
5. Chapter on Dispute Resolution in US Singapore FTA Agreement,
available at http://www.ustr.gov/assets/Trade_Agreements/Bilateral/
Singapore JFTA/FinaLTexts/asset_uploadJFile708_4036.pdf 79
6. Chapter on Dispute Resolution in US Chile FTA Agreement,
available at http://www.ustr.gov/assets/Trade_agreements/Bilateral/
Chile_FTA/FinaLTexts/asset_upload/File l _4004.pdf 97
7. Comments and Questions 119
B. Multilateral Treaties 120
1. North American Free Trade Agreement, Dec. 17, 1992, Can.-Mex.-
U.S., 321.L.M. 605 120
2. Energy Charter Treaty, http://www.encharter.org/ 127
3. Free Trade Agreement of the Americas, http://www.ftaa-alca.org/
alca_e.asp 127
CONTENTS
4. Mercosur Agreement, http://www.sice.oas.org/trade/mrcsr/
mrcsrlO.asp 127
VI. Structure of the Treaties and Obligations Undertaken by States 127
A. Definitions 127
1. Investments Defined 127
2. Investment Disputes Denned 127
B. General Obligations (e.g., Minimum International Law Standards) 128
C. Expropriation Standards 128
D. Currency Transfer Standards 128
E. Dispute Resolution 128
1. Jurisdictional or Procedural Prerequisites to Invoking International
Arbitration 128
2. Forums to which Consent is Given 128
3. Compahia de Aguas del Aconquija S.A. v. Argentina Republic (The
Vivendi Case), ICSID Case No. ARB/97/3, Decision on Annulement
of 3 July 2002, 411.L.M. 1135, 1140 (2002) 129
4. Compahia de Aguas del Aconquija S.A. v. Argentina, ICSID Case
No. ARB/97/3, Decision on Annulment of 3 July 2002, 41 I.L.M.
1135, 1144-45, 1157-58 (2002) 130
5. Application to Subdivisions 132
F. Convention on the Settlement of Investment Disputes Between States
and Nationals of Other States (Oct. 14,1966) 204
G. Comments and Questions 209
VII. Interpretation of Treaties 209
A. Vienna Convention on the Law of Treaties, opened for signature 23
May 1969, 1155 U.N.T.S. 331, 8 I.L.M. 679 209
B. Comments and Questions 211
Chapter 3
investment contracts and key clauses 213
I. Introduction 213
II. Types of Investment Contracts 215
A. Oil and Gas 215
1. Concessions 215
a. Ernest E. Smith, et al., Concessions, Production Sharing, and
Participation Agreements for Developing a Country s Resources, in
International Petroleum Transactions (2d ed. 2000 Rocky Mountain
Mineral Law Foundation) 215
b. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 218
2. Production Sharing Agreements 219
a. E.E. Smith, et al., John S. Dzienkowski, Concessions, Production
Sharing, and Participation Agreements for Developing a Country s
Resources, Chapter 6, in International Petroleum Transactions (2d ed.
2000 Rocky Mountain Mineral Law Foundation) 219
FOREIGN INVESTMENT DISPUTES
b. M. Somarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 219
3. Licenses 220
a. Ernest E. Smith, et al., Concessions, Production Sharing, and
Participation Agreements for Developing a Country s Resources,
Chapter 6 in International Petroleum Transactions (2d ed. 2000
Rocky Mountain Mineral Law Foundation) 220
4. Risk Service Contracts 222
a. Daniel Johnston, International Petroleum Fiscal Systems and
Production Sharing Contracts (PennWell 1994) 222
B. Joint Ventures 222
1. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 222
C. Build, Operate and Transfer Agreements 223
1. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 223
III. Key Investment Contract Clauses 225
A. Choice of Forum 225
1. Arbitration and Expert Determination Clauses 225
a. Enforceability of an Arbitration Clause 225
i. Charles E. Stewart, Commentary I.I, in 1 Transnational Contracts,
(Charles E. Stewart et al. eds., Oceana Publications, Inc 1997) 225
ii. R. Doak Bishop, A Practical Guide For Drafting International
Arbitration Clauses, 1 Int l Energy L. Tax n Rev. 16 (2000) 225
iii. Gary B. Born, International Arbitration and Forum Selection
Agreements (Kluwer Law International 1999) 227
b. Examples of Arbitration and Expert Determination Clauses 228
i. ICSID Model Clauses 228
ii. UNCITRAL Model Arbitration Clause 230
iii. ICC Model Clause 230
iv. Angola Model Production Sharing Agreement for Deep Water Blocks
(February 1992), 156 Basic Oil Laws Concession Contracts:
South Central Africa 1 (Supplement 141) (2004) 230
v. Trinidadian Tobagon Model Production Sharing Contract for
Deep Water Areas, IHS Energy, Petroleum Economics and Policy
Solutions (PEPS) Database at http://www.ihsenergy.com 231
vi. UMC Production Sharing Contract Dated 29 June 1992 Between
the Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1 (1998) 232
vii. AIPN Model Form International Operating Agreement art. 18.2 (D)
(2002) 234
viii. AGIP/BP/ETAL Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
NIS 2 (Supplement 39) (2003) 237
CONTENTS
ix. AIPN Model Form International Operating Agreement art. 18.3
(2002) 238
c. Mitsubishi Motors Corporation v. Soler Chrysler-Plymouth, Inc.,
473 U.S. 614, 626, 628-31, 636-39 (1985) 239
d. National Iranian Oil Company v. Ashland, 817 F.2d 326 (5th Cir.
1987) 241
e. Comments and Questions 242
2. Forum Selection Clauses 243
a. AIPN Model Form International Operating Agreement, art. 18.2 (A),
Alternative 1 (1995) 243
b. MIS Bremen v. Zapata Off-Shore Company, 407 U.S. 1 (1972) 243
c. Gary B. Born, International Arbitration and Forum Selection
Agreements (Kluwer Law International 1999) 246
d. R. Doak Bishop David B. Lee, Enforceability of Forum - Selection
Clauses in International Commercial Contracts, Currents: Int l Trade
L.J., Fall 1995 at 20 251
e. Comments and Questions 254
B. Choice-of-Law 255
1. Examples of Choice-of-Law Clauses 255
a. Trinidadian Tobagon Model Production Sharing Contract for Deep
Water Areas, IHS Energy, Petroleum Economics and Policy Solutions
(PEPS) Database at http://www.ihsenergy.com 255
b. UMC Production Sharing Contract Dated 29 June 1992 Between the
Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1(1998) 255
c. Oil Concession Agreement Dated 13 October 1980 Between the
Government of Abu Dhabi Amerada Hess Petroleum Abu Dhabi
Ltd., 75 Basic Oil Laws Concession Contracts: Middle East 2
(1982) 256
d. Pennzoil/Lukoil Group Agreement Dated 10 November 1995 on
Production Sharing for the Karabakh and Area Adjacent in the
Azerbaijan Sector of the Caspian Sea Between the State Oil Co. of the
Azerbaijan Republic (Socar) and Lukoil International, et al., 52 256
e. Texaco Exploration Pakistan Petroleum Concession Agreement Dated
6 November 1990 Between the Islamic Republic of Pakistan, Oil
Gas Development Corp., Texaco Exploration Pakistan Inc., 116
Basic Oil Concession Contracts: Asia Australia 1 (1993) 256
f. AIPN Model Form International Operating Agreement art. 18.1
(2002) 256
2. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 257
3. Charles E. Stewart, Commentary I.I, in 1 Transnational Contracts
(Charles E. Stewart etal. eds., Oceana Publications, Inc. 1997) 259
4. R. Doak Bishop, A Practical Guide For Drafting International
Arbitration Clauses, 1 Int l Energy L. Tax n Rev. 16 (2000) 261
5. Case Law on Choice-of-Law Clauses 263
FOREIGN INVESTMENT DISPUTES
a. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No ARB/98/4,
Annulment Decision of 28 January 2002, 41ILM 933 (2002) see
Chapter 6 263
b. Mobil Oil Iran, Inc. v. Government of the Islamic Republic of Iran,
Award of 14 July 1987 16 Iran-U.S. Cl. Trib. Rep. 3 see Chapter 6 264
c. AGIP Company v. Popular Republic of the Congo, ICSID Case No.
ARB/77/1, Award of 30 November 1979, 1 ICSID Rep. 306 (1993)
see Chapter 6 264
d. British Petroleum Co. (Libya) Ltd. v. Government of the Libyan Arab
Republic, Award of 10 October 1973, 5 Y.B. Comm. Arb. 143 (1980)
see Chapter 6 264
e. Texaco Overseas Petroleum Company/California Asiatic Oil Company
v. Government of the Libyan Arab Republic, Award on Merits of 19
January 1977, 17 I.L.M. 1 (1978) see Chapter 6 265
f. Libyan American Oil Company v. Government of the Libyan Arab
Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) see Chapter 6 265
g. Sapphire International Petroleums Ltd. v. National Iranian Oil Co.,
Award of 15 March 1963, 35 I.L.R. 136 (1967) see Chapter 6 265
h. Case No. 3380 (ICC November 29,1980) 108 J. du droit Int l 928
(Clunet, No. 4, 1981) see Chapter 6 266
6. Comments and Questions 266
C. Force Majeure 267
1. Examples of Force Majeure Clauses 267
a. Angola Model Production Sharing Agreement For Deep Water
Blocks (February 1992), 156 Basic Oil Laws Concession Contracts:
South Central Africa 1 (Supplement 141) (2004) 267
b. Trinidadian Tobagon Model Production Sharing Contract for Deep
Water Areas, IHS Energy, Petroleum Economics and Policy Solutions
(PEPS) Database at http://www.ihsenergy.com 267
c. UMC Production Sharing Contract Dated 29 June 1992 Between the
Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1(1998) 268
d. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea V.B., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 269
e. Restated LNG Development Production Sharing Agreement for
the North Field Gas Dated 31 January 1993 Between the Government
of the State of Qatar and (as Contractor) Qatar General Petroleum
Corporation, et al., 58 World LNG Contracts: Qatar 1 (2003) 271
f. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 271
g. AIPN Model Form International Operating Agreement art. 16 (2002) 272
2. National Oil Corp. v. Libyan Sun Oil, Award of 31 May 1985,29
I.L.M. 565 (1990) 273
CONTENTS
3. Charles E. Stewart (ed.), Commentary I.I in Transnational Contracts,
(Oceana Publications, Inc. 1997) 279
4. Karl Heinz Bockstiegel, Arbitration and State Enterprises (Kluwer
Law International 1984) 280
5. Comments and Questions 285
D. Stabilization 286
1. General Considerations 286
a. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int l LJ. 215 (1996) 286
b. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 289
2. Examples of Stabilization Clauses 290
a. Offshore (oil Winning License) Agreement Date 10 January 1978
between Government of Ghana Offshore Hydrocarbons Corporation
(Later Transferred to Agri-Petco), 58 Basic Oil Laws Concession
Contracts: South Central Africa 22 (1980) 290
b. Amoco Group Agreement Dated 14 December 1996 on the
Exploration, Development Production Sharing for Prospective
Structures Ashrafi, Dan Ulduzu Area Adjacent in the Azerbaijan
Sector of the Caspian Sea, 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 24) (2003) 291
c. Oman Model Exploration Production Sharing Agreement of 2002,
(2003), www.barrowscompany.com, Basic Oil Laws Concession
Contracts: Middle East 291
d. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 292
e. Charles E. Stewart (ed.), Commentary I.I in Transnational Contracts
(Oceana Publications, Inc. 1997) 293
3. Types of Stabilization Provisions 295
a. Christopher T. Curtis, The Legal Security Of Economic Development
Agreements, 29 Harv. Int l LJ. 317 (1988) 295
b. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int l L.J. 215 (1996) 295
c. Bertrand Montembault-Heveline Rebecca Major, Stabilisation, in
2 AIPN Host Government Contract Handbook (AIPN July 2002) 298
d. Amoco International Finance Corp. v. Government of the Islamic
Republic of Iran, Award No. 310-56-3 of 14 July 1987, 15 Iran-U.S.
Cl.Trib.Rep. 189 299
e. Libyan American Oil Company v. Government of the Libyan Arab
Republic, Award of 12 April 1977, 201.L.M. 1 (1981) 301
4. Comments and Questions 302
E. Adaptation and Renegotiation 303
1. Examples of Adaptation and Renegotiation Clauses 303
FOREIGN INVESTMENT DISPUTES
a. Restated LNG Development Production Sharing Agreement for
the North Field Gas Dated 31 January 1993 Between the Government
of the State of Qatar and (as Contractor) Qatar General Petroleum
Corporation, et al, 58 World LNG Contracts: Qatar 1 (2003) 303
b. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 303
2. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int l LJ. 215 (1996) 304
3. Bertrand Montembault-Heveline Rebecca Major, Stabilisation,
in 2 AIPN Host Government Contract Handbook (AIPN July 2002) 304
4. M. Sornarajeh, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 306
5. Comments and Questions 307
F. Waiver of Sovereign Immunity Clauses 308
1. Examples of Sovereign Immunity Waiver Clauses 308
a. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 308
b. 1997 Model Production Sharing Agreement between Sociedade
Nacional de Combustiveis de Angola - Unidade Economica Estatal
(Sonangol, U.E.E.) and Contractor, 137 Basic Oil Laws Concession
Contracts: South Central 1 (1999) 308
c. Oman Model Exploration Production Sharing Agreement of 2002,
(2003), www.barrowscompany.com, Basic Oil Laws Concession
Contracts: Middle East 309
d. Production Sharing Contract for the Petroleum Exploration,
Development and Production of Suriname, Block [...]
between Staatsolie Maatschappij Suriname N.V. and Contractor,
153 Basic Oil Laws Concession Contracts: South America 18
(2003) 309
e. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 309
f. AIPN Model Form International Operating Agreement art. 18.4
(2002) 310
2. Charles E. Stewart (ed.), Comentary I.I in Transnational Contracts
(Oceana Publications Inc. 1997) 310
3. Comments and Questions 311
G. Other Clauses 311
1. Charles E. Stewart (ed.), Comentary I.I in Transnational Contracts
(Oceana Publications Inc. 1997) 311
IV. Implied Clauses from Civil Law Codes 314
A. Good Faith 314
CONTENTS
1. UNIDROIT Principles of International Commercial Contracts,
art. 1.7(2004) 314
2. El Salvadoran Civil Code, art. 1417 315
B. Doctrine of Imprecision or Changed Circumstances 315
1. Italian Civil Code, art. 1467 315
2. Argentina Code of Civil Procedure, art. 1198 315
3. El Salvadoran Commerical Code, art. 994 315
4. UNIDROIT Principles of International Commercial Contracts,
art. 6.2 (2004) 316
C. Comments and Questions 316
Chapter 4
Forums for resolving foreign investment Disputes 317
I. Introduction 317
II. Permanent Mixed Arbitration Tribunals 317
A. ICSID 318
1. Advantages 318
a. W. Michael Reisman, Systems of Control in International
Adjudication and Arbitration: Breakdown and Repair 46-47 (1992) 318
2. Jurisdiction 319
a. ICSID Convention Article 25(1) 319
3. Legal Dispute 319
a. Christoph H. Schreuer, The ICSID Convention: A Commentary
103-06(2001) 319
b. Kaiser Bauxite Co. v. Jamaica, ICSID Case No. 74/3, Decision on
Jurisdiction of 6 July 1975, 1 ICSID Repts. 296, 303 (1999) 321
c. Comments and Questions 322
d. CSOB v. Slovakia, ICSID Case No. ARB/97/4, Decision on
Jurisdiction, 24 May 1999, 14 ICSID Rev. - Foreign Inv. L.J. 251,
272 (1999) 323
4. Arising directly out of an investment 324
a. Treatises 324
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
121-25(2001) 324
ii. C.F. Amerasinghe, The Jurisdiction of the International Centre
for the Settlement of Investment Disputes, 19 Indian J. Int l L.
166, 177-81 (1979) 327
iii. Paul C. Szasz, A Practical Guide to the Convention on Settlement
of Investment Disputes, 1 Cornell Int l L.J. 1, 14-15 (1968) 330
iv. Comments and Questions 331
b. Definitions in U.S. Model BIT, ECT, NAFTA 331
c. Definitions in Local Foreign Investment Law 331
i. Tradex Hellas S.A. v. Albania, Case No. ARB/94/2, Decision on
Jurisdiction of 24 December 1996, 14 ICSID Rev. - Foreign Inv.
L.J. 197,216-18(1999) 331
d. Definitions in Parties Contract 333
FOREIGN INVESTMENT DISPUTES
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
126-28 (2001) 333
e. Cases 335
i. Olguin v. Paraguay, ICSID Case No. ARB/98/5, Decision on
Jurisdiction of 8 August 2000, available at http://www.worldbank.
org/icsid/cases/paraguay-decision.pdf (last visited 25 May 2005) 335
ii. Fedax N.V. v. Venezuela, ICSID Case No. ARB96/3, Decision on
Jurisdiction of 11 July 1997, 37 I.L.M. 1378, 1383 (1998) 335
iii. Tradex v. Albania Hellas S.A., Case No. ARB/94/2, Decision on
Jurisdiction of 24 December 1996, 14 ICSID Rev. - Foreign Inv.
LJ. 197,225-26 (1999) 337
iv. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB/93/1,
Award of 21 February 1997, 36 I.L.M. 1531, 1538-39, 1543-44,
(1999) 338
v. CSOB v. Slovakia, ICSID Case No. ARB/97/4, Award of 24 May
1999, Decision on Jurisdiction, 24 May 1999, 14 ICSID Rev. -
Foreign Inv. LJ. 251, 276-77 (1999) 340
vi. Amco Asia Corp. v. Indonesia, ICSID Case No. ARB/81/1, Decision
on Jurisdiction of 25 September 1983, 1 ICSID Reports 377,405,
565 (1993) (tax claim excluded) 341
f. Conclusion 344
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
138-41 (2001) 344
ii. Comments and Questions 346
5. Parties 346
a. Contracting State or Constituent Subdivision or Agency 346
i. ICSID Convention Article 25 Criteria 346
ii. Cable Television of Nevis Ltd. v. Federation of St. Kitts and Nevis,
Award of 13 January 1997, ICSID Case No. ARB/95/2, Award of
13 January 1997, 13 ICSID Review - Foreign Inv. L. J. 328, 334-52
(1998) (government agency not designated to ICSID) 346
iii. Compania de Aguas del Aconquija S.A. v. Argentine Republic (The
Vivendi Case), ICSID Case No. ARB/97/3, Decision on Annulment
of 3 July 2002,411.L.M. 1135, 1140 (2002) 352
b. National of another Contracting State 352
i. Amco Asia Corp. v. Indonesia, ICSID Case No. ARB/81/1,
Decision on Jurisdiction of 25 September 1983,1 ICSID Reports
389,395-97 352
ii. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB93/1,
Award of 21 February 1997, 36 I.L.M. 1531 (ICSID 1999) (case
can be brought in name of direct foreign parent of local company) 355
iii. Societe Ouest Africaine des Betons Industriels [SOABI] v. Senegal,
ICSID Case No. ARB82/1, Decision on Jurisdiction of 1 August
1984, 2 ICSID Rep. 175,179-83 355
iv. Vacuum Salt Prod., Ltd. v. Ghana, ICSID Case No. ARB/92/1,
Award of 16 February 1994,4 ICSID Reports 329, 331-40, 344-51
(1997) (lack of jurisdiction because of lack of foreign control,
in fact, over locally-incorporated company) 360
CONTENTS
v. Christoph H. Schreuer, The ICSID Convention: A Commentary
310-11 (2001) (quoting and summarizing LETCO v. Liberia case)
(causation for treating local company as foreign implied) 366
vi. Comments and Questions 366
6. Consent 367
a. Societe Ouest Africaine des Betons Industriels [SOABI] v. Senegal,
ICSID Case No. ARB82/1, Decision on Jurisdiction of 1 August
1984, 2 ICSID Reports 165, 166, 179, 204-05, 219-20, 272 367
b. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB/93/1,
Award of 21 February 1997, 36 I.L.M. 1531, 1544-46, 1548 (1997)
(ICSID consent based on BIT) 370
c. CSOB v. Slovakia, ICSID Case No. ARB94/7, Decision on Jurisdiction
of 24 May 1999, 14 ICSID Rev. - Foreign Inv. L.J. 251, 263-72
(1999) 371
d. Southern Pacific Prop., Ltd. v. Egypt, ICSID Case No. ARB84/3,
Decision on Jurisdiction of 27 November 1985, 3 ICSID Reports 112,
137-45, 149-162 (1995), (ICSID consent based on foreign investment
law) 377
e. Comments and Questions 384
7. Provisional measures 385
a. ICSID Convention Article 47 385
b. ICSID Arbitration Rules, Rule 39 385
c. Charles N. Brower Ronald E.M. Goodman, Provisional Measures
and the Protection of ICSID Jurisdictional Exclusivity Against
Municipal Proceedings, 6 ICSID Rev. - Foreign Inv. L.J. 431,440-46,
460-61 (1991) 386
d. Christoph H. Schreuer, The ICSID Convention: A Commentary
745-46 (2001) 391
e. Comments and Questions 391
8. Applicable Law 392
a. ICSID Convention Article 42(1) 392
b. Comments and Questions 392
9. Annulment Proceedings 392
a. Annulment Panel is Not an Appellate Court 392
i. W. Michael Reisman, Systems of Control in International
Adjudication and Arbitration: Breakdown and Repair 48-50 (1992) 392
ii. Mark B. Feldman, The Annulment Proceedings and the Finality
of ICSID Arbitral Awards, 2 ICSID Rev. - Foreign Inv. L.J. 85,
103-09 (1987) 393
b. Cases 397
i. Klockner Industrie - Anlagen GmbH v. Republic of Cameroon,
ICSID Case No. ARB81/2, Award of 21 October 1983, 2 ICSID
Reports 3,140-41 (1994) 397
ii. Amco Asia v. Indonesia, ICSID Case No. ARB81/1, Decision on
Jurisdiction of 25 September 1983,1 ICSID Reports 389, 524-40
(1993) 399
FOREIGN INVESTMENT DISPUTES
iii. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No.
ARB98/4, Decision on Application for Annulment of 8 December
2000, 411.L.M. 933, 938 (2002) 408
c. W. Michael Reisman, Systems of Control in International Adjudication
and Arbitration: Breakdown and Repair 57-61, 69-71 (1992) 409
d. Comments and Questions 414
B. ICSID Additional Facility: ICSID, Additional Facility Rules, 5
(2003) 414
1. Review Permitted in Local Court 415
a. United Mexican States v. Metalclad Corp., Case No. ARB(AF)/97/l,
Reasons for Judgment of 2 May 2001, (2001) B.C.T.C. 664, available
at http://www.economia-snci.gov/sphp__pages/importa/sol_contro/
consultoria/Casos_Mexico/Metalclad/BC-SCJ/Sentencia-BC.pdf 415
2. Enforcement under New York or Panama Conventions 417
a. Convention on the Recognition and Enforcement of Foreign Arbitral
Awards, signed 10 June 1958, entered into force 29 December 1970,
330UNTS3 417
b. The Inter-American Convention on International Commercial
Arbitration, 30 January 1975, O.A.S.T.S. No. 42, O.A.S. Doc.
OEA/Ser.A/20 (SEPF), reprinted in 14 I.L.M. 336 (1975) 418
C. Permanent Court of Arbitration 419
1. Manley O. Hudson, The Permanent Court of International Justice
1920-1942: A Treatise 4-6 (1943) 419
D. Iran-U.S. Claims Tribunal (Algiers Accords) 421
1. Conception 421
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal 3-16 (1998) 421
2. Procedures - UNCITRAL Arbitration Rules 427
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal 16-20 (1998) 427
3. Applicable Law - Claims Settlement Declaration, available at
http://www.iusct.org/claims-settlement.pdf 428
4. Decisions - Iran-U.S. Claims Tribunal Reporter 428
HI. Other Arbitral Regimes 428
A. ICC Arbitration Rules 428
1. R. Doak Bishop, Sashe D. Dimitroff, Craig S. Miles, Strategic
Options Available When Catastrophe Strikes the Major International
Energy Project, 36 Tex. Int l L. J. 635, 658 (2001) 430
2. Nat l Oil Corp. v. Libyan Sun Oil Co., ICC Case No. 4462/AS,
Decision on Force Majeure of 31 May 1985, 29 I.L.M. 565 (1990) 430
3. Deutsche Schachtbau- und Tiefbohrgesellschaft mbH (FR Germ.) v.
State ofR asAl Khaimah (UAE), ICC Case No. 3572 of 1982,
1989 Y.B. Com. Arb. (IntT Council for Com. Arb.) Ill 431
B. London Court of International Arbitration 431
C. Stockholm Chamber of Commerce 433
D. American Arbitration Association 434
CONTENTS
E. UNCITRAL Arbitration Rules (option provided in BIT s, ECT
NAFTA) 435
IV. Ad hoc (non-UNCITRAL Arbitration Rules) 435
A. Lena Goldfields, Ltd. v. U.S.S.R., Award of 3 September 1930,
reprinted in Arthur Nussbaum, The Arbitration Between the Lena
Goldfields, Ltd. and the Soviet Government, 36 Cornell L.Q. 43
(1950-51) 435
B. Petroleum Development, Ltd. v. Sheik of Abu Dhabi, 18 I.L.R. 144,
144-46(1951) 436
C. Saudi Arabia v. Arabian Am. Oil Co. (ARAMCO), 27 I.L.R. 117, 130
(1958) 437
D. Sapphire Int l Petroleum v. Nat I Iranian Oil Co., 35 I.L.R. 136
(1963) 438
E. Kuwait v. American Independent Oil Co. (AMINOIL), Award of
24 March 1982, 21 I.L.M. 976, 998 (1982) 440
F. Winter shall A.G. v. Qatar, Partial Award of 5 February 1988 and
Final Award of 31 May 1988, 28 I.L.M. 795 (1989) 442
G. Comments and Questions 442
V. International Tribunals 443
A. Permanent Court of International Justice 443
1. Oscar Chinn Case, 1934 P.C.IJ. (Ser. A/B) No. 63 (12 Dec.) 443
2. Chorzow Factory Case, (Ger. v. Pol.), 1928 P.C.I.J. (Ser. A) No. 17
(26 Jul.) 443
3. Mavrommattis Palestine Concessions Case, 1925 P.C.I.J. (Ser. A)
No. 5 (26 March) 444
B. International Court of Justice (ICJ) 452
1. Espousal of Corporate Claims by Governments 452
a. Anglo-Iranian Oil Co. Case, 1952 I.C.J. 103, 103-14 (July 22)
(jurisdiction denied) 452
b. Barcelona Traction, Light Power Co. Ltd. (Belg. v. Spain), 1970
I.C.J. 3,42,42-50 (Feb. 5) 461
c. Elettronica Sicula S.A. (ELSI) (U.S. v. Italy), Case of 20 July 1989,
1989 I.C.J. 15, available at http://www.icj-cij.org/icjwvvw/icases/
ielsi/ielsi.ijudgments/icsli.ijudgment 19890720.pdf (last visited
26 May 2005) (U.S. espoused claim of U.S. corporation 469
i. F.A. Mann, Foreign Investment in the International Court of
Justice: The ELSI Case, 86 Am. J. Int l L. 92, 99-101 (1992) 470
ii. Sean D. Murphy, The ELSI Case: An Investment Dispute at the
International Court of Justice, 16 Yale J. Int l L. 391,444-48
(1991) 471
C. European Court of Human Rights 473
1. European Convention for the Protection of Human Rights and
Fundamental Freedoms, available at http://www.echr.coe.int/
ConventionAvebConvenENG.pdf 478
2. First Protocol to the European Convention 478
FOREIGN INVESTMENT DISPUTES
3. Expropriation Cases 478
a. Wasa Liv Omsesidigt v. Sweden, 58 Eur. Ct. H.R. 163 (1988) 478
b. Agrotexim v. Greece, 21 Eur. Ct. H.R. 250 (1995) 479
D. Inter-American Commission and Court on Human Rights 480
1. Introduction 480
a. W. Michael Reisman, Practical Matters for Consideration in the
Establishment of a Regional Human Rights Mechanism: Lessons
from the Inter-American Experience, 1995 St. Louis Warsaw Trans l
89, 90-92 (1995) 480
2. American Convention on Human Rights, available at http://iachr.org/
Basicos/basic3.htm 481
3. Expropriation claims are limited to claims of individuals; corporate
claims are prohibited 482
a. Mevopal, S.A. v. Argentina, Report No. 39/99, Inter-Am. C.H.R.
OEA/Ser.L./V./II.95 doc. 7 rev. 297 (1998) 482
b. Comments and Questions 485
E. European Court of Justice 485
1. L. Neville Brown Tom Kennedy, The Court of Justice of the
European Communities 19-21 (2000) 485
2. Francovich v. Italy, Case C-6 9/90, 1993 E.C.R. 1-5357 (1993)
(government liable for damages) 486
VI. National Claims Settlement Commissions and Tribunals 487
A. U.S. Foreign Claims Settlement Commission 487
1. Richard B. Lillich, International Claims: Their Adjudication by
National Commissions 5-15(1962) 487
B. National Courts 490
C. Comments and Questions 490
CHAPTER 5
political Risk insurance 491
I. Introduction 491
II. Multilateral Investment Guarantee Agency (MIGA) 492
A. Convention Establishing the Multilateral Investment Guarantee
Agency, published in I International Investment Instruments: A
Compendium 213 (UNCTAD 1996) 492
B. Commentary on the Convention Establishing the Multilateral
Investment Guarantee Agency, 1 ICSID Rev. - FILJ 193 (1986) 496
C. Ibrahim F.I. Shihata, MIGA and the Standards Applicable to Foreign
Investments, 1 ICSID Rev. - FILJ 327, 332 n. 26 (1986) 501
D. Multilateral Investment Guarantee Agency (Standard) Contract of
Guarantee, 4 ICSID Rev. - FILJ 107 (Spring 1989) 502
E. MIGA General Conditions of Guarantee for Equity Investments
(January 25,1989), 4 ICSID Rev. - FILJ 112 (Spring 1989) 504
F. Comments and Questions 509
CONTENTS
III. National Programs - U.S. Overseas Private Investment
Corporation (OPIC) 510
A. OPIC Program Handbook (2001) 510
B. OPIC Enabling Statute - 22 U.S.C. § 2191 514
C. OPIC Contract of Insurance Against Inconvertibility, Expropriation,
Political Violence (Form 234 KGT 12-85, Second Revised) 517
D. OPIC Contract of Insurance Against Business Income Loss (Form
234 KGT 5-87) - ^X 522
E. OPIC Contract of Institutional Lenders Insurance - 523
F. OPIC Policy of Bid Guaranty Insurance 525
G. Merlin Liu, Mitigating the Political Risk of Infrastructure Projects
with OPIC Political Risk Insurance, 822 PLI/Comm. 441 (2001) 526
H. OPIC Claims Procedures 530
1. Expropriation x 530
2. Inconvertibility 531
3. Political Violence 533
I. OPIC Agreements with Foreign Governments 534
1. Model OPIC Investment Incentive Agreement, 1 B.D.LE.L. 669
(1994) 534
2. Robert C. O Sullivan, Model OPIC Investment Incentive Agreement,
1 B.D.I.E.L. 665 (1994) 536
3. OPIC Agreement with the Republic of Palau (15 March 2002) 538
J. Comments and Questions 539
IV. OPIC Claims 540
A. Expropriation Claims 540
1. Governmental Nexus 540
a. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359 (1993) 540
b. Otis Elevator Co. 540
c. Indian Head Mills, Inc. 545
2. Causation 546
a. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359(1993) 546
3. Creeping Expropriation 546
a. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359 (1993) 546
b. Fearn International, Inc. 547
c. Northern Indiana Brass Co. 550
i d. Webster Publishing Co. 552
e. International Bank v. OPIC, 111.L.M. 1216 (1972) 552
f. Revere Copper Brass, Inc. v. OPIC, AAA Award of August 24,
1978, 17 I.L.M. 1321 (1978) 555
FOREIGN INVESTMENT DISPUTES
g. Reynolds-Guyana Mines, Ltd. 562
h. MidAmerican Energy Holdings Company (formerly CalEnergy
Company, Inc.) 563
4. Defenses 571
a. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359(1993) 571
b. Otis Elevator Co. 571
c. W.E. Belcher Lumber Co., Inc. 572
d. Central Soya Company, Inc. 573
e. The Anaconda Company Chile Copper Company v. Overseas
Private Investment Corporation, AAA Award of 17 July 1975, 14
I.L.M. 1210 (1975) 574
f. International Telephone Telegraph Corp. Sud America v. OPIC,
13 I.L.M. 1307 (1974) 580
5. Comments and Questions 587
B. Currency Inconvertibility Claims 588
1. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359 (1993) 588
2. Reasonable Steps to Convert Local Currency 589
a. Philippine Geothermal, Inc. 589
3. Lack of Pre-existing Law or Regulation 592
a. Active Inconvertibility 592
i. Kimberly Clark Corp. 592
b. Passive Inconvertibility 595
i. Phelps Dodge Corp. 595
4. Comments and Questions 597
C. Political Violence Claims 597
1. Pablo M. Zylberglait, OPIC s Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol y in
Int l Bus. 359(1993) 597
2. Direct Causation 599
a. Nord Resources Corporation 599
b. Philippine Geothermal, Inc. 603
c. Haitian Tropical Management, S.A 605
d. F.C. Schaffer Associates 605
e. Isaac Schwartz, Murray Jacobowitz, Good Fortune Gold, Inc., and
Eldeen Import and Export, Inc. 607
f. Agronom International, Inc. 608
3. Political Motivation 609
a. Freeport Minerals Corp. 609
b. Beckman Instruments, Inc. 612
4. Notice 614
a. Kimberly Clark Corp. 614
5. Comments and Questions 615
V. Private Political Risk Insurance 616
CONTENTS
A. Elizabeth A. Kessler, Political Risk Insurance and the Overseas
Private Investment Corporation: What Happened to the Private
Sector, 13 N.Y.L Sch. J. Int l Comp. L. 203 (1992) 616
B. Paul E. Comeaux Stephen Kinsella, Reducing Political Risk in
Developing Countries: Bilateral Investment Treaties, Stabilization
Clauses, andMIGA OPIC Investment Insurance, 15 N.Y.L. Sch.
J. Int l Comp. L. 1 (1994) 621
C. Comments and Questions 622
Chapter 6
applicable Substantive Law 623
I. Introduction 623
A. J.G. Collier, Conflict of Laws, Chapter 11, Arbitration (3d. ed.,
Cambridge 2001) 623
B. Comments and Questions 624
C. Convention on the Recognition and Enforcement of Foreign Arbitral
Awards, signed 10 June 1958), entered into force 29 December
1970, 330 U.N.T.S. 3 (1959) 625
D. Comments and Questions 626
II. The Choice of Law Process in International Commercial
Arbitration 626
A. Rules of Arbitration of the International Chamber of Commerce (as
in force from 1 January 1998) 626
B. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States (1965) 627
C. UNCITRAL Model Law on International Commercial Arbitration
(1985) (as adopted by the United Nations Commission on International
Trade Law on 21 June 1985) 627
D. UNCITRAL Arbitration Rules (1976) (Adopted by the General
Assembly on December 15, 1976) 627
E. EC Convention on the Law Applicable to Contractual Obligations
(Rome 1980) 628
F. Comments and Questions 629
III. Options for the Applicable Law 630
A. National Law 630
1. F.V. Garcia Amador, State Responsibility: Fourth Report by the
Special Rapporteur in International Responsibility, [1959] 2 Y.B.
Int l L. Comm n, U.N. Doc. A/CN.4/119 630
2. Comments and Questions 632
B. National Law with International Guarantees 632
1. AGIP Spa v. The Government of the Popular Republic of the Congo,
ICSID Case No. ARB/77/1, Award of 30 November 1979, 1 ICSID
Rep. 306, 67 I.L.R. 318(1979) 632
FOREIGN INVESTMENT DISPUTES
2. Benvenuti and Bonfant Sri v. The Government of the People s Republic of
the Congo, ICSID Case No. ARB/77/2, Award of 15 August 1980,
1 ICSID Rep. 330 634
3. Southern Pacific Properties (Middle East) Limited v. Arab Republic
of Egypt, ICSID Case No. ARB/84/3, Award of 20 May 1992, 3 ICSID
Rep. 189, 249 (Dissenting Opinion of Dr El Mahdi) 634
4. Klockner Industrie-Anlagen GmbHv. Republic of Cameroon, ICSID
Case No. ARB/81/2, Decision on Annulment of 3 May 1985, 2 ICSID
Rep. 95 (1994) 641
5. Amco Asia v. Indonesia, ICSID Case No. ARB/81/1, Decision on the
Application for Annulment of 16 May 1986, 1 ICSID Reports 509
(1993) 642
6. W. Michael Reisman, The Regime for Lacunae in the ICSID Choice
of Law Provision and the Question of Its Threshold, 15 ICSID Rev.
- Foreign Inv. L.J. 362 (2000) 645
7. Compahia del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000,15
ICSID Rev. - Foreign Inv. L.J. 167 (2000) 650
8. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Decision on Annulment of 5 February 2002, 411.L.M.
933 (2002) 652
9. Prosper Weil, The State, the Foreign Investor, and International Law:
The No Longer Stormy Relationship of a Menage A Trois, 15 ICSID
Rev. - Foreign Inv. L.J. 401 (2000) 655
10. Comments and Questions 661
C. Internationalization 662
1. Petroleum Development Ltd. v. Sheikh of Abu Dhabi, 181.L.R. 144
(1951) 662
2. Comments and Questions 663
3. F.V. Garcia Amador, State Responsibility: Fourth Report by the
Special Rapporteur in International Responsibility, [1959] 2 Y.B. Int l L.
Comm n, U.N. Doc. A/CN.4/119 664
4. Sapphire International Petroleum v. NIOC, 35 I.L.R. 136 (1963) 666
5. Comments and Questions 670
6. Texaco Overseas Petroleum Company Californian Asiatic Oil
Company v. The Government of the Libyan Arab Republic, Award
on the Merits, 53 I.L.R. 420 (1977) 670
7. Comments and Questions 674
8. International Chamber of Commerce, Case No. 3380, Award of 29
November 1980 (also reported in 108 Journal du droit int l 928
(Clunet, No. 4) (1981)) 674
9. Comments and Questions 675
10. Government of Kuwait v. American Independent Oil Co. (AMINOIL),
661.L.R. 518(1982) 675
11. Comments and Questions 678
12. Mobil Oil Iran Inc., et al v. Government of the Islamic Republic of
Iran and National Iranian Co., Case No. 74, Award No. 311-74/
76/81/150-3,14 July 1987,16 Iran-US Cl. Trib. Rep. 3 (1987) 678
CONTENTS
13. Comments and Questions 681
14. United States v. Iran (Case No. B36), Case No. B 36, Award of 23
March 1997, 32 Iran-U.S. Cl. Trib. Rep. 162 (1996) 681
15. Georges R. Delaume, The Proper Law of State Contracts Revisited,
12(1) ICSID Rev. - Foreign Inv. L.J. 1 (1997) 682
16. Wintershall A.G., et al. v. Government of Qatar, Partial Award on
Liability of 5 February 1988, 28 ILM 795 (1989) 689
17. Comments and Questions 689
D. Direct Investor Claims Under Treaties 689
1. Jan Paulsson, Arbitration Without Privity, 10(2) ICSID Rev. -
Foreign Inv. L.J. 232 (1995) 690
2. Comments and Questions 694
3. Antonio R. Parra, Applicable Substantive Law in ICSID Arbitrations
Initiated Under Investment Treaties, 16(1) ICSID Rev. - Foreign
Inv. L.J. 20(2001) 694
4. Comments and Questions 697
5. Asian Agricultural Products Ltd. v. Republic of Sri Lanka, Case No.
ARB/87/3, Award of 27 June 1990, 4 ICSID Rep. 245 (1997) 697
6. Comments and Questions 699
7. Compania de Aguas del Aconquija S.A. Vivendi Universal v.
Argentine Republic, Case No. ARB/97/3, Decision on Annulment
of 3 July 2002, 17 ICSID Rev. - Foreign Inv. L.J. (2004) 699
8. Comments and Questions 703
IV. Applicable International Law 704
A. The Sources of International Law 704
1. Article 38 of the Statute of the International Court of Justice (1945) 704
2. Comments and Questions 704
B. Standards Under Bilateral and Multilateral Investment Treaties 705
1. North American Free Trade Agreement, Chapter 11, Investment
(1994) 705
2. Treaty Concerning the Treatment and Protection of Investment, 15
December 1987, Brunei - Indon. - Malay. - Phil. - Sing. - Thail.,
available at http://aseansec.org/6464.htm (last visited 26 May 2005) 708
3. Treaty Concerning the Treatment and Protection of Investments,
3 July 1991, FR. - AR., 1728 U.N.T.S. 298 712
C. Other Sources of International Law 717
1. Texaco Overseas Petroleum Company Californian Asiatic Oil
Co. v. Government of the Libyan Arab Republic, Award on the Merits
of 19 January 1977, 53 I.L.R. 420 (1977) 718
2. Comments and Questions 722
3. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 62 I.L.R. 140 (1977) 722
4. SEDCO Inc v. National Iranian Oil Co. Islamic Republic of Iran,
Case No. 129, Award No. ITL 59-129-3 of 27 March 1986, 84 I.L.R.
521 (1986) 724
5. Comments and Questions 726
FOREIGN INVESTMENT DISPUTES
D. Projected Codification and Progressive Development of International
Law 727
1. UN International Law Commission Articles on State Responsibility
(2001) 727
2. Comments and Questions 727
3. Louis B. Sohn and R. R. Baxter, Responsibility of States for Injuries
to the Economic Interests of Aliens, 55 Am. J. Int l L. 545 (1961) 728
4. Draft Convention on the International Responsibility of States for
Injuries to Aliens 728
5. Restatement (Third) of Foreign Relations Law of the United States 729
6. Multilateral Agreement on Investment (MAI), Draft Consolidated
Text of 22 April 1998, OECD Doc. No. DAFFE/MAI(98)7/REV1 730
7. Comments and Questions 733
V. Sources of Non-National Law: The Lex Mercatoria 733
A. M. Mustill, The New Lex Mercatoria: The First Twenty-five Years,
in M. Bos I. Brownlie, Liber Amicorum for the Rt. Hon. Lord
Wilberforce 149 (Oxford, Clarendon Press, 1987) 734
B. Georges R. Delaume, Comparative Analysis as a Basis of Law in
State Contracts: The Myth of the Lex Mercatoria, 63 Tul. L. Rev.
575-611(1989) 737
C. Keith Highet, The Enigma of the Lex Mercatoria, 63 Tul. L. Rev.
613-628(1989) 741
D. Emmanuel Gaillard, Thirty Years of Lex Mercatoria: Towards the
Selective Application of Transnational Rules, 10(2) ICSID Rev. -
Foreign Inv. L.J. 208 (1995) 744
E. Comments and Questions 748
F. L. Yves Fortier, New Trends in Governing Law: The New, New Lex
Mercatoria, or, Back to the Future, 16(1) ICSID Rev. - Foreign Inv.
L.J. 10 (2001) 748
G. ICC Case No. 7110, First Partial Award of June 1995, 10(2) ICC
Bulletin 39 (1999) 750
H. Watkins-Johnson Company and Watkins-Johnson Limited v. Islamic
Republic of Iran and Bank Saderat Iran, Case No. 370, Award of
28 July 1989, 22 Iran-US Cl. Trib. Rep. 218 (1989) 751
I. ICC Case No. 5713, Final Award of 1989, 15 Y.B. Comm l Arb.
206(1990) 753
J. Comments and Questions 754
K. James Crawford Anthony Sinclair, The Unidroit Principles of
International Commercial Contracts and their Application to State
Contracts, I.C.C. Bulletin - Supplement 57-75 (2002) 754
L. Comments and Questions 757
CONTENTS
Chapter 7
International Responsibility: General principles 759
I. Development of the Law of State Responsibility 759
A. The Concept of Diplomatic Protection 759
1. Case of the Mavrommatis Palestine Concessions (Greece v. United
Kingdom), Decision on Jurisdiction of 30 August 1924, P.C.I.J.,
Series A, No. 2(1924) 759
2. Panevezys-Saldutiskis Railway Case (Estonia v. Lithuania),
Judgment of 28 February 1939, P.C.I.J., Series A/B, No. 76 (1939) 760
3. Nottebohm Case (Liechtenstein v. Guatemala), Second Phase,
Judgment of 6 April 1955, 1955 I.C.J. p. 4. 761
4. Comments and Questions 765
5. Barcelona Traction, Light and Power Company, Limited, (Belgium v.
Spain) Judgment of 5 February 1970, 1970 I.C.J. 3 765
6. Case Concerning Elettronica Sicula SpA (ELSI) (United States of
America v. Italy), Judgment of 20 July 1989, 1989 I.C.J. p. 15 773
7. LaGrand Case (Germany v. United States of America), Judgment of
27 June 2001, 2001 I.C.J. 466 776
8. Comments and Questions 780
9. The Loewen Group Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. ARB(AF)/98/3, Award of 26 June 2003, 7
ICSID Reports 780
10. Comments and Questions 786
B. Framework Principles of State Responsibility: The Work of the ILC 786
1. James Crawford, The International Law Commission s Articles on
State Responsibility: Introduction, Text and Commentaries
(Cambridge, 2002), Introduction 787
2. Responsibility of States for Internationally Wrongful Acts, General
Assembly Resolution A/RES/56/83 of 12 December 2001 789
C. The General Character of State Responsibility Principles 790
1. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 790
D. Delictual and Treaty Responsibility 793
1. Rainbow Warrior (New Zealand v. France), Award of 30 April 1990,
20 R.I.A.A. 217(1990) 793
2. Comments and Questions 794
3. Articles on Responsibility of States for Internationally Wrongful
Acts 794
4. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 794
E. Responsibility under International and Internal Law 796
1. Case Concerning Elettronica Sicula SpA (ELSI) (United States of
, America v. Italy), Judgment of 20 July 1989, 1989 I.C.J. 15 796
F. The Lex Specialis Issue 797
1. Articles on Responsibility of States for Internationally Wrongful
Acts 797
t
FOREIGN INVESTMENT DISPUTES
2. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 797
II. Attribution of Conduct to the State 799
A. Organs of the State or of Political Subdivisions 799
1. Articles on Responsibility of States for Internationally Wrongful
Acts 799
2. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 800
3. American Law Institute, Restatement of the Law (Third): The Foreign
Relations Law of the United States (St. Paul, American Law Institute
Publishers, 1987) 806
4. Metaldad Corporation v. The United Mexican States (2000), ICSID
Case No. ARB(AF)/97/l, Award of 30 August 2000, 40 ILM 36 807
5. Texaco Overseas Petroleum Company and Californian Asiatic Oil
Company v. The Government of the Libyan Arab Republic (1977),
Preliminary Award of 27 November 1975, 53 I.L.R. 392 (1977) 808
6. Compahia de Aguas del Aconquija, S.A. and Compagnie Generale
des Eaux v. Argentine Republic (2000) ICSID Case No. ARB/97/3,
Award of 21 November 2000 809
7. Comments and Questions 811
B. State Enterprises 811
1. Wintershall A.G., etal. v. Government of Qatar (1989), Partial Award
on Liability of 5 February 1988,28 ILM 795 (1989) 811
2. Articles on Responsibility of States for Internationally Wrongful
Acts 812
3. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 812
C. Conduct of Private Parties 814
1. Amco Asia Corporation and Others v. The Republic of Indonesia,
ICSID Case No. ARB/81/1, Award on the Merits of 20 November
1984, 1 ICSID Reports 413 814
2. Tradex Hellas S.A. (Greece) v. Republic of Albania, ICSID Case
No. ARB 94/2, Award of 29 April 1999, 14 (1) ICSID Rev. - FILJ 197
(1999) 817
3. Articles on Responsibility of States for Internationally Wrongful
Acts 821
4. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 821
5. Articles on Responsibility of States for Internationally Wrongful
Acts 823
6. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 823
7. Comments and Questions 824
D. Succession to Responsibility 824
1. Tinoco Case (Great Britain v. Costa Rica), Award of 18 October
1923,1 R.I.A.A. 375 (1923) 824
CONTENTS
2. Lighthouses Arbitration Between France and Greece, Claims No.
II and 4 (1956), Permanent Court of Arbitration, 24 July 1956, 23
I.L.R. 81 (1956) 827
3. Comments and Questions 831
III. Breach of an International Obligation 831
A. The Concept of Due Diligence and the Role of Fault 832
1. Alabama Arbitration, Award of 14 September 1872; J.B. Moore,
History and Digest of the International Arbitrations to which the
United States has been a Party (Washington, US Government
Printing Office, 1898), vol. I, p. 495 832
2. James Crawford, The International Law Commission s Articles on
State Responsibility: Introduction, Text and Commentaries
(Cambridge, 2002), Introduction 833
B. Obligations of Conduct and Result 833
1. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 834
C. Irrelevance of Sovereign/Commercial Act Distinction 834
1. Swedish Engine Drivers Union Case (1976), E.C.H.R., Series A,
No. 20 (1976) 835
2. Comments and Questions 836
CHAPTER 8
VIOLATIONS OF INVESTOR RIGHTS UNDER CUSTOMARY
INTERNATIONAL LAW 837
I. Expropriation 837
A. Introduction 837
1. F.V. Garcia Amador, Special Rapporteur s Report, International Law
Commission (1959) 837
B. General Distinction 842
1. Direct - De Jure 842
a. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317, 1329(2000) 842
b. Martin Domke, Foreign Nationalizations: Some Aspects of
Contemporary International Law, 55 Am. J. Int l L. 585 (1961) 843
2. Indirect - De Facto - Creeping 844
a. Enrol P. Mendes, The Canadian National Energy Program: An
Example of Assertion of Economic Sovereignty or Creeping
Expropriation in International Law, 14 Vand. J. Transnat l L. 475,
498-501 (1981) 844
b. Waste Mgmt. Inc. v. United Mexican States, ICSID Case No.
ARB(AF)/98/2, Award of 2 June 2000,40 I.L.M. 56, 73 (2001) 847
c. UNCTAD, Bilateral Investments Treaties in the Mid-1990s, 65-66,
U.N. Doc. No. UNCTAD/ITE/nT/7, U.N. Sales No. E.98.II.D.8
(1998) 847
d. Comments and Questions 848
FOREIGN INVESTMENT DISPUTES
C. Initial Precepts - Government is not a Guarantor or Insurer of the
Investment 849
1. Oscar Chinn Case, 1934 P.C.I.J. (Ser. A./B.) No. 63, 416, 436, 439
(12th December) 849
D. Objective of Expropriation (Property, Rights and Interests) 849
1. Tangible Property 849
a. SEDCO, Inc. v. National Iranian Oil Co., Award No. 309-129-3 of
2 July 1987, 15 Iran-U.S. Cl. Trib. Rep. 23 (equipment) 849
b. Oil Field of Texas, Inc. v. Iran, Award No. 258-43-1 of 8 October
1986, 12 Iran-U.S. Cl. Trib. Rep. 308, 318-19 (1986) 850
2. Real Property 851
a. Metalclad Corp. v. Mexico, ICSID Case No. ARB(AF)/97/l, Award
of 30 August 2000, 16 ICSID Rev. - Foreign Investment L. J. 168,
179-87,195-97(2001) 851
b. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317(2000) 853
3. Stocks and Shares 854
a. Reineccius v. Bank of International Settlements, Arbitral Tribunal
of the Bank of International Settlements (January 8, 2001) 854
4. Bank Accounts 858
a. American Bell Int l, Inc. v. Iran, Award No. 255-48-3 of 19
September 1986,12 Iran-U.S. Cl. Trib. Rep. 170, 213-15 (1987) 858
5. Dividends 859
a. Foremost Tehran, Inc. v. Iran, Award No. 220-37/231-1 of 11 April
1986, 10 Iran-U.S. Cl. Trib. Rep. 228, 246, 250-53 (1987) 859
6. Bonds 862
a. Edwin Borchard, State Insolvency and Foreign Bondholders, Vol. I,
General Principles, 193, 197-98, 200-02 (1951) 862
7. Management of business 863
a. SEDCO, Inc. v. National Iranian Oil Co., Award No. 55-129-3 of 28
October 1985,15 Iran-U.S. Cl. Trib. Rep. 248 863
b. Tippetts, Abbett, McCarthy, Stratton v. Iran, Award No. 141-7-2 of
19 June 1984, 6 Iran-U.S. Cl. Trib. Rep. 219 (1985) 863
c. Starrett Housing Corp v. Iran, Award No. 314-24-1 of 14 August
1987, 6 Iran-U.S. Cl. Trib. Rep. 122, 154-57 864
8. Contractual rights 866
a. Phillips Petroleum Co. Iran v. Iran, Award No. 425-39-2 of 29 June
1989, 21 Iran-U.S. Cl. Trib. Rep. 106-07, 118-19 866
b. Amoco Int l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 205, 241-44 867
c. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16
Iran-U.S. Cl. Trib. Rep. 3, 37,42-43, 60, 62-63 870
d. Waste Mgmt. Inc. v. United Mexican States, Case No. ARB(AF)00/3,
Award of 30 April 2004,431.L.M. 967 (2004) 872
e. Comments and Questions 874
9. Intangible Property (e.g. intellectual property, goodwill) 875
CONTENTS
a. Case Concerning the Factory at Chorzow (Claim for Indemnity) (The
Merits), Judgment No. 13, 1928 P.C.I.J. (Ser. A) No. 17 875
b. Amoco Int l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 249, 258, 267 876
c. Comments and Questions 877
10. Shares 877
a. Reineccius v. Bank of International Settlements, Arbitral Tribunal of
the Bank of International Settlements (January 8, 2001) 877
11. Use of Property 877
a. Thomas Waelde Abba Kolo, Environmental Regulation, Investment
Protection and Regulatory Taking in International Law, 50 Int l
Comp. L.Q. 811, 839-40, 846- 47 (2001) 877
b. Pine Valley Developments Ltd. Ors v. Ireland, 14 Eur. H.R. Rep. 319
(1992) 878
c. Katte v. Italy, 19 Eur. H.R. Rep. 368 (1995) 881
d. Trustees of the Late Duke of Westminister s Estate v. U.K., 5 Eur.
H.R. Rep. 440,456, 546(1983) 881
E. Expropriatory Intent 883
1. Question of the Necessity of Expropriatory Intent 883
a. Tippetts, Abbet, McCarthy, Stratton (TAMS) v. Iran, 6 Iran-U.S. Cl.
Trib. Rep. 219,225-26 883
b. Phillips Petroleum Company Iran v. Iran, Award No. 425-39-2 of
29 June 1989) 21 Iran-U.S. Cl. Trib. Rep. 79, 115 883
c. Comments and Questions 884
2. Effect of Act on Interests 884
a. TAMS v. Iran, Award No. 141-7-2 of 29 June 1984, 6 Iran-U.S. Cl.
Trib. Rep. 219, 225 884
F. Standard 884
1. Direct Expropriation: The Government Acquires Title and Benefits
From It 884
a. Olguin v. Paraguay, ICSID Case No. ARB/98/5, Award of 8 August
2000, available at available at http://www.worldbank.org/icsid/cases/
paraguay-decision.pdf (last visited 25 May 2005) 884
b. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic
(2001) 885
2. Indirect Expropriation 888
a. G.C. Christie, What Constitutes a Taking of Property Under
International Law?, 38 Brit. Y.B. Int l L. 307, 322-24, 330-38 (1962) 888
b. Biloune v. Ghana Investments Centre, Award on Jurisdiction and
Liability of 27 October 1989, 95 I.L.R. 183, 209-10 895
c. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Award of 8 December 2000, 41 I.L.M. 881, 884, 896,
911,914-15(2002) 896
d. Comments and Questions 898
3. Legitimate Expectations of Investor 899
a. Opel Austria GmbH v. Council of the European Union, T-l 15/94
(1997) 899
i
FOREIGN INVESTMENT DISPUTES
G. Governmental Acts 900
1. Laws and Decrees Explicitly Expropriating 900
2. Appointment of Managers 900
3. Seizure of Premises and Impoundment of Property 900
4. Announcement of Intended Expropriation Without Further Acts 901
a. Sola Tiles, Inc. v. Iran, Award No. 298-317-1, reprinted in 14 Iran-
U.S. Cl. Trib. Rep. 223, 230-34 901
b. Comments and Questions 903
c. Agrotexim v. Greece, 21 Eur. H.R. Rep. 250 (1995) 903
d. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317(2000) 903
5. Unilateral Reduction of Concession Area 903
a. LETCO v. Liberia, Award of 31 March 1986, 26 I.L.M. 647, 664-67
(1986) 903
6. Use Restrictions 906
7. Forced Sales 907
a. G.C. Christie, What Constitutes a Taking of Property Under
International Law?, 38 Brit. Y.B. Int l L. 307, 324-26, 328-29 (1962) 907
b. Comments and Questions 909
8. Cessation of Project Work due to Governmental Interference 910
a. Biloune v. Ghana Investments Centre, 95 I.L.R. 183, 209-210 (1990) 910
9. Setting Product Price at Loss by Governmental Decree 911
a. Benvenuti et Bonfant v. Congo, ICSID Case No. ARB/77/2, Award
of 8 August 1980, 21 I.L.M. 740, 757-58 (1980) 911
b. Pope Talbott v. Canada, Award on the Merits of Phase 2 by
Arbitral Tribunal (April 10, 2001) 911
H. Legality 911
1. Form of expropriation (e.g., due process) 911
a. F.V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 911
b. SEDCO, Inc. v. Iran, Award No. 59-123-3 of 27 March 1986,
reprinted in 10 Iran-U.S. Cl. Trib. Rep. 180 911
2. Purpose 912
a. Not for a Public Purpose 912
i. Amoco Int l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189 912
b. Discrimination 913
i. Sociedad Minera el Teniente S.A. v. Aktiengesellschaft Norddeutsche
Attinerie (Chilean Copper Case), 12 I.L.M. 251, 276-81 (Hamburg
Superior Court 1973) 913
ii. LETCO v. Liberia, Award of 31 March 1986, 26 I.L.M. 647, 665
(1986) 914
c. Violation of Stabilization Clause 914
i. TOPCO v. Libya, Award of 19 January 1977, 17 I.L.M. 3, 24-27
(1978) 914
ii. AGIP SPA v. Congo, Award of November 30,1979, 67 I.L.R. 318
(1984) 918
CONTENTS
iii. Kuwait v. AMINOIL, 66 I.L.R. 518, 585-91 (1982) 918
iv. Mobil Oil v. Iran, 16 Iran-U.S. Cl. Trib. Rep. 3 923
I. Date of Expropriation 923
1. Vance R. Koven, Expropriation and the Jurisprudence of OPIC,
22 Harv. Int l L.J. 269, 277, 311-20 (1981) 923
2. Cases 928
a. Amoco Int l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 226-29 928
b. Phillips Petroleum Co. v. Iran, Award No. 425-9-2 of 29 June 1989,
21 Iran-U.S. Cl. Trib. Rep. 79 930
c. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317 (2000) 930
d. W. Michael Reisman Robert D. Sloane, Indirect Expropriation
and Its Valuation in the BIT Generation, 1A Brit. Y.B. Int l L. 115
(2004) 930
e. Comments and Questions 931
J. Defenses Argued by Governments 931
1. U.N. Resolutions 931
a. Permanent Sovereignty over Natural Resources , General Assembly
Resolution 1803 (XVII) of 14 December 1962 931
b. Declaration on the Establishment of a New International Economic
Order (1 May 1974), A/RES/3201 (S-VI) 932
c. Charter of Economic Rights and Duties of States (12 Dec. 1974), A/
RES/3281 (XXIX) 932
2. Cases 933
a. TOPCO v. Libya, Award of 19 January 1977, 17 I.L.M. 3, 27-31
(1978) 933
b. Comments and Questions 940
c. Libyan American Oil Co. (LIAMCO) v. Libyan Arab Republic, Award
of the Tribunal of 12 April 1977, 6 Y.B. Com. Arb. 89,99-101 (1981) 940
d. Kuwait v. Aminoil, Award of 24 March 1982, 21 I.L.M. 976, para.
90(2) (1982) 942
3. Administrative Contracts 943
a. Kuwait v. AMINOIL, Award of 24 March 1982, 21 I.L.M. 976, 1022
(1982) 943
4. Force Ma/ewre/Impossibility/Frustration 944
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3, 38-39 944
5. Implied Termination or Waiver 945
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3 945
6. Changed Circumstances 945
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3, 39-40 946
b. Phillips Petroleum Co v. Iran, Award No. 425-39-2 of 29 June 1989,
21 Iran-U.S. Cl. Trib. Rep. 79 946
FOREIGN INVESTMENT DISPUTES
II. Discriminatory Conduct 946
A. What is the Customary International Law Standard? 946
1. British Petroleum v. Libyan Arab Republic, 53 I.L.R. 297, 329, 346-
48,353 (1973) 946
B. A.F.M. Manirazzaman, Expropriation of Alien Property and the
Principle of Non-Discrimination in International Law of Foreign
Investment: An Overview, 8 J. Transnat l L. Pol y 57-59, 67-70
(1998) 948
III. Arbitrary Conduct 951
A. F. V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 951
IV. Denial of Justice 953
A. Loewen v. United States, ICSID Case No. ARB(AF)/98/3, Award of
26 June 2003, 33-39, 70-71, available at http://www.state.gov/
documents/organization/22094.pdf 953
B. Mondev Int l Ltd. v. United States, ICSID Case No. ARB(AF)/99/2,
Award of 11 October 1999, 1-2, 44-45, 49-52, 54-56, available at
http://www.state.gov/documents/organization/14442.pdf 958
C. Francisco Orrego Vicuna, Some International Law Problems Posed
by the Nationalization of the Copper Industry by Chile, 67 Am. J.
Int l L. 711, 711-12, 715-717 (1973) 963
D. Amco Asia Corp. v. Republic of Indonesia, ICSID Case No. ARB/
81/1, Award of 5 June 1990, 1 ICSID Rep. 569, 599-605 966
E. Athanassoglu v. Switzerland (Eur. Ct. Human Rts. 1999) 969
F. Azinian v. United Mexican States, ICSID Case No. ARB(AF)/97/2,
Award of 1 November 1999, 39 I.L.M. 537, 552-55 (2000) 972
G. Comments and Questions 976
V. Abuse of Rights 977
A. F. V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 977
B. Karl-Heinz Bockstiegel, Arbitration and State Enterprises, 45-46
(Kluwer 1984) 977
C. International Law Commission, Draft Articles on State Responsibility
(2001) 978
VI. Unjust Enrichment 978
A. Christoph H. Schreuer, Unjustified Enrichment in International Law,
22 Am. J. Comp. L. 281, 281, 284-84, 289, 300-01 (1974) 978
B. International Law Commission, Draft Articles on State Responsibility
(2001) 980
C. Factory at Chorzow Case, 1928 P.C.I.J. No. 13 980
D. Arthur Nussbaum, The Arbitration Between the Lena Goldfields, Ltd.
and the Soviet Government, 36 Cornell L.Q. 31, 50-51 (1950) 980
CONTENTS
E. Sea-Land Services Case, Award No. 135-33-1 of 22 June 1984, 6
Iran-U.S. Cl. Trib. Rep. 149, 164-72 981
F. Isaiah v. Bank Mellat, Award No. 35-219-2 of 30 March 1983 2 Iran-
U.S. Cl. Trib. Rep. 232, 236-39 983
G. Flexi-Van Leasing, Inc. v. Iran, 12 Iran-U.S. Cl. Trib. Rep. 335,
352-56(1986) 986
H. Schlegel Corp. v. National Copper Industries Co., Award No.
295-834-2 of 27 March 1987, 14 Iran-U.S. Cl. Trib. Rep. 176, 177-83988
I. T.C.S.B., Inc. v. Iran, Award No. 114-140-2 of 16 March 1984, 5
Iran-U.S. Cl. Trib. Rep. 160, 161, 171-72, 174 (1984) 991
J. Lockheed Corp. v. Iran, Award No. 367-829-2 of 9 June 1998, 18
Iran-U.S. Cl. Trib. Rep. 292, 293-295, 308-10 993
K. Beyeler v. Italy, Eur. Ct. H.R. (application no. 33202/96) (2000) 994
L. Mobil Oil Iran, Inc. v. Iran, Partial Award No. 311-74/76/81/150-3
of 14 July 1987, 16 Iran-U.S. Cl. Trib. Rep. 3 999
M. Amco Asia v. Republic of Indonesia, ICSID Case No. ARB/81/1,
Award of 5 June 1990, 1 ICSID Reports, 569, 607-08 (1993) 999
N. Charles N. Brower Jason D. Brueschke, The Iran-U.S. Claims
Tribunal 427-29 (1998) 1000
VII. Unlawful Interference 1001
A. Eastman Kodak Co. v. Iran, Award No. 329-227-3 of 11 November
1987, 17 Iran-U.S. Cl. Trib. Rep. 153, 156-60, 168-69 1001
B. Comments and Questions 1005
Chapter 9
Violation of investor rights Under Investment
treaties 1007
I. Introduction 1007
II. Absolute Standards 1010
A. Fair and Equitable Treatment 1010
1. U.S. Model BIT Art. II (2)(a) (1992) 1010
2. NAFTA Art. 1105(1) 1011
3. Energy Charter Treaty Art. 10(1) 1011
4. UNCTAD [United Nations Conference on Trade and Development],
Fair and Equitable Treatment (1999) 1011
5. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1013
6. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Brit. Y.B. Int l L. 241 (1981)(1985) 1014
7. Stephen Vascianne, Fair and Equitable Treatment, 70 Brit. Y.B.
Int l Law 99 (2000) edited by I. Brownlie 1015
8. BIT Cases 1015
FOREIGN INVESTMENT DISPUTES
a. Tecnicas Medioambientales Teemed S.A. v. Estados Unidos
Mexicanos, 1CSID Case No. ARB (AF)/00/2 (2003), Award dated
May 29, 2003, available at www.worldbank.org/icsid/cases/
tecmed-award.pdf 1015
b. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1024
c. Occidental Exploration and Production Company v. Republic of
Ecuador; Final Award of July 1, 2004, in Case No. UN 3467 1025
9. NAFTA Cases 1027
a. S.D. Myers, Inc. v. Government of Canada, UNCITRAL Partial
Award of 13 November 2000 1027
b. Pope Talbot, Inc. v. The Government of Canada, UNCITRAL
(NAFTA) Award on the Merits of Phase 2 of 10 April 2001 1029
c. NAFTA Free Trade Commission Notes of Interpretation of Certain
Chapter 11 Provisions (July 31, 2001) 1035
d. Pope Talbot Inc. v. Government of Canada, UNCITRAL
(NAFTA) Award in Respect of Damages (31 May 2002) 1035
e. Loewen Group, Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. AR.B(AF)/98/3, Award of 26 June 2003,
7 ICSID Rep. 1037
f. Waste Management, Inc. v. United Mexican States, ICSID Case No.
ARB(AF) 00/00/3; (NAFTA) Award of 25 June 2003 1041
g. Garni Investments, Inc. v. The Government of the United Mexican
States, UNCITRAL, Final Award 12 November 2004 1044
10. Comments and Questions 1046
B. Full Protection and Security 1049
1. Case Concerning Elettronica Sicula, SpA (ELST) case (U.S. v. Italy),
Judgment of 20 July 1989), 19891.C.J. 15 1049
2. Asian Agricultural Products Ltd. v. Republic of Sri Lanka, Award
of 27 June 1990, 4 ICSID Reports 246 1050
3. American Manufacturing Trading, Inc. v. Republic of Zaire,
ICSID Case No. ARB/93/1 Award of 21 February 1997, 361.L.M.
1531(1997) 1057
4. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Decision of 2000,411.L.M. 896 (2002) 1060
5. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1060
6. CME Czech Republic B. V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1061
7. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1061
8. United Nations Conference on Trade and Development (UNCTAD),
Bilateral Investment Treaties in the Mid-1990s (1998) 1062
9. Comments and Questions 1062
C. Treatment No Less Favorable Than That Required by International
Law 1063
CONTENTS
1. L.F.H. Neer and Pauline E. Neer v. Mexico (General Claims
Commission - United States and Mexico 1926), 21 Am. J. Int l L.
555 (1927) 1063
2. Mondev International Ltd. v. United States of America, ICSID Case
No. ARB (AF)/99/2, Award of October 11, 2002 1064
3. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1069
4. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1069
5. American Manufacturing Trading, Inc. v. Zaire, ICSID Case No.
ARB/93/1 Final Award of 21 February 1997, 361.L.M. 1531 (1997) 1070
6. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice at 77-78 (Kluwer 1992) 1070
7. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1071
8. Comments and Questions 1071
D. Arbitrary Treatment 1071
1. U.S. Model BIT Art. II (2)(b) (1992) 1071
2. Elettronica Sicula, SA (ELSI) Case {U.S. v. Italy) (ICJ), Judgement
of 20 July 1989 1071
3. Sean D. Murphy, The ELSI Case: An Investment Dispute at the
International Court of Justice, 16 Yale J. Int l L. 391 (1991) 1078
4. RonaldS. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1080
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1084
6. Kurt Hamrock, The ELSI Case: Toward an International Definition
of Arbitrary Conduct, 27 Tex. Int l LJ. 837 (1992) 1084
7. Comments and Questions 1086
E. Discrimination 1087
1. NAFTA Art. 1104 1087
2. Amoco International Finance Corp. v. Islamic Republic of Iran,
Award No. 310-56-3 (Chamber 3) of 14 July 1987 1087
3. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1088
4. A.F.M. Maniruzzaman, Expropriation of Alien Property and the
Principle of Non-Discrimination in International Law of Foreign
Investment: An Overview, 8 J. Transnat l L. Pol y 57 (1998) 1089
5. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1094
6. Comments and Questions 1094
F. Comply with All Obligations Undertaken Towards Investments 1095
1. U.S. Model BIT Art. II (2)(c) (1992) 1095
2. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Brit. Y.B. Int l L. 241 (1981)(1985) 1095
3. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice at 78 (Kluwer Law International 1992) 1096
4. United Nations Conference on Trade and Development (UNCTAD),
Bilateral Investment Treaties in the Mid-1990s (1998) 1096
FOREIGN INVESTMENT DISPUTES
5. SGS Societe Generate de Surveillance v. Republic of the Philippines,
ICSID Case No. ARB/02/6, Award of 29 September 2004 1096
6. Comments and Questions 1103
G. Currency Transfer 1104
1. U. S. Model BIT Art. IV (1992) 1104
2. NAFTA Art. 1109 1105
3. ECTArt. 14 1106
4. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1107
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1109
6. Comments and Questions 1109
H. Expropriation 1109
1. U.S. Model BIT Art. Ill 1109
2. NAFTA Art. 1110 1110
3. ECTArt. 13 1111
4. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l NAFTA Award of 30 August 2000 16 ICISD Rev. -
FILJ 168 (2001) 1111
5. Azinian, Davitian Baca v. United Mexican States, ICSID Case No.
ARB(AF)/97/2, NAFTA Award of 1 November 1999, 39 I.L.M. 537
(2000) 1114
6. S.D. Myers v. Government of Canada, UNCITRAL Partial Award of
13 November 2000 1116
7. Waste Management, Inc. v. United Mexican States, Case No.
ARB(AF) 00/00/3; (NAFTA) Award of 25 June 2003 1117
8. CME Czech Republic B.V. v. The Czech Republic, UNCITRAL
Partial Award of 13 September 2001 1119
9. Phillips Petroleum v. Iran, Case No. 39, Chamber No. Two, Award
No. 425-39-2, Iran-U.S., Cl. Trib. (June 1989) 1122
10. Case Concerning Elettronica Sicula, S.A. {ELSI) case (U.S. v. Italy),
Judgment of 20 July 1989, 1989 I.C.J. 15 1127
11. Garni Investments, Inc. v. The Government of the United Mexican
States, UNCITRAL (NAFTA), Final Award of 12 November 2004 1128
12. UNCTAD, Taking of Property (2000) 1130
13. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1131
14. Comments and Questions 1132
III. Relative Standards 1133
A. National Treatment 1133
1. U.S. Model BIT Art. II (1) and (8) (1992) 1133
2. NAFTA Art. 1102 1134
3. The Energy Charter Treaty Art. 10(2) (3) (7) and (10) 1134
4. S.D. Myers, Inc. v. Canada, Partial Award of 13 November 2000
(NAFTA) 1135
5. Pope Talbot, Inc. v. Canada, UNCITRAL (NAFTA) Award of
10 April 2001 1138
6. Marvin Feldman v. Mexico, ICSID Case No. ARB(AF)/99/l,
NAFTA Award of 16 December 2002 1146
CONTENTS
7. Loewen Group, Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. ARB(AF)/98/3, Award of 25 June 2003, 7
ICSIDRep. 1151
8. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1152
9. United Nations Conference on Trade and Development (UNCTAD),
National Treatment (1999) 1152
10. Comments and Questions 1154
B. Most-Favored-Nation Treatment 1156
1. U.S. Model BIT Art. 11(9) (1992) 1156
2. NAFTA Art. 1103 1156
3. Maffezini v. Spain, ICSID Case No. ARB/97/7, Decision on
Jurisdiction of 25 January 2000, 16 ICSID Rev. - FILJ 212 (2001) 1156
4. UNCTAD, Most-Favoured-Nation Treatment (1999) 1162
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1163
6. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1164
7. Comments and Questions 1165
IV. Transparency 1166
A. U.S. Model BIT, Art. II (7) 1166
B. NAFTA Article 102: Objectives 1166
C. ECTArt. 20 1166
D. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1166
E. Metalclad Corp. v. United Mexican States, ICSID (NAFTA) Case
No. ARB(AF)/97/l, 16 ICSID Rev. - FILJ 168 (2001) 1167
F. Comments and Questions 1169
CHAPTER 10
DEFENCES 1171
I. Introduction 1171
II. Force Majeure 1172
A. National Oil Corporation (Libya) v. Libyan Sun Oil Company
(USA), Case No. 4462/A5, First Award of 31 May 1985, 29 I.L.M.
565 1172
B. Comments and Questions 1174
C. Gould Marketing, Inc. v. Ministry of National Defense of Iran,
Interlocutory Award No. 24-49-2 of 27 July 1983, 3 Iran-US Cl.
Trib. Rep. 147 1175
D. Amoco International Finance Corporation v. The Government of the
Islamic Republic of Iran, Award of 14 July 1987, 15 Iran-US CTR
189(1987-11) 1176
E. Comments and Questions 1178
FOREIGN INVESTMENT DISPUTES
F. Phillips Petroleum Company Iran v. The Islamic Republic of Iran
the National Iranian Oil Company, Award of 29 June 1989, 21
Iran-US CTR 79 (1989-1) 1178
G. Comments and Questions 1180
H. UNIDROIT Principles of International Commercial Contracts
(2004), Articles 6.2.1, 6.2.2, 6.2.3, 7.1.7 1181
I. Comments and Questions 1182
J. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 23 and
Commentary 1182
K. Comments and Questions 1187
L. James Crawford Anthony Sinclair, The Unidroit Principles of
International Commercial Contracts and their Application to State
Contracts, ICC Court of Arbitration Bulletin, Special Supplement
57-75 (Paris, 2002) 1187
M. Comments and Questions 1195
III. Coercion and Duress 1195
A. Detlev Vagts, Coercion and Foreign Investment Rearrangements,
72 Am. J. Int l L. 17 (1978) 1195
B. Comments and Questions 1198
C. UNIDROIT Principles of International Commercial Contracts,
article 3.9 (2004) 1198
D. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 18 and
Commentary 1199
E. Comments and Questions 1201
F. Government of Kuwait v. American Independent Oil Company
(AMINOIL), Award of 24 March 1982, 66 I.L.R. 519 1201
G. Comments and Questions 1203
IV. Necessity 1203
A. Case Concerning the Gabcikovo-Nagymaros Project (Hungary/
Slovakia), Judgment of 25 September 1997, 1997 I.C.J. 7 1203
B. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 25 and
Commentary 1209
C. Comments and Questions 1213
D. Himpurna California Energy Ltd. v. Indonesia (1999), Final Award
of 4 May 1999,25 Y.B. Com. Arb. 11-432 (2000) 1213
E. Comments and Questions 1216
V. Corruption 1217
A. Anti-Bribery Provisions of The Foreign Corrupt Practices Act 1217
CONTENTS
B. OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions 1997 1221
C. International Chamber of Commerce, Award in Case no. 1110 of
1963,21 Y.B. Com. Arb. 47(1996) 1225
D. J. Gillis Wetter, Issues of Corruption before International Arbitral
Tribunals: The Authentic Text and True Meaning of Judge Gunnar
Lagergren s 1963 Award in ICC Case No. 1110, 10 Arb. Int l 277
(1994) 1226
E. Comments and Questions 1229
F. International Chamber of Commerce, Second Interim Award in
Case 4145 of 1984, 12 Y.B. Com. Arb.97 (1987) 1229
G. Comments and Questions 1232
H. International Chamber of Commerce, Final Award in Case no. 5622
of 1988, 19 Y.B. Com. Arb. 105 (1994) 1232
I. Comments and Questions 1235
J. International Chamber of Commerce, Partial Award in Case no.
6286 of 28 August 1991, 19 Y.B. Com. Arb. 141 (1994) 1235
K. Comments and Questions 1236
L. ICSID, Tanzania Electric Supply Company Limited v. Independent
Power Tanzania Limited, Case No. ARB/98/8, Decision on Tariff
and Other Remaining Issues of 9 February 2001, 8 ICSID Reports
272 1236
M. Comments and Questions 1237
N. Phillippe Fouchard et al., Fouchard Gaillard Goldman on
International Commercial Arbitration (Emmanuel Gaillard John
Savage eds., Kluwer Law International, 1999) 1237
O. Comments and Questions 1238
VI. Fundamental Change of Circumstances (Rebus Sic Stantibus I
Imprevision) 1239
A. UNIDROIT Principles of International Commercial Contracts
(2004), Articles 6.2.1, 6.2.2,6.2.3 1239
B. Questech, Inc. v. The Ministry of National Defence of the Islamic
Republic of Iran, Award of 20 September 1985, 9 Iran-US CTR
107 (1985) 1240
C. Comments and Questions 1244
CHAPTER 11
Reparations recoverable by foreign investors in
International law 1245
I. Introduction 1245
II. Reparations Generally 1246
A. General types of reparations 1246
FOREIGN INVESTMENT DISPUTES
1. International Law Commission (ILC) Articles on State
Responsibility, Fifty-third session (2001), Articles 31 34 1246
2. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1246
B. General Principle of Reparations - Factory at Chorzow Case, 1928
P.C.I.J. No. 13 1247
C. Causation and limits on reparations 1247
1. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1247
2. United Nations Compensation Commission, Report and
Recommendations Made by the Panel of Commissioners
Concerning Part Two of the Third Installment of F3 Claims,
S/AC.26/2002/19 (2002) 1248
3. 2 F. V. Garcia-Amador, The Changing Law of International
Claims, 599-601 (Oceana Publications 1984) 1249
4. ILC Articles on State Responsibility article 39 1250
5. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1250
6. Bridas S.A.P.I.C. (Argentina) et al. v. Government of Turkmenistan,
ICC Case No. 9058/FMS/KGA, Third Partial Award of 2 September
2000 1251
7. Comments and Questions 1252
III. Declaratory and Injunctive Relief 1252
A. ILC Articles on State Responsibility, articles 29, 30 and 35 1252
B. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1253
C. Christoph Schreuer, The ICSID Convention: A Commentary, Art.
54(c) 1124-1126 (Cambridge U. Press 2001) 1253
D. Ian Brownlie, Principles of Public International Law 462 (Oxford,
Clarendon Press 1998) 1255
E. 2 F. V. Garcia-Amador, The Changing Law of International Claims,
576-78,581-83(1984) 1255
F. Arbitral Award in the Martini Case, 25 Am. J. Int l Law 554 (1931) 1257
G. Enron Corp. v. Argentina, ICSID Case No. ARB/01/3, Decision on
Jurisdiction of 14 January 2004, available at http://www.asil.org/
ilib/Enron.pdf (last visited 24 May 2005) 1260
H. Comments and Questions 1262
IV. Compensation for Breach of Contract 1267
A. Sapphire International Petroleums Ltd. v. National Iranian Oil Co.,
35 I.L.R. 136 (1967); 13 Int l Comp. LQ 1011 (1964) 1267
B. P. W. Shufeldt v. Guatemala, 2 R.I.A.A. 1080, Award of 24 July
1930 1269
CONTENTS
C. Bridas S.A.P. I.C. v. Government of Turkmenistan, Partial Award of
25 June 1999 1270
D. Karaha Bodas Co., LLC v. Pertamina Others, Final Award of 18
December 2000, 16 Int l Arb. Rep. C-2 1273
E. ILC Articles on State Responsibility, Fifty-third session, article
36(2001) 1275
F. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1275
G. UNIDROIT Principles of International Commercial Contracts 1276
H. Comments and Questions 1277
V. Restitution and Compensation for Unlawful, Tortious or
Delictual Conduct 1278
A. Chonow Factory Case, 1928 P.C.I.J. No. 13 1278
B. ILC Articles on State Responsibility, Fifty-third session, article
35 (2001) 1283
C. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1284
D. Kuwait Petroleum Corporation v. Iraq; United Nations
Compensation Commission 1284
E. Asian Agricultural Products Ltd. v. Democratic Socialist Republic
of Sri Lanka, ICSID Case No. ARB/87/3, Award of 27 June 1990,
4 ICSID Rep. 245 1291
F. American Manufacturing Trading, Inc. v. Republic of Zaire,
ICSID Case No. ABR/93/1, Award of 21 February 1997, 36 I.L.M.
1531 (1992) 1295
G. Comments and Questions 1298
VI. Restitution and Compensation for Expropriations 1298
A. Introduction 1298
B. Specific Performance (restitutio in integrum) 1299
1. Texaco Overseas Petroleum Company/California Asiatic Oil
Company v. The Government of the Libyan Arab Republic, Award
of 19 January 1977, 17 I.L.M. 3 (1978) 1299
2. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1302
3. Dr. J. Gillis Wetter Stephen M. Schwebel, Some Little-Known
Cases on Concessions, 40 Brit. Y.B. Int l L. 183, 220-22 (1964) 1303
4. Comments and Questions 1305
C. What is the Standard of Compensation for an Expropriation? 1305
1. Treaty Standard - Lex Specialis 1305
a. U.S. Model BIT (1992) 1305
b. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-U.S.
Cl. Trib. Rep. 79 1306
FOREIGN INVESTMENT DISPUTES
c. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Final Award of 14 March 2003 1308
d. Comments and Questions 1310
2. Customary International Law 1311
a. United Nations Resolutions 1311
i. Resolution 1803 (XVII) entitled Permanent Sovereignty over
Natural Resources , adopted by the General Assembly of the
United Nations on 14 December 1962 1311
ii. Resolution 3201 (S-VI) adopted by the United Nations General
Assembly on 1 May 1974, entitled Declaration on the
Establishment of a New International Economic Order , Article 4,
paragraph (e) 1311
iii. Resolution 3281 (XXIX), Article 2, adopted by the General
Assembly of the United Nations, on 12 December 1974, entitled
Charter of Economic Rights and Duties of the States 1311
b. Shahin Shaine Ebrahimi v. Iran, Iran-U.S. Claims Tribunal Award
560-44/46/47-3 of 12 October 1994 1311
c. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1312
d. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. 976 (1982) 1313
e. Amoco International Finance Corporation v. The Government of
the Islamic Republic of Iran, Award No. 310-56-3 (Chamber Three)
of 14 July 1987, 15 Iran-US Cl. Trib. Rep. 189 1316
f. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-US
Cl. Trib. Rep. 79 1321
g. Brice Clagett, Just Compensation in International Law: The Issues
Before the Iran-United States Claims Tribunal, in The Valuation of
Nationalized Property in International Law, Vol. IV (Lillich ed.
1987) 1321
h. World Bank Guidelines on the Treatment of Foreign Direct
Investment, 31 I.L.M. 1363, 1379,1382-84 (1992) 1322
i. Comments and Questions 1324
D. Date of Expropriation as Affecting Valuation 1326
1. Compania del Desarrollo de Santa Elena S.A. v. Costa Rica,
ICSID Case No. ARB/96/1, Award of 17 February 2000, 15 ICSID
Rev. - Foreign Inv. L.J. 169 (2000), 39 I.L.M 1317 (2000) 1326
2. Phillips Petroleum Co. Iran v. Islamic Republic of Iran, Award
No. 425-39-2 of 29 June 1989, 21 Iran-U.S. Cl. Trib. Rep. 79 1329
3. Comments and Questions 1331
VII. Methods for valuing losses 1331
A. Generally 1331
1. Corporeal property 1331
a. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1331
CONTENTS
b. SEDCO, Inc. v. National Iranian Oil Company, Award No.
309-129-3 (Chamber Three ) of 7 July 1987, 15 Iran-U.S. Cl. Trib. Rep. 23
1333
2. Lost profits 1336
a. Delagoa Bay Arbitration, described in M. Whiteman, Damages in
International Law 1694, 1697-99 (1943) 1336
b. Dr. J. Gillis Wetter Stephen M. Schwebel, Some Little-Known
Cases on Concessions, 40 Brit. Y. B. Int l L. 183 (1964) 1339
c. The Claim of the Salvador Commercial Company and other citizens
of the United States, stockholders in the corporation styled El
Triunfo Company, Limited v. El Salvador, Award of 8 May 1902,
15 R.I.A.A. 457 1340
d. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 201.L.M. 1 (1981) 1341
e. Comments and Questions 1343
B. Income-Producing Assets 1344
1. Paul D. Friedland Eleanor Wong, Measuring Damages for the
Deprivation of Income-Producing Assets: ICSID Case Studies, 6
ICSID Rev. - Foreign Inv. L.J. 400,405-407 (1991) 1344
2. Asset Values 1346
a. Actual Investment 1346
i. Metalclad Corp. v. The United Mexican States, ICSID Case No.
ARB (AF)/97/l, Award of 30 August 2000, 16(1) ICSID Rev. -
Foreign Inv. L.J. 168, 197-99 1346
b. Net Book Value Method 1348
i. Finance Corp. v. Government of the Islamic Republic of Iran,
Award No. 310-56-3 of 14 July 1987, 15 Iran-US Cl. Trib. Rep.
189 1348
c. Liquidation Value 1351
i. SEDCO, Inc. v. Iran Marine Industrial Company, Award No.
419-128/129-2 of 30 March 1989, 21 Iran-U.S. Cl. Trib. Rep. 31 1351
d. Depreciated Replacement Value 1353
i. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. (1982) 1353
e. Comments and Questions 1354
3. Going Concern Value 1355
a. Brice M. Clagett, Just Compensation in International Law: The
Issues Before the Iran-United States Claims Tribunal, in The
Valuation of Nationalized Property (1987) 1355
b. Comparable Sales 1356
i. CME Czech Republic B.V. (The Netherlands) v. The Czech
Republic, UNCITRAL Final Award of 14 March 2003 1356
c. Discounted Cash Flow Method 1359
i. Amoco International Finance Corporation v. The Government of
the Islamic Republic of Iran, Award No. 310-56-3 (Chamber Three)
of 14 July 1987,15 Iran-US Cl. Trib. Rep. 189 1359
ii. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982,21 I.L.M. 976 (1982) 1362
FOREIGN INVESTMENT DISPUTES
iii. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-
U.S. Cl. Trib. Rep. 79 1365
iv. CME Czech Republic B.V. (The Netherlands) v. The Czech
Republic, UNCITRAL Final Award of 14 March 2003 1367
v. Comments and Questions 1368
4. Underlying Asset Valuation Method 1369
a. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-
U.S. Cl. Trib. Rep. 79 1369
b. Comments and Questions 1369
5. Alternate Confirming Valuation Methods 1370
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal (Kluwer Law International 1998), Ch. 16 1370
6. Minority Share Discount and Share-Transfer Restrictions 1370
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal (Kluwer Law International 1998) Ch. 16 1370
VIII. Inflation 1372
A. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. 976 (1982) 1372
IX. Interest 1373
A. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1373
B. McCollough Company, Inc. v. Ministry of Post, Telegraph and
Telephone, Award No. 225-89-3 (Chamber Three) of 22 April 1986,
11 Iran-U.S. Cl. Trib. Rep. 3 1374
C. John Gotanda, Supplemental Damages in Private International
Law (Kluwer 1998) 1377
D. ILC Articles on State Responsibility, Fifty-third session (2001) 1380
E. Draft Convention on State Responsibility, art. 38, 55 Am. J. Int l L.
545,581(1961) 1381
F. UNIDROIT Principles on International Commercial Contracts 1381
G. Compound Interest 1381
1. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1381
2. F.A. Mann, Compound Interest as an Item of Damage in
International Law, in Further Studies in International Law 377-78,
383-85 (Oxford, Clarendon Press 1990) 1382
3. Compania des Desarrollo de Santa Elena SA v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 15
ICSID Rev. - Foreign Inv. L.J. 169 (2000), 39 I.L.M. 1317 (2000) 1383
H. Comments and Questions 1385
X. Currency and Exchange Rate 1386
CONTENTS
A. Lighthouses Arbitration Between France And Greece, Permanent
Court of Arbitration, Award of July 24, 1956, 1956 I.L.R. 299, 302 1386
B. McCollough Company, Inc. v. Ministry of Post, Telegraph and
Telephone, Award No. 225-89-3 (Chamber Three) of 22 April 1986,
lllran-U.S. Cl.Trib. Rep. 3 1387
C. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1388
XI. Costs 1389
A. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581 (1961) 1389
B. Bridas S.A.P.I.C. v. Government of Turkmenistan, Case No. 9058/
FMS/KGA, Third Partial Award of 2 September 2000 1389
XII. Taxes 1390
A. Draft Convention on State Responsibility, 55 Am. J. Int l L. 545,
581(1961) 1390
B. Comments and Questions 1390
Chapter 12
Procedure and proof: developing the case 1391
I. Introduction 1391
A. Source of Procedural Rules 1391
B. Strategizing the Case and Selecting Arbitrators 1392
1. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1392
II. Initiation of ICSID Case 1395
A. ICSID Convention, Article 36 - Request for Arbitration 1395
B. ICSID Institution Rules, Rule 6 1395
C. Compania de Aguas del Aconquija, S.A. v. Argentine Republic,
ICSID Case No. ARB/97/3, 16 ICSID Rev. - FILJ 643, 650-52 (2001)
1395
D. Comments and Questions 1396
III. Preliminary Hearing 1397
A. ICSID Arbitration Rules, Rules 20-21 1397
B. Judge Howard Holtzmann (Judge, Iran-United States Claims
Tribunal), Streamlining Arbitral Proceedings: Some Techniques of
the Iran-United States Claim Tribunal, 11 Arb. Int l 39 (1995) 1397
C. Karl-Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Review - FILJ 1 (2001) 1402
D. ICSID Model Agenda for the Organizational Hearing 1402
E. UNCITRAL Notes on Organizing an Arbitral Proceeding 1403
FOREIGN INVESTMENT DISPUTES
F. Stanton Belland, The Iran-United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int l Arb. 237 (1984) 1413
G. Comments and Questions 1413
IV. Jurisdictional Objections 1414
A. ICSID Arbitration Rules, Rule 41 1414
B. UNCITRAL Arbitration Rules, Article 21 1415
C. Compania de Aguas del Aconquija, S.A. v. Argentine Republic,
ICSID Case No. ARB/97/3, Award of 21 November 2000, 16
ICSID Rev. - FILJ 643, 650-52 (2001) 1415
D. Comments and Questions 1416
V. Arbitral Procedure 1418
A. ICSID Arbitration Rules, Rules 29-38 1418
B. UNCITRAL Arbitration Rules, Articles 15, 24-25 1420
C. ICC Arbitration Rules, Articles 15, 20-21 1421
D. International Bar Association s (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1422
E. Michael Biihler Carroll Dorgan, Witness Testimony Pursuant to
the 1999IBA Rules of Evidence in International Commercial
Arbitration, 17 J. Int. Arb. 1 at 3, 20-21, 24-25, 28-29 (2000) 1423
F. Nicolas C. Ulmer, Winning the Opening Stages of an ICC
Arbitration, 8 J. Int l Arb. 33 (1991) 1426
G. Paul D. Friedland, A Standard Procedure for Presenting Evidence
in International Arbitration, 11(4) Mealey s Int l Arb. R. 25
(April 1996) 1429
H. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1431
I. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l, Award of 30 August 2000, 16 ICSID Rev. - FILJ
168,174(2001) 1432
J. Societe Ouest Africaine Des Betons Industriels [SOABI] v. State of
Senegal, ICSID Case No. ARB/82/1, Award on Merits of 25
February 1988,2 ICSID Rep. 165,195-96 (1994) 1435
K. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No. ARB/
94/2, 14 ICSID Rev. - FILJ 197 (1999) 1436
L. Robert Azninian, Kenneth Davitian, Ellen Baca v. The United
Mexican States, ICSID Case No. ARB(AF)/97/2, 14 ICSID Rev. -
FILJ 538 (1999) 1436
M. L. Yves Fortier, The Minimum Requirements of Due Process in Taking
Measures Against Dilatory Tactics: Arbitral Discretion in International
Commercial Arbitration - A Few Plain Rules and a Few Strong
Instincts, 1438
CONTENTS
N. Comments and Questions 1439
VI. Confidentiality 1440
A. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l, Award of 30 August 2000, 16 ICSID Rev. - FILJ
168, 174 (2001) 1440
B. Amco Asia Corporation v. Republic of Indonesia, ICSID Case No.
ARB/81/1, Decision on Request for Provisional Measures of 9
December 1983, 1 ICISD Rep. 377, 410-12 (Cambridge Grotius
1993) 1441
VII. Burden of Proof 1443
A. Durward V. Sandifer, Evidence Before International Tribunals (U.
Virginia Press 1975, revised edition) 1443
B. Charles N. Brower, Evidence Before International Tribunals: The
Need for Some Standard Rules, 28 Int l Law. 47 (1994) 1446
C. Karl-Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Review - FILJ 1 (2001) 1446
D. The Loewen Group, Inc., and Raymond L. Loewen v. United States
of America; ICSID Case No. ARB(AF)/98/3 Award of 26 June 2003 1446
E. Marvin Feldman v. Mexico, ICSID Case No. ARB/(AF)/99/l,
Award of December 16, 2002 1447
F. Comments and Questions 1448
VIII. Presumptions and Inferences 1448
A. Durward V. Sandifer, Evidence Before International Tribunals (U.
Virginia Press 1975, revised edition) 1448
B. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int l Law. 47 (1994) 1451
C. G. C. Christie, What Constitutes a Taking of Property Under
International Law, 38 Brit. Y.B. Int l L. 307 (1962) 1451
D. Comments and Questions 1452
IX. Discovery 1452
A. Document Production 1452
1. International Bar Association s (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1452
2. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding by the Iran-United States Claims
Tribunal, Eleventh Sokol Colloquium at 101, 119-20 (Transnational
Publishers, Inc. 1992) 1454
3. Karl Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Rev. - FILJ 1 (2001) 1455
4. Christoph H. Schreuer, The ICSID Convention: A Commentary
Art. 93 (1 l)(c), p 650 (Cambridge U. Press 2001) 1456
5. CME Czech Republic B. V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1456
FOREIGN INVESTMENT DISPUTES
6. Ceskoslovenska Obchodni Bana, A.S. v. The Slovak Republic,
ICSID Case No. ARB/97/4, 14ICSID Rev. - FILJ 251 (1999) 1457
B. Adverse inferences 1457
1. Durwood V. Sandifer, Evidence Before International Tribunals (U.
Va. Press 1975, revised edition) 1457
2. Charles N. Brower, Evidence Before International Tribunals: The
Need for Some Standard Rules, 28 Int l Law. 47 (1994) 1458
3. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding by the Iran-United States Claims Tribunal,
Eleventh Sokol Colloquium at 101, 127-28 (Transnational
Publishers, Inc. 1992) 1459
C. Comments and Questions 1459
X. Evidence 1460
A. ICSID Administrative and Financial Regulations, Regulation 30 1460
B. International Bar Association s (IBA) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1461
C. Karl Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Rev. - FILJ 1 (2001) 1461
D. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int l Law. 47 (1994) 1463
E. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding Before the Iran-United States Claims
Tribunal, Eleventh Sokol Colloquium at 101, 126-27
(Transnational Publishers, Inc. 1992) 1466
F. Interested witnesses 1466
1. Michael Straus, The Practice of the Iran - U. S. Claims Tribunal in
Receiving Evidence from Parties and from Experts, 3 J. Int l Arb.
57 (1986) 1466
2. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int l Law. 47 (1994) 1469
G. Asian Agricultural Products Limited v. Republic of Sri Lanka,
ICSID Case No. ARB/87/3, 4 ICSID Rep. 246 (1997) 1469
H. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No.
ARB/94/2, 14 ICSID Rev. - FILJ 197 (1999) 1470
J. Parker v. United Mexican States (U.S. v. Mex.), 4 R.I. A. A. 35,
39 (General Claims Commission 1926) 1472
J. Western Co. of North America v. Oil and Natural Gas Comm n,
13 Y.B. Com. Arb. 5, 13-14 (1988) (ad hoc arbitration, Ian Kinnell,
umpire, 1985) 1473
K. Shufeldt v. Guatemala (Guatemala v. US), 2 R.I.A.A. 1083 1474
L. Hatton v. United Mexican States (U.S. v. Mexico), 4 R.I.A.A. 329,
331 (General Claims Commission 1928) 1474
M. McCurdy v. United Mexican States (U.S. v. Mex.), 4 R.I.A.A. 418,
421 (General Claims Commission 1929) 1475
CONTENTS
N. Studer v. Great Britain (U.S. v. U.K.), 6 R.I. A. A. 149, 152
(American British Claims Arbitration Tribunal 1925) 1476
0. Robert Azninian, Kenneth Davitian, Ellen Baca v. United
Mexican States, ICSID Case No. ARB(AF)/97/2, 14 ICSID Rev. -
FILJ 538 (1999) 1476
P. Comments and Questions 1477
XI. Experts 1478
A. ICC Arbitration Rules, Article 20 (4) 1478
B. UNCITRAL Arbitration Rules, Article 27 1478
C. International Bar Association s (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1479
D. Gillian White, The Use of Experts by International Tribunals
(Syracuse U. Press, Syracuse, NY 1965), Appendix III 1481
E. Durward V. Sandifer, Evidence Before International Tribunals
§77 at 327-28 (U. Virginia Press 1975, revised edition) 1482
F. Michael Straus, The Practice of the Iran-U.S. Claims Tribunal in
Receiving Evidence from Parties and from Experts, 3 J. Int l Arb.
57,63-67(1986) 1483
G. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1486
H. Societe Ouest Africaine Des Betons Industriels [SOABI] v. State of
Senegal, ICSID Case No. ARB/82/1, Award on Merits of 25
February 1988, 2 ICSID Rep. 165, 196 (1994) 1487
1. Lehigh Valley RR Co. v. Germany (Sabotage Cases) (U.S. v.
Germany) (Mixed Claims Commission 1932), 8 Rep. Int l Arb.
Awards 121 (UN 1948-1980) 1487
J. Comments and Questions 1488
XII. Oral Hearings 1489
A. International Bar Association s (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1489
B. Michael Biihler and Carroll Dorgan, Witness Testimony Pursuant
to the 1999 IB A Rules of Evidence in International Commercial
Arbitration, 17 J. Int. Arb.l at 3, 20-21, 24-25, 28-29 (Kluwer
2000) 1490
C. Judge Howard Holtzmann (Judge, Iran-United States Claims Tribunal),
Streamlining Arbitral Proceedings: Some Techniques of the Iran -
United States Claims Tribunal, 11 Arb. Int l. 39 (1995) 1492
D. Stanton Belland, The Iran - United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int l Arb. 237 (1984) 1494
FOREIGN INVESTMENT DISPUTES
E. Paul D. Friedland, A Standard Procedure for Presenting Evidence in
International Arbitration, 11 (4) Mealey s Int l Arb. R. 25 (April
1996) 1496
F. Jack J. Coe, Jr., International Commercial Arbitration; American
Principles and Practice in a Global Context at 249 (Transnational
Publishers, Inc. 1997) 1497
G. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1498
H. Vacuum Salt Products Limited v. Government of the Republic of
Ghana, ICSID Case No. ARB/92/1, 4 ICSID Rep. 320, 347-48
(1997), Award of 16 February 1994 1501
I. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No. ARB/
94/2, 14 ICSID Rev. - FILJ 197 (1999) 1501
J. Comments and Questions 1502
XIII. Translations 1503
A. ICSID Arbitration Rules, Rule 22 - Procedural Languages 1503
B. Durward V. Sandifer, Evidence Before International Tribunals
§ 68, p. 285 (U. Virginia Press 1975, Rev. Ed.) 1503
C. Jack J. Coe, Jr., International Commercial Arbitration: American
Principles and Practice in a Global Context at 249 (Transnational
Publishers, Inc. 1997) 1503
D. Stanton Belland, The Iran-United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int l Arb. 237 (1984) 1504
E. Comments and Questions 1504
XIV. The Role of Amicae in Investment Disputes Involving Public
Issues 1505
A. Methanex v. United States; Decision of the Tribunal on Petitions
from Third Persons to Intervene as Amici Curiae 1505
B. Statement of the NAFTA Free Trade Commission on non-disputing
party participation (October 7, 2003) 1512
C. United States Statement on Open Hearings in NAFTA Chapter
Eleven Arbitrations (October 7, 2003) 1514
D. Comments and Questions 1514
CHAPTER 13
RECOGNITION AND ENFORCEMENT OF INTERNATIONAL ARBITRAL
PROCEEDINGS AND AWARDS 1515
I. Introduction 1515
II. Recognition and Enforcement Mechanisms 1515
A. The Special Regime of the ICSID Convention 1515
CONTENTS
1. Convention on the Settlement of Investment Disputes Between States
and Nationals of Other States ( ICSID Convention ) Done at
Washington, 18 March 1965; Entered into force, 14 October 1966-
575 U.N.T.S. 160(1966) 1515
2. Christoph H. Schreuer, The ICSID Convention: A Commentary
(Cambridge, 2001), Article 54 1516
3. Benvenuti et Bonfant SRL v. The Government of the People s
Republic of the Congo, ICSID Case No. ARB/77/2, Judgment of
26 June 1981,1 ICSID Reports 368, France, Cour d appel 1521
B. Enforcement of Arbitral Awards (Other than ICSID) 1524
1. The New York Convention 1524
a. In general 1524
i. Convention on the Recognition and Enforcement of Foreign
Arbitral Awards ( New York Convention ) Done at New York,
10 June 1958; Entered into force, 7 June 1959; 330 U.N.T.S. 38
(1959) 1524
b. Direct effect of international arbitral awards made under treaties 1528
i. Dallal v. Bank Mellat, Judgment of 26 July 1985, 75 I.L.R. 151,
England, High Court, Queen s Bench Division 1528
c. Grounds for Refusal of Recognition and Enforcement 1531
i. Southern Pacific Properties (Middle East) Limited v. Arab
Republic of Egypt, ICSID Case No. ARB/84/3, Judgment of 12
July 1984,3 ICSID Reports p. 92 (86 I.L.R. 492), The Netherlands,
District Court of Amsterdam 1531
2. Regional Conventions 1533
a. Inter-American Convention on International Commercial
Arbitration ( Panama Convention ) Done at Panama City, 30
January 1975; Entered into force, 16 June 1976; 1438 U.N.T.S. 248
(1986) 1533
b. European Convention on International Commercial Arbitration
Done at Geneva, 21 April 1961; Entered into force, 7 January 1964 1536
III. Challenge to Arbitral Awards 1542
A. Challenge to Awards under the ICSID Convention 1542
1. Interpretation, Revision and Annulment of an ICSID Award 1542
a. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States ( ICSID Convention ) Done
at Washington, 18 March 1965; Entered into force, 14 October
1966; 575 U.N.T.S. 160 (1966) 1542
b. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB98/4, Decision on Annulment of 8 December 2000,6 ICSID
Rep. p. 129,41ILM 933 (2002) Ad Hoc Committee 1544
c. Compania de Aguas del Aconquija S.A. and Vivendi Universal
(Formerly Compagnie Generate Des Eaux) v. Argentine Republic,
ICSID Case No. ARB97/3, Decision on Annulment of 3 July 2002,
6 ICSID Rep. 340,41 ILM 1135 (2002) Ad Hoc Committee 1549
d. Comments and Questions 1561
2. Supplementation and Rectification of an ICSID Award 1561
FOREIGN INVESTMENT DISPUTES
a. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States ( ICSID Convention ) 1561
b. Compahia de Aguas del Aconquija S.A. and Vivendi Universal
(Formerly Compagnie Generale Des Eaux) v. Argentine Republic,
ICSID Case No. ARB97/3, Decision on Supplementation and
Rectification of 28 May 2003, 7 ICSID Rep. p. 489, Ad Hoc
Committee 1561
B. Challenge of Awards of non-ICSID Tribunals 1562
1. UNCITRAL Model Law on International Commercial Arbitration,
1994 1562
2. Explanatory Note by the UNCITRAL Secretariat on the Model Law
on International Commercial Arbitration 1563
3. The Czech Republic v. CME Czech Republic B.V., UNCITRAL
Judgment of 15 May 2003, Challenge to Arbitration Award Sweden,
Court of Appeal, Stockholm, 9 ICSID Rep. (in press) 1564
4. Comments and Questions 1578
5. Swedish Arbitration Act 1999 (sfs 1999:116) 1578
6. United Kingdom Arbitration Act 1996 1579
7. Arab Republic of Egypt v. Southern Pacific Properties Limited and
Southern Pacific Properties (Middle East) Limited, Judgment of
12 July 1984, 3 ICSID Reports 79, France, Com d appel, Paris
(First Additional Chamber) 1583
C. Interpretation and Supplementary Decisions of Awards under the
ICSID Additional Facility 1589
1. Rules Governing the Additional Facility for the Administration of
Proceedings by the Secretariat of the International Centre for
Settlement of Investment Disputes (Additional Facility Rules) 1589
2. United Mexican States v. Metalclad Corporation, ICSID Case No.
ARB(AF)97/1, Judgment of 2 May 2001, 5 ICSID Reports 238 (119
International Law Reports 647), Canada, Supreme Court of British
Columbia (Tysoe J) 1590
IV. Issues of State or Sovereign Immunity 1613
A. Basic Distinctions 1613
1. Sovereign and Commercial Activity 1613
a. ILC, Ad Hoc Committee on Jurisdictional Immunities of States
and Their Property Draft Articles on jurisdictional immunities of
States and their property 1613
2. Immunity from Jurisdiction and Immunity from Enforcement 1616
a. Restatement of the Law (Third): The Foreign Relations Law of
the United States, §451 St Paul, American Law Institute, 1987 1616
b. Restatement of the Law (Third): The Foreign Relations Law of
the United States, §460 St Paul, American Law Institute, 1987 1617
c. ILC, Ad Hoc Committee on Jurisdictional Immunities of States and
Their Property Draft Articles on jurisdictional immunities of States
and their property 1619
CONTENTS
d. ILC, Ad Hoc Committee on Jurisdictional Immunities of States and
Their Property Draft Articles on jurisdictional immunities of States
and their property 1621
B. Differing National Approaches 1621
1. The US Approach: Foreign Soverign Immunities Act 1976 1621
a. United States Foreign Sovereign Immunities Act 1976 1621
b. Creighton Limited v. Government of the State of Qatar, Decision of
2 July 1999, US Court of Appeals, Dist. of Columbia Circuit decided
2 July 1999, 181 F.3d 118 (D.C. Cir. 1999) 1628
c. S Davis International, Inc. v. The Republic of Yemen, Decision
of 21 July 2000, United States, Court of Appeals, 11 th Circuit,
218 F.3d 1292 (11th Cir. 2000) 1636
d. Restatement of the Law (Third): The Foreign Relations Law of the
United States, §456 St Paul, American Law Institute, 1987 1646
2. The U.K. Approach - State Immunity Act 1978 1649
C. Assets Subject to Attachment and Execution 1650
1. United States Helms Amendment 1650
2. Foreign States Immunities Act 1985 (Australia) 1652
|
| adam_txt |
Titel: Foreign investment disputes
Autor: Bishop, R. Doak
Jahr: 2005
Contents
Acknowledgements v
Chapter 1
Foreign Investment Disputes 1
I. Introduction 1
II. A Brief History of Foreign Investment 2
III. The International Commitment to Encouraging and Protecting
Foreign Investment 7
IV. What is a Foreign Investment Dispute? 9
V. Investment Treaties 10
VI. International Forums for Resolving Investment Disputes 11
VII. Political Risk Insurance 13
VIII. Applicable Law 13
IX. International Claims 14
X. Procedure and Proof 16
XI. Transparency and the Role of NGOs 16
XII. Sovereign Immunity and the Enforcement of State Awards 17
XIII. Format 17
CHAPTER 2
Treaty Schemes for Bilateral Investment Disputes 19
I. Introduction: Why Treaties have been Concluded with Respect to
International Investment 19
A. Jeswald W. Salacuse, BIT by BIT: The Growth of Bilateral Investment
Treaties and Their Impact on Foreign Investment in Developing
Countries, 24 Int'l Law 655, 659-60 (1990) 19
B. Comments and Questions 20
II. Precursors of Modern Investment Treaties 21
A. Kenneth J. Vandevelde, The Bilateral Investment Treaty Program of
the United States, 21 Cornell Int'l L.J. 201, 203-08 (1988) 21
B. Comments and Questions 23
C. Treaty of Friendship, Commerce, and Consular Rights, June 15, 1931,
U.S.-Pol., 11 Bevans 237 23
FOREIGN INVESTMENT DISPUTES
D. Comments and Questions 30
III. History of Attempts to Create Bilateral Investment Treaties 31
A. Jeswald W. Salacuse, BIT by BIT: The Growth of Bilateral Investment
Treaties and Their Impact on Foreign Investment in Developing
Countries, 24 Int'l Law 655, 655-59 (1990) 31
B. Comments and Questions 33
C. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Br. Y.B. Int'l L. 241, 241-42 (1981) 33
IV. What Should be Addressed in an Investment Treaty? 35
A. Eli Lauterpacht, The Drafting of Treaties for the Protection of
Investment, 1962 Int'l Comp. L.Q. (Supp. Publ. No. 3) 18, 24-34 35
B. Comments and Questions 42
C. W. Michael Reisman Mark Wiedman, Contextual Imperatives
of Dispute Resolution Mechanisms: Some Hypotheses and Their
Applications in the Uruguay Round and NAFTA, Journal of World
Trade June 1995, at 5,5-11 43
D. Comments and Questions 46
V. Modern Investment Treaties 47
A. Bilateral Treaties 47
1. Rudolf Dolzer Margrete Stevens, Bilateral Investment Treaties
10-11 (1995) 47
2. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice 19-20 (1992) 47
3. Treaty Between the Government of the United States of America and
Government of [Country] Concerning the Encouragement and
Reciprocal Protection of Investment, 1-36 (2004), available at
http://www.state.gov/documents/organization/38710.pdf 48
4. Agreement Between the Government of the United Kingdom of Great
Britain and Northern Ireland and the Government of [.] for the
Promotion and Protection of Investments 73
5. Chapter on Dispute Resolution in US Singapore FTA Agreement,
available at http://www.ustr.gov/assets/Trade_Agreements/Bilateral/
Singapore JFTA/FinaLTexts/asset_uploadJFile708_4036.pdf 79
6. Chapter on Dispute Resolution in US Chile FTA Agreement,
available at http://www.ustr.gov/assets/Trade_agreements/Bilateral/
Chile_FTA/FinaLTexts/asset_upload/File l _4004.pdf 97
7. Comments and Questions 119
B. Multilateral Treaties 120
1. North American Free Trade Agreement, Dec. 17, 1992, Can.-Mex.-
U.S., 321.L.M. 605 120
2. Energy Charter Treaty, http://www.encharter.org/ 127
3. Free Trade Agreement of the Americas, http://www.ftaa-alca.org/
alca_e.asp 127
CONTENTS
4. Mercosur Agreement, http://www.sice.oas.org/trade/mrcsr/
mrcsrlO.asp 127
VI. Structure of the Treaties and Obligations Undertaken by States 127
A. Definitions 127
1. "Investments" Defined 127
2. "Investment Disputes" Denned 127
B. General Obligations (e.g., Minimum International Law Standards) 128
C. Expropriation Standards 128
D. Currency Transfer Standards 128
E. Dispute Resolution 128
1. Jurisdictional or Procedural Prerequisites to Invoking International
Arbitration 128
2. Forums to which Consent is Given 128
3. Compahia de Aguas del Aconquija S.A. v. Argentina Republic (The
Vivendi Case), ICSID Case No. ARB/97/3, Decision on Annulement
of 3 July 2002, 411.L.M. 1135, 1140 (2002) 129
4. Compahia de Aguas del Aconquija S.A. v. Argentina, ICSID Case
No. ARB/97/3, Decision on Annulment of 3 July 2002, 41 I.L.M.
1135, 1144-45, 1157-58 (2002) 130
5. Application to Subdivisions 132
F. Convention on the Settlement of Investment Disputes Between States
and Nationals of Other States (Oct. 14,1966) 204
G. Comments and Questions 209
VII. Interpretation of Treaties 209
A. Vienna Convention on the Law of Treaties, opened for signature 23
May 1969, 1155 U.N.T.S. 331, 8 I.L.M. 679 209
B. Comments and Questions 211
Chapter 3
investment contracts and key clauses 213
I. Introduction 213
II. Types of Investment Contracts 215
A. Oil and Gas 215
1. Concessions 215
a. Ernest E. Smith, et al., Concessions, Production Sharing, and
Participation Agreements for Developing a Country's Resources, in
International Petroleum Transactions (2d ed. 2000 Rocky Mountain
Mineral Law Foundation) 215
b. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 218
2. Production Sharing Agreements 219
a. E.E. Smith, et al., John S. Dzienkowski, Concessions, Production
Sharing, and Participation Agreements for Developing a Country's
Resources, Chapter 6, in International Petroleum Transactions (2d ed.
2000 Rocky Mountain Mineral Law Foundation) 219
FOREIGN INVESTMENT DISPUTES
b. M. Somarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 219
3. Licenses 220
a. Ernest E. Smith, et al., Concessions, Production Sharing, and
Participation Agreements for Developing a Country's Resources,
Chapter 6 in International Petroleum Transactions (2d ed. 2000
Rocky Mountain Mineral Law Foundation) 220
4. Risk Service Contracts 222
a. Daniel Johnston, International Petroleum Fiscal Systems and
Production Sharing Contracts (PennWell 1994) 222
B. Joint Ventures 222
1. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 222
C. Build, Operate and Transfer Agreements 223
1. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 223
III. Key Investment Contract Clauses 225
A. Choice of Forum 225
1. Arbitration and Expert Determination Clauses 225
a. Enforceability of an Arbitration Clause 225
i. Charles E. Stewart, Commentary I.I, in 1 Transnational Contracts,
(Charles E. Stewart et al. eds., Oceana Publications, Inc 1997) 225
ii. R. Doak Bishop, A Practical Guide For Drafting International
Arbitration Clauses, 1 Int'l Energy L. Tax'n Rev. 16 (2000) 225
iii. Gary B. Born, International Arbitration and Forum Selection
Agreements (Kluwer Law International 1999) 227
b. Examples of Arbitration and Expert Determination Clauses 228
i. ICSID Model Clauses 228
ii. UNCITRAL Model Arbitration Clause 230
iii. ICC Model Clause 230
iv. Angola Model Production Sharing Agreement for Deep Water Blocks
(February 1992), 156 Basic Oil Laws Concession Contracts:
South Central Africa 1 (Supplement 141) (2004) 230
v. Trinidadian Tobagon Model Production Sharing Contract for
Deep Water Areas, IHS Energy, Petroleum Economics and Policy
Solutions (PEPS) Database at http://www.ihsenergy.com 231
vi. UMC Production Sharing Contract Dated 29 June 1992 Between
the Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1 (1998) 232
vii. AIPN Model Form International Operating Agreement art. 18.2 (D)
(2002) 234
viii. AGIP/BP/ETAL Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
NIS 2 (Supplement 39) (2003) 237
CONTENTS
ix. AIPN Model Form International Operating Agreement art. 18.3
(2002) 238
c. Mitsubishi Motors Corporation v. Soler Chrysler-Plymouth, Inc.,
473 U.S. 614, 626, 628-31, 636-39 (1985) 239
d. National Iranian Oil Company v. Ashland, 817 F.2d 326 (5th Cir.
1987) 241
e. Comments and Questions 242
2. Forum Selection Clauses 243
a. AIPN Model Form International Operating Agreement, art. 18.2 (A),
Alternative 1 (1995) 243
b. MIS Bremen v. Zapata Off-Shore Company, 407 U.S. 1 (1972) 243
c. Gary B. Born, International Arbitration and Forum Selection
Agreements (Kluwer Law International 1999) 246
d. R. Doak Bishop David B. Lee, Enforceability of Forum - Selection
Clauses in International Commercial Contracts, Currents: Int'l Trade
L.J., Fall 1995 at 20 251
e. Comments and Questions 254
B. Choice-of-Law 255
1. Examples of Choice-of-Law Clauses 255
a. Trinidadian Tobagon Model Production Sharing Contract for Deep
Water Areas, IHS Energy, Petroleum Economics and Policy Solutions
(PEPS) Database at http://www.ihsenergy.com 255
b. UMC Production Sharing Contract Dated 29 June 1992 Between the
Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1(1998) 255
c. Oil Concession Agreement Dated 13 October 1980 Between the
Government of Abu Dhabi Amerada Hess Petroleum Abu Dhabi
Ltd., 75 Basic Oil Laws Concession Contracts: Middle East 2
(1982) 256
d. Pennzoil/Lukoil Group Agreement Dated 10 November 1995 on
Production Sharing for the Karabakh and Area Adjacent in the
Azerbaijan Sector of the Caspian Sea Between the State Oil Co. of the
Azerbaijan Republic (Socar) and Lukoil International, et al., 52 256
e. Texaco Exploration Pakistan Petroleum Concession Agreement Dated
6 November 1990 Between the Islamic Republic of Pakistan, Oil
Gas Development Corp., Texaco Exploration Pakistan Inc., 116
Basic Oil Concession Contracts: Asia Australia 1 (1993) 256
f. AIPN Model Form International Operating Agreement art. 18.1
(2002) 256
2. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 257
3. Charles E. Stewart, Commentary I.I, in 1 Transnational Contracts
(Charles E. Stewart etal. eds., Oceana Publications, Inc. 1997) 259
4. R. Doak Bishop, A Practical Guide For Drafting International
Arbitration Clauses, 1 Int'l Energy L. Tax'n Rev. 16 (2000) 261
5. Case Law on Choice-of-Law Clauses 263
FOREIGN INVESTMENT DISPUTES
a. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No ARB/98/4,
Annulment Decision of 28 January 2002, 41ILM 933 (2002) see
Chapter 6 263
b. Mobil Oil Iran, Inc. v. Government of the Islamic Republic of Iran,
Award of 14 July 1987 16 Iran-U.S. Cl. Trib. Rep. 3 see Chapter 6 264
c. AGIP Company v. Popular Republic of the Congo, ICSID Case No.
ARB/77/1, Award of 30 November 1979, 1 ICSID Rep. 306 (1993)
see Chapter 6 264
d. British Petroleum Co. (Libya) Ltd. v. Government of the Libyan Arab
Republic, Award of 10 October 1973, 5 Y.B. Comm. Arb. 143 (1980)
see Chapter 6 264
e. Texaco Overseas Petroleum Company/California Asiatic Oil Company
v. Government of the Libyan Arab Republic, Award on Merits of 19
January 1977, 17 I.L.M. 1 (1978) see Chapter 6 265
f. Libyan American Oil Company v. Government of the Libyan Arab
Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) see Chapter 6 265
g. Sapphire International Petroleums Ltd. v. National Iranian Oil Co.,
Award of 15 March 1963, 35 I.L.R. 136 (1967) see Chapter 6 265
h. Case No. 3380 (ICC November 29,1980) 108 J. du droit Int'l 928
(Clunet, No. 4, 1981) see Chapter 6 266
6. Comments and Questions 266
C. Force Majeure 267
1. Examples of Force Majeure Clauses 267
a. Angola Model Production Sharing Agreement For Deep Water
Blocks (February 1992), 156 Basic Oil Laws Concession Contracts:
South Central Africa 1 (Supplement 141) (2004) 267
b. Trinidadian Tobagon Model Production Sharing Contract for Deep
Water Areas, IHS Energy, Petroleum Economics and Policy Solutions
(PEPS) Database at http://www.ihsenergy.com 267
c. UMC Production Sharing Contract Dated 29 June 1992 Between the
Republic of Equatorial Guinea United Meridian International
Corp., 135 Basic Oil Laws Concession Contracts: South
Central Africa 1(1998) 268
d. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea V.B., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 269
e. Restated LNG Development Production Sharing Agreement for
the North Field Gas Dated 31 January 1993 Between the Government
of the State of Qatar and (as Contractor) Qatar General Petroleum
Corporation, et al., 58 World LNG Contracts: Qatar 1 (2003) 271
f. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 271
g. AIPN Model Form International Operating Agreement art. 16 (2002) 272
2. National Oil Corp. v. Libyan Sun Oil, Award of 31 May 1985,29
I.L.M. 565 (1990) 273
CONTENTS
3. Charles E. Stewart (ed.), Commentary I.I in Transnational Contracts,
(Oceana Publications, Inc. 1997) 279
4. Karl Heinz Bockstiegel, Arbitration and State Enterprises (Kluwer
Law International 1984) 280
5. Comments and Questions 285
D. Stabilization 286
1. General Considerations 286
a. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int'l LJ. 215 (1996) 286
b. M. Sornarajah, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 289
2. Examples of Stabilization Clauses 290
a. Offshore (oil Winning License) Agreement Date 10 January 1978
between Government of Ghana Offshore Hydrocarbons Corporation
(Later Transferred to Agri-Petco), 58 Basic Oil Laws Concession
Contracts: South Central Africa 22 (1980) 290
b. Amoco Group Agreement Dated 14 December 1996 on the
Exploration, Development Production Sharing for Prospective
Structures Ashrafi, Dan Ulduzu Area Adjacent in the Azerbaijan
Sector of the Caspian Sea, 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 24) (2003) 291
c. Oman Model Exploration Production Sharing Agreement of 2002,
(2003), www.barrowscompany.com, Basic Oil Laws Concession
Contracts: Middle East 291
d. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 292
e. Charles E. Stewart (ed.), Commentary I.I in Transnational Contracts
(Oceana Publications, Inc. 1997) 293
3. Types of Stabilization Provisions 295
a. Christopher T. Curtis, The Legal Security Of Economic Development
Agreements, 29 Harv. Int'l LJ. 317 (1988) 295
b. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int'l L.J. 215 (1996) 295
c. Bertrand Montembault-Heveline Rebecca Major, Stabilisation, in
2 AIPN Host Government Contract Handbook (AIPN July 2002) 298
d. Amoco International Finance Corp. v. Government of the Islamic
Republic of Iran, Award No. 310-56-3 of 14 July 1987, 15 Iran-U.S.
Cl.Trib.Rep. 189 299
e. Libyan American Oil Company v. Government of the Libyan Arab
Republic, Award of 12 April 1977, 201.L.M. 1 (1981) 301
4. Comments and Questions 302
E. Adaptation and Renegotiation 303
1. Examples of Adaptation and Renegotiation Clauses 303
FOREIGN INVESTMENT DISPUTES
a. Restated LNG Development Production Sharing Agreement for
the North Field Gas Dated 31 January 1993 Between the Government
of the State of Qatar and (as Contractor) Qatar General Petroleum
Corporation, et al, 58 World LNG Contracts: Qatar 1 (2003) 303
b. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 303
2. Thomas W. Waelde George Ndi, Stabilizing International
Investment Commitments: International Law Versus Contract
Interpretation, 31 Tex. Int'l LJ. 215 (1996) 304
3. Bertrand Montembault-Heveline Rebecca Major, Stabilisation,
in 2 AIPN Host Government Contract Handbook (AIPN July 2002) 304
4. M. Sornarajeh, The Settlement of Foreign Investment Disputes
(Kluwer Law International 2000) 306
5. Comments and Questions 307
F. Waiver of Sovereign Immunity Clauses 308
1. Examples of Sovereign Immunity Waiver Clauses 308
a. Agip/BP/Etal Production Sharing Agreement Dated 18 November
1997 in respect of the North Caspian Sea (Kashagan) Among Agip
Caspian Sea B.V., et al., 52 Basic Oil Laws Concession Contracts:
Russia NIS 1 (Supplement 39) (2003) 308
b. 1997 Model Production Sharing Agreement between Sociedade
Nacional de Combustiveis de Angola - Unidade Economica Estatal
(Sonangol, U.E.E.) and Contractor, 137 Basic Oil Laws Concession
Contracts: South Central 1 (1999) 308
c. Oman Model Exploration Production Sharing Agreement of 2002,
(2003), www.barrowscompany.com, Basic Oil Laws Concession
Contracts: Middle East 309
d. Production Sharing Contract for the Petroleum Exploration,
Development and Production of Suriname, Block [.]
between Staatsolie Maatschappij Suriname N.V. and Contractor,
153 Basic Oil Laws Concession Contracts: South America 18
(2003) 309
e. Concession Contract of 31 May 2001 Between the Republic of
Cameroon RSM Production Corp., 157 Basic Oil Laws
Concession Contracts: South Central Africa 1 (2004) 309
f. AIPN Model Form International Operating Agreement art. 18.4
(2002) 310
2. Charles E. Stewart (ed.), Comentary I.I in Transnational Contracts
(Oceana Publications Inc. 1997) 310
3. Comments and Questions 311
G. Other Clauses 311
1. Charles E. Stewart (ed.), Comentary I.I in Transnational Contracts
(Oceana Publications Inc. 1997) 311
IV. Implied Clauses from Civil Law Codes 314
A. Good Faith 314
CONTENTS
1. UNIDROIT Principles of International Commercial Contracts,
art. 1.7(2004) 314
2. El Salvadoran Civil Code, art. 1417 315
B. Doctrine of Imprecision or Changed Circumstances 315
1. Italian Civil Code, art. 1467 315
2. Argentina Code of Civil Procedure, art. 1198 315
3. El Salvadoran Commerical Code, art. 994 315
4. UNIDROIT Principles of International Commercial Contracts,
art. 6.2 (2004) 316
C. Comments and Questions 316
Chapter 4
Forums for resolving foreign investment Disputes 317
I. Introduction 317
II. Permanent Mixed Arbitration Tribunals 317
A. ICSID 318
1. Advantages 318
a. W. Michael Reisman, Systems of Control in International
Adjudication and Arbitration: Breakdown and Repair 46-47 (1992) 318
2. Jurisdiction 319
a. ICSID Convention Article 25(1) 319
3. Legal Dispute 319
a. Christoph H. Schreuer, The ICSID Convention: A Commentary
103-06(2001) 319
b. Kaiser Bauxite Co. v. Jamaica, ICSID Case No. 74/3, Decision on
Jurisdiction of 6 July 1975, 1 ICSID Repts. 296, 303 (1999) 321
c. Comments and Questions 322
d. CSOB v. Slovakia, ICSID Case No. ARB/97/4, Decision on
Jurisdiction, 24 May 1999, 14 ICSID Rev. - Foreign Inv. L.J. 251,
272 (1999) 323
4. "Arising directly out of an investment" 324
a. Treatises 324
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
121-25(2001) 324
ii. C.F. Amerasinghe, The Jurisdiction of the International Centre
for the Settlement of Investment Disputes, 19 Indian J. Int'l L.
166, 177-81 (1979) 327
iii. Paul C. Szasz, A Practical Guide to the Convention on Settlement
of Investment Disputes, 1 Cornell Int'l L.J. 1, 14-15 (1968) 330
iv. Comments and Questions 331
b. Definitions in U.S. Model BIT, ECT, NAFTA 331
c. Definitions in Local Foreign Investment Law 331
i. Tradex Hellas S.A. v. Albania, Case No. ARB/94/2, Decision on
Jurisdiction of 24 December 1996, 14 ICSID Rev. - Foreign Inv.
L.J. 197,216-18(1999) 331
d. Definitions in Parties' Contract 333
FOREIGN INVESTMENT DISPUTES
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
126-28 (2001) 333
e. Cases 335
i. Olguin v. Paraguay, ICSID Case No. ARB/98/5, Decision on
Jurisdiction of 8 August 2000, available at http://www.worldbank.
org/icsid/cases/paraguay-decision.pdf (last visited 25 May 2005) 335
ii. Fedax N.V. v. Venezuela, ICSID Case No. ARB96/3, Decision on
Jurisdiction of 11 July 1997, 37 I.L.M. 1378, 1383 (1998) 335
iii. Tradex v. Albania Hellas S.A., Case No. ARB/94/2, Decision on
Jurisdiction of 24 December 1996, 14 ICSID Rev. - Foreign Inv.
LJ. 197,225-26 (1999) 337
iv. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB/93/1,
Award of 21 February 1997, 36 I.L.M. 1531, 1538-39, 1543-44,
(1999) 338
v. CSOB v. Slovakia, ICSID Case No. ARB/97/4, Award of 24 May
1999, Decision on Jurisdiction, 24 May 1999, 14 ICSID Rev. -
Foreign Inv. LJ. 251, 276-77 (1999) 340
vi. Amco Asia Corp. v. Indonesia, ICSID Case No. ARB/81/1, Decision
on Jurisdiction of 25 September 1983, 1 ICSID Reports 377,405,
565 (1993) (tax claim excluded) 341
f. Conclusion 344
i. Christoph H. Schreuer, The ICSID Convention: A Commentary
138-41 (2001) 344
ii. Comments and Questions 346
5. Parties 346
a. Contracting State or Constituent Subdivision or Agency 346
i. ICSID Convention Article 25 Criteria 346
ii. Cable Television of Nevis Ltd. v. Federation of St. Kitts and Nevis,
Award of 13 January 1997, ICSID Case No. ARB/95/2, Award of
13 January 1997, 13 ICSID Review - Foreign Inv. L. J. 328, 334-52
(1998) (government agency not designated to ICSID) 346
iii. Compania de Aguas del Aconquija S.A. v. Argentine Republic (The
Vivendi Case), ICSID Case No. ARB/97/3, Decision on Annulment
of 3 July 2002,411.L.M. 1135, 1140 (2002) 352
b. National of another Contracting State 352
i. Amco Asia Corp. v. Indonesia, ICSID Case No. ARB/81/1,
Decision on Jurisdiction of 25 September 1983,1 ICSID Reports
389,395-97 352
ii. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB93/1,
Award of 21 February 1997, 36 I.L.M. 1531 (ICSID 1999) (case
can be brought in name of direct foreign parent of local company) 355
iii. Societe Ouest Africaine des Betons Industriels [SOABI] v. Senegal,
ICSID Case No. ARB82/1, Decision on Jurisdiction of 1 August
1984, 2 ICSID Rep. 175,179-83 355
iv. Vacuum Salt Prod., Ltd. v. Ghana, ICSID Case No. ARB/92/1,
Award of 16 February 1994,4 ICSID Reports 329, 331-40, 344-51
(1997) (lack of jurisdiction because of lack of foreign control,
in fact, over locally-incorporated company) 360
CONTENTS
v. Christoph H. Schreuer, The ICSID Convention: A Commentary
310-11 (2001) (quoting and summarizing LETCO v. Liberia case)
(causation for treating local company as foreign implied) 366
vi. Comments and Questions 366
6. Consent 367
a. Societe Ouest Africaine des Betons Industriels [SOABI] v. Senegal,
ICSID Case No. ARB82/1, Decision on Jurisdiction of 1 August
1984, 2 ICSID Reports 165, 166, 179, 204-05, 219-20, 272 367
b. American Mfg. Trading, Inc. v. Zaire, ICSID Case No. ARB/93/1,
Award of 21 February 1997, 36 I.L.M. 1531, 1544-46, 1548 (1997)
(ICSID consent based on BIT) 370
c. CSOB v. Slovakia, ICSID Case No. ARB94/7, Decision on Jurisdiction
of 24 May 1999, 14 ICSID Rev. - Foreign Inv. L.J. 251, 263-72
(1999) 371
d. Southern Pacific Prop., Ltd. v. Egypt, ICSID Case No. ARB84/3,
Decision on Jurisdiction of 27 November 1985, 3 ICSID Reports 112,
137-45, 149-162 (1995), (ICSID consent based on foreign investment
law) 377
e. Comments and Questions 384
7. Provisional measures 385
a. ICSID Convention Article 47 385
b. ICSID Arbitration Rules, Rule 39 385
c. Charles N. Brower Ronald E.M. Goodman, Provisional Measures
and the Protection of ICSID Jurisdictional Exclusivity Against
Municipal Proceedings, 6 ICSID Rev. - Foreign Inv. L.J. 431,440-46,
460-61 (1991) 386
d. Christoph H. Schreuer, The ICSID Convention: A Commentary
745-46 (2001) 391
e. Comments and Questions 391
8. Applicable Law 392
a. ICSID Convention Article 42(1) 392
b. Comments and Questions 392
9. Annulment Proceedings 392
a. Annulment Panel is Not an Appellate Court 392
i. W. Michael Reisman, Systems of Control in International
Adjudication and Arbitration: Breakdown and Repair 48-50 (1992) 392
ii. Mark B. Feldman, The Annulment Proceedings and the Finality
of ICSID Arbitral Awards, 2 ICSID Rev. - Foreign Inv. L.J. 85,
103-09 (1987) 393
b. Cases 397
i. Klockner Industrie - Anlagen GmbH v. Republic of Cameroon,
ICSID Case No. ARB81/2, Award of 21 October 1983, 2 ICSID
Reports 3,140-41 (1994) 397
ii. Amco Asia v. Indonesia, ICSID Case No. ARB81/1, Decision on
Jurisdiction of 25 September 1983,1 ICSID Reports 389, 524-40
(1993) 399
FOREIGN INVESTMENT DISPUTES
iii. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No.
ARB98/4, Decision on Application for Annulment of 8 December
2000, 411.L.M. 933, 938 (2002) 408
c. W. Michael Reisman, Systems of Control in International Adjudication
and Arbitration: Breakdown and Repair 57-61, 69-71 (1992) 409
d. Comments and Questions 414
B. ICSID Additional Facility: ICSID, Additional Facility Rules, 5
(2003) 414
1. Review Permitted in Local Court 415
a. United Mexican States v. Metalclad Corp., Case No. ARB(AF)/97/l,
Reasons for Judgment of 2 May 2001, (2001) B.C.T.C. 664, available
at http://www.economia-snci.gov/sphp_pages/importa/sol_contro/
consultoria/Casos_Mexico/Metalclad/BC-SCJ/Sentencia-BC.pdf 415
2. Enforcement under New York or Panama Conventions 417
a. Convention on the Recognition and Enforcement of Foreign Arbitral
Awards, signed 10 June 1958, entered into force 29 December 1970,
330UNTS3 417
b. The Inter-American Convention on International Commercial
Arbitration, 30 January 1975, O.A.S.T.S. No. 42, O.A.S. Doc.
OEA/Ser.A/20 (SEPF), reprinted in 14 I.L.M. 336 (1975) 418
C. Permanent Court of Arbitration 419
1. Manley O. Hudson, The Permanent Court of International Justice
1920-1942: A Treatise 4-6 (1943) 419
D. Iran-U.S. Claims Tribunal (Algiers Accords) 421
1. Conception 421
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal 3-16 (1998) 421
2. Procedures - UNCITRAL Arbitration Rules 427
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal 16-20 (1998) 427
3. Applicable Law - Claims Settlement Declaration, available at
http://www.iusct.org/claims-settlement.pdf 428
4. Decisions - Iran-U.S. Claims Tribunal Reporter 428
HI. Other Arbitral Regimes 428
A. ICC Arbitration Rules 428
1. R. Doak Bishop, Sashe D. Dimitroff, Craig S. Miles, Strategic
Options Available When Catastrophe Strikes the Major International
Energy Project, 36 Tex. Int'l L. J. 635, 658 (2001) 430
2. Nat'l Oil Corp. v. Libyan Sun Oil Co., ICC Case No. 4462/AS,
Decision on Force Majeure of 31 May 1985, 29 I.L.M. 565 (1990) 430
3. Deutsche Schachtbau- und Tiefbohrgesellschaft mbH (FR Germ.) v.
State ofR'asAl Khaimah (UAE), ICC Case No. 3572 of 1982,
1989 Y.B. Com. Arb. (IntT Council for Com. Arb.) Ill 431
B. London Court of International Arbitration 431
C. Stockholm Chamber of Commerce 433
D. American Arbitration Association 434
CONTENTS
E. UNCITRAL Arbitration Rules (option provided in BIT's, ECT
NAFTA) 435
IV. Ad hoc (non-UNCITRAL Arbitration Rules) 435
A. Lena Goldfields, Ltd. v. U.S.S.R., Award of 3 September 1930,
reprinted in Arthur Nussbaum, The Arbitration Between the Lena
Goldfields, Ltd. and the Soviet Government, 36 Cornell L.Q. 43
(1950-51) 435
B. Petroleum Development, Ltd. v. Sheik of Abu Dhabi, 18 I.L.R. 144,
144-46(1951) 436
C. Saudi Arabia v. Arabian Am. Oil Co. (ARAMCO), 27 I.L.R. 117, 130
(1958) 437
D. Sapphire Int'l Petroleum v. Nat'I Iranian Oil Co., 35 I.L.R. 136
(1963) 438
E. Kuwait v. American Independent Oil Co. (AMINOIL), Award of
24 March 1982, 21 I.L.M. 976, 998 (1982) 440
F. Winter shall A.G. v. Qatar, Partial Award of 5 February 1988 and
Final Award of 31 May 1988, 28 I.L.M. 795 (1989) 442
G. Comments and Questions 442
V. International Tribunals 443
A. Permanent Court of International Justice 443
1. Oscar Chinn Case, 1934 P.C.IJ. (Ser. A/B) No. 63 (12 Dec.) 443
2. Chorzow Factory Case, (Ger. v. Pol.), 1928 P.C.I.J. (Ser. A) No. 17
(26 Jul.) 443
3. Mavrommattis Palestine Concessions Case, 1925 P.C.I.J. (Ser. A)
No. 5 (26 March) 444
B. International Court of Justice (ICJ) 452
1. Espousal of Corporate Claims by Governments 452
a. Anglo-Iranian Oil Co. Case, 1952 I.C.J. 103, 103-14 (July 22)
(jurisdiction denied) 452
b. Barcelona Traction, Light Power Co. Ltd. (Belg. v. Spain), 1970
I.C.J. 3,42,42-50 (Feb. 5) 461
c. Elettronica Sicula S.A. (ELSI) (U.S. v. Italy), Case of 20 July 1989,
1989 I.C.J. 15, available at http://www.icj-cij.org/icjwvvw/icases/
ielsi/ielsi.ijudgments/icsli.ijudgment 19890720.pdf (last visited
26 May 2005) (U.S. espoused claim of U.S. corporation 469
i. F.A. Mann, Foreign Investment in the International Court of
Justice: The ELSI Case, 86 Am. J. Int'l L. 92, 99-101 (1992) 470
ii. Sean D. Murphy, The ELSI Case: An Investment Dispute at the
International Court of Justice, 16 Yale J. Int'l L. 391,444-48
(1991) 471
C. European Court of Human Rights 473
1. European Convention for the Protection of Human Rights and
Fundamental Freedoms, available at http://www.echr.coe.int/
ConventionAvebConvenENG.pdf 478
2. First Protocol to the European Convention 478
FOREIGN INVESTMENT DISPUTES
3. Expropriation Cases 478
a. Wasa Liv Omsesidigt v. Sweden, 58 Eur. Ct. H.R. 163 (1988) 478
b. Agrotexim v. Greece, 21 Eur. Ct. H.R. 250 (1995) 479
D. Inter-American Commission and Court on Human Rights 480
1. Introduction 480
a. W. Michael Reisman, Practical Matters for Consideration in the
Establishment of a Regional Human Rights Mechanism: Lessons
from the Inter-American Experience, 1995 St. Louis Warsaw Trans'l
89, 90-92 (1995) 480
2. American Convention on Human Rights, available at http://iachr.org/
Basicos/basic3.htm 481
3. Expropriation claims are limited to claims of individuals; corporate
claims are prohibited 482
a. Mevopal, S.A. v. Argentina, Report No. 39/99, Inter-Am. C.H.R.
OEA/Ser.L./V./II.95 doc. 7 rev. 297 (1998) 482
b. Comments and Questions 485
E. European Court of Justice 485
1. L. Neville Brown Tom Kennedy, The Court of Justice of the
European Communities 19-21 (2000) 485
2. Francovich v. Italy, Case C-6 9/90, 1993 E.C.R. 1-5357 (1993)
(government liable for damages) 486
VI. National Claims Settlement Commissions and Tribunals 487
A. U.S. Foreign Claims Settlement Commission 487
1. Richard B. Lillich, International Claims: Their Adjudication by
National Commissions 5-15(1962) 487
B. National Courts 490
C. Comments and Questions 490
CHAPTER 5
political Risk insurance 491
I. Introduction 491
II. Multilateral Investment Guarantee Agency (MIGA) 492
A. Convention Establishing the Multilateral Investment Guarantee
Agency, published in I International Investment Instruments: A
Compendium 213 (UNCTAD 1996) 492
B. Commentary on the Convention Establishing the Multilateral
Investment Guarantee Agency, 1 ICSID Rev. - FILJ 193 (1986) 496
C. Ibrahim F.I. Shihata, MIGA and the Standards Applicable to Foreign
Investments, 1 ICSID Rev. - FILJ 327, 332 n. 26 (1986) 501
D. Multilateral Investment Guarantee Agency (Standard) Contract of
Guarantee, 4 ICSID Rev. - FILJ 107 (Spring 1989) 502
E. MIGA General Conditions of Guarantee for Equity Investments
(January 25,1989), 4 ICSID Rev. - FILJ 112 (Spring 1989) 504
F. Comments and Questions 509
CONTENTS
III. National Programs - U.S. Overseas Private Investment
Corporation (OPIC) 510
A. OPIC Program Handbook (2001) 510
B. OPIC Enabling Statute - 22 U.S.C. § 2191 514
C. OPIC Contract of Insurance Against Inconvertibility, Expropriation,
Political Violence (Form 234 KGT 12-85, Second Revised) 517
D. OPIC Contract of Insurance Against Business Income Loss (Form
234 KGT 5-87) - "^X 522
E. OPIC Contract of Institutional Lenders Insurance - 523
F. OPIC Policy of Bid Guaranty Insurance 525
G. Merlin Liu, Mitigating the Political Risk of Infrastructure Projects
with OPIC Political Risk Insurance, 822 PLI/Comm. 441 (2001) 526
H. OPIC Claims Procedures ' 530
1. Expropriation x 530
2. Inconvertibility 531
3. Political Violence 533
I. OPIC Agreements with Foreign Governments 534
1. Model OPIC Investment Incentive Agreement, 1 B.D.LE.L. 669
(1994) 534
2. Robert C. O'Sullivan, Model OPIC Investment Incentive Agreement,
1 B.D.I.E.L. 665 (1994) 536
3. OPIC Agreement with the Republic of Palau (15 March 2002) 538
J. Comments and Questions 539
IV. OPIC Claims 540
A. Expropriation Claims 540
1. Governmental Nexus 540
a. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359 (1993) 540
b. Otis Elevator Co. 540
c. Indian Head Mills, Inc. 545
2. Causation 546
a. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359(1993) 546
3. Creeping Expropriation 546
a. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359 (1993) 546
b. Fearn International, Inc. 547
c. Northern Indiana Brass Co. 550
i d. Webster Publishing Co. 552
e. International Bank v. OPIC, 111.L.M. 1216 (1972) 552
f. Revere Copper Brass, Inc. v. OPIC, AAA Award of August 24,
1978, 17 I.L.M. 1321 (1978) 555
FOREIGN INVESTMENT DISPUTES
g. Reynolds-Guyana Mines, Ltd. 562
h. MidAmerican Energy Holdings Company (formerly CalEnergy
Company, Inc.) 563
4. Defenses 571
a. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359(1993) 571
b. Otis Elevator Co. 571
c. W.E. Belcher Lumber Co., Inc. 572
d. Central Soya Company, Inc. 573
e. The Anaconda Company Chile Copper Company v. Overseas
Private Investment Corporation, AAA Award of 17 July 1975, 14
I.L.M. 1210 (1975) 574
f. International Telephone Telegraph Corp. Sud America v. OPIC,
13 I.L.M. 1307 (1974) 580
5. Comments and Questions 587
B. Currency Inconvertibility Claims 588
1. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359 (1993) 588
2. Reasonable Steps to Convert Local Currency 589
a. Philippine Geothermal, Inc. 589
3. Lack of Pre-existing Law or Regulation 592
a. Active Inconvertibility 592
i. Kimberly Clark Corp. 592
b. Passive Inconvertibility 595
i. Phelps Dodge Corp. 595
4. Comments and Questions 597
C. Political Violence Claims 597
1. Pablo M. Zylberglait, OPIC's Investment Insurance: The Platypus of
Governmental Programs and its Jurisprudence, 25 Law Pol'y in
Int'l Bus. 359(1993) 597
2. Direct Causation 599
a. Nord Resources Corporation 599
b. Philippine Geothermal, Inc. 603
c. Haitian Tropical Management, S.A 605
d. F.C. Schaffer Associates 605
e. Isaac Schwartz, Murray Jacobowitz, Good Fortune Gold, Inc., and
Eldeen Import and Export, Inc. 607
f. Agronom International, Inc. 608
3. Political Motivation 609
a. Freeport Minerals Corp. 609
b. Beckman Instruments, Inc. 612
4. Notice 614
a. Kimberly Clark Corp. 614
5. Comments and Questions 615
V. Private Political Risk Insurance 616
CONTENTS
A. Elizabeth A. Kessler, Political Risk Insurance and the Overseas
Private Investment Corporation: What Happened to the Private
Sector, 13 N.Y.L Sch. J. Int'l Comp. L. 203 (1992) 616
B. Paul E. Comeaux Stephen Kinsella, Reducing Political Risk in
Developing Countries: Bilateral Investment Treaties, Stabilization
Clauses, andMIGA OPIC Investment Insurance, 15 N.Y.L. Sch.
J. Int'l Comp. L. 1 (1994) 621
C. Comments and Questions 622
Chapter 6
applicable Substantive Law 623
I. Introduction 623
A. J.G. Collier, Conflict of Laws, Chapter 11, Arbitration (3d. ed.,
Cambridge 2001) 623
B. Comments and Questions 624
C. Convention on the Recognition and Enforcement of Foreign Arbitral
Awards, signed 10 June 1958), entered into force 29 December
1970, 330 U.N.T.S. 3 (1959) 625
D. Comments and Questions 626
II. The Choice of Law Process in International Commercial
Arbitration 626
A. Rules of Arbitration of the International Chamber of Commerce (as
in force from 1 January 1998) 626
B. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States (1965) 627
C. UNCITRAL Model Law on International Commercial Arbitration
(1985) (as adopted by the United Nations Commission on International
Trade Law on 21 June 1985) 627
D. UNCITRAL Arbitration Rules (1976) (Adopted by the General
Assembly on December 15, 1976) 627
E. EC Convention on the Law Applicable to Contractual Obligations
(Rome 1980) 628
F. Comments and Questions 629
III. Options for the Applicable Law 630
A. National Law 630
1. F.V. Garcia Amador, State Responsibility: Fourth Report by the
Special Rapporteur in International Responsibility, [1959] 2 Y.B.
Int'l L. Comm'n, U.N. Doc. A/CN.4/119 630
2. Comments and Questions 632
B. National Law with International Guarantees 632
1. AGIP Spa v. The Government of the Popular Republic of the Congo,
ICSID Case No. ARB/77/1, Award of 30 November 1979, 1 ICSID
Rep. 306, 67 I.L.R. 318(1979) 632
FOREIGN INVESTMENT DISPUTES
2. Benvenuti and Bonfant Sri v. The Government of the People's Republic of
the Congo, ICSID Case No. ARB/77/2, Award of 15 August 1980,
1 ICSID Rep. 330 634
3. Southern Pacific Properties (Middle East) Limited v. Arab Republic
of Egypt, ICSID Case No. ARB/84/3, Award of 20 May 1992, 3 ICSID
Rep. 189, 249 (Dissenting Opinion of Dr El Mahdi) 634
4. Klockner Industrie-Anlagen GmbHv. Republic of Cameroon, ICSID
Case No. ARB/81/2, Decision on Annulment of 3 May 1985, 2 ICSID
Rep. 95 (1994) 641
5. Amco Asia v. Indonesia, ICSID Case No. ARB/81/1, Decision on the
Application for Annulment of 16 May 1986, 1 ICSID Reports 509
(1993) 642
6. W. Michael Reisman, The Regime for Lacunae in the ICSID Choice
of Law Provision and the Question of Its Threshold, 15 ICSID Rev.
- Foreign Inv. L.J. 362 (2000) 645
7. Compahia del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000,15
ICSID Rev. - Foreign Inv. L.J. 167 (2000) 650
8. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Decision on Annulment of 5 February 2002, 411.L.M.
933 (2002) 652
9. Prosper Weil, The State, the Foreign Investor, and International Law:
The No Longer Stormy Relationship of a Menage A Trois, 15 ICSID
Rev. - Foreign Inv. L.J. 401 (2000) 655
10. Comments and Questions 661
C. Internationalization 662
1. Petroleum Development Ltd. v. Sheikh of Abu Dhabi, 181.L.R. 144
(1951) 662
2. Comments and Questions 663
3. F.V. Garcia Amador, State Responsibility: Fourth Report by the
Special Rapporteur in International Responsibility, [1959] 2 Y.B. Int'l L.
Comm'n, U.N. Doc. A/CN.4/119 664
4. Sapphire International Petroleum v. NIOC, 35 I.L.R. 136 (1963) 666
5. Comments and Questions 670
6. Texaco Overseas Petroleum Company Californian Asiatic Oil
Company v. The Government of the Libyan Arab Republic, Award
on the Merits, 53 I.L.R. 420 (1977) 670
7. Comments and Questions 674
8. International Chamber of Commerce, Case No. 3380, Award of 29
November 1980 (also reported in 108 Journal du droit int'l 928
(Clunet, No. 4) (1981)) 674
9. Comments and Questions 675
10. Government of Kuwait v. American Independent Oil Co. (AMINOIL),
661.L.R. 518(1982) 675
11. Comments and Questions 678
12. Mobil Oil Iran Inc., et al v. Government of the Islamic Republic of
Iran and National Iranian Co., Case No. 74, Award No. 311-74/
76/81/150-3,14 July 1987,16 Iran-US Cl. Trib. Rep. 3 (1987) 678
CONTENTS
13. Comments and Questions 681
14. United States v. Iran (Case No. B36), Case No. B 36, Award of 23
March 1997, 32 Iran-U.S. Cl. Trib. Rep. 162 (1996) 681
15. Georges R. Delaume, The Proper Law of State Contracts Revisited,
12(1) ICSID Rev. - Foreign Inv. L.J. 1 (1997) 682
16. Wintershall A.G., et al. v. Government of Qatar, Partial Award on
Liability of 5 February 1988, 28 ILM 795 (1989) 689
17. Comments and Questions 689
D. Direct Investor Claims Under Treaties 689
1. Jan Paulsson, Arbitration Without Privity, 10(2) ICSID Rev. -
Foreign Inv. L.J. 232 (1995) 690
2. Comments and Questions 694
3. Antonio R. Parra, Applicable Substantive Law in ICSID Arbitrations
Initiated Under Investment Treaties, 16(1) ICSID Rev. - Foreign
Inv. L.J. 20(2001) 694
4. Comments and Questions 697
5. Asian Agricultural Products Ltd. v. Republic of Sri Lanka, Case No.
ARB/87/3, Award of 27 June 1990, 4 ICSID Rep. 245 (1997) 697
6. Comments and Questions 699
7. Compania de Aguas del Aconquija S.A. Vivendi Universal v.
Argentine Republic, Case No. ARB/97/3, Decision on Annulment
of 3 July 2002, 17 ICSID Rev. - Foreign Inv. L.J. (2004) 699
8. Comments and Questions 703
IV. Applicable International Law 704
A. The Sources of International Law 704
1. Article 38 of the Statute of the International Court of Justice (1945) 704
2. Comments and Questions 704
B. Standards Under Bilateral and Multilateral Investment Treaties 705
1. North American Free Trade Agreement, Chapter 11, Investment
(1994) 705
2. Treaty Concerning the Treatment and Protection of Investment, 15
December 1987, Brunei - Indon. - Malay. - Phil. - Sing. - Thail.,
available at http://aseansec.org/6464.htm (last visited 26 May 2005) 708
3. Treaty Concerning the Treatment and Protection of Investments,
3 July 1991, FR. - AR., 1728 U.N.T.S. 298 712
C. Other Sources of International Law 717
1. Texaco Overseas Petroleum Company Californian Asiatic Oil
Co. v. Government of the Libyan Arab Republic, Award on the Merits
of 19 January 1977, 53 I.L.R. 420 (1977) 718
2. Comments and Questions 722
3. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 62 I.L.R. 140 (1977) 722
4. SEDCO Inc v. National Iranian Oil Co. Islamic Republic of Iran,
Case No. 129, Award No. ITL 59-129-3 of 27 March 1986, 84 I.L.R.
521 (1986) 724
5. Comments and Questions 726
FOREIGN INVESTMENT DISPUTES
D. Projected Codification and Progressive Development of International
Law 727
1. UN International Law Commission Articles on State Responsibility
(2001) 727
2. Comments and Questions 727
3. Louis B. Sohn and R. R. Baxter, Responsibility of States for Injuries
to the Economic Interests of Aliens, 55 Am. J. Int'l L. 545 (1961) 728
4. Draft Convention on the International Responsibility of States for
Injuries to Aliens 728
5. Restatement (Third) of Foreign Relations Law of the United States 729
6. Multilateral Agreement on Investment (MAI), Draft Consolidated
Text of 22 April 1998, OECD Doc. No. DAFFE/MAI(98)7/REV1 730
7. Comments and Questions 733
V. Sources of "Non-National" Law: The Lex Mercatoria 733
A. M. Mustill, The New Lex Mercatoria: The First Twenty-five Years,
in M. Bos I. Brownlie, Liber Amicorum for the Rt. Hon. Lord
Wilberforce 149 (Oxford, Clarendon Press, 1987) 734
B. Georges R. Delaume, Comparative Analysis as a Basis of Law in
State Contracts: The Myth of the Lex Mercatoria, 63 Tul. L. Rev.
575-611(1989) 737
C. Keith Highet, The Enigma of the Lex Mercatoria, 63 Tul. L. Rev.
613-628(1989) 741
D. Emmanuel Gaillard, Thirty Years of Lex Mercatoria: Towards the
Selective Application of Transnational Rules, 10(2) ICSID Rev. -
Foreign Inv. L.J. 208 (1995) 744
E. Comments and Questions 748
F. L. Yves Fortier, New Trends in Governing Law: The New, New Lex
Mercatoria, or, Back to the Future, 16(1) ICSID Rev. - Foreign Inv.
L.J. 10 (2001) 748
G. ICC Case No. 7110, First Partial Award of June 1995, 10(2) ICC
Bulletin 39 (1999) 750
H. Watkins-Johnson Company and Watkins-Johnson Limited v. Islamic
Republic of Iran and Bank Saderat Iran, Case No. 370, Award of
28 July 1989, 22 Iran-US Cl. Trib. Rep. 218 (1989) 751
I. ICC Case No. 5713, Final Award of 1989, 15 Y.B. Comm'l Arb.
206(1990) 753
J. Comments and Questions 754
K. James Crawford Anthony Sinclair, The Unidroit Principles of
International Commercial Contracts and their Application to State
Contracts, I.C.C. Bulletin - Supplement 57-75 (2002) 754
L. Comments and Questions 757
CONTENTS
Chapter 7
International Responsibility: General principles 759
I. Development of the Law of State Responsibility 759
A. The Concept of Diplomatic Protection 759
1. Case of the Mavrommatis Palestine Concessions (Greece v. United
Kingdom), Decision on Jurisdiction of 30 August 1924, P.C.I.J.,
Series A, No. 2(1924) 759
2. Panevezys-Saldutiskis Railway Case (Estonia v. Lithuania),
Judgment of 28 February 1939, P.C.I.J., Series A/B, No. 76 (1939) 760
3. Nottebohm Case (Liechtenstein v. Guatemala), Second Phase,
Judgment of 6 April 1955, 1955 I.C.J. p. 4. 761
4. Comments and Questions 765
5. Barcelona Traction, Light and Power Company, Limited, (Belgium v.
Spain) Judgment of 5 February 1970, 1970 I.C.J. 3 765
6. Case Concerning Elettronica Sicula SpA (ELSI) (United States of
America v. Italy), Judgment of 20 July 1989, 1989 I.C.J. p. 15 773
7. LaGrand Case (Germany v. United States of America), Judgment of
27 June 2001, 2001 I.C.J. 466 776
8. Comments and Questions 780
9. The Loewen Group Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. ARB(AF)/98/3, Award of 26 June 2003, 7
ICSID Reports 780
10. Comments and Questions 786
B. Framework Principles of State Responsibility: The Work of the ILC 786
1. James Crawford, The International Law Commission's Articles on
State Responsibility: Introduction, Text and Commentaries
(Cambridge, 2002), Introduction 787
2. Responsibility of States for Internationally Wrongful Acts, General
Assembly Resolution A/RES/56/83 of 12 December 2001 789
C. The General Character of State Responsibility Principles 790
1. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 790
D. Delictual and Treaty Responsibility 793
1. Rainbow Warrior (New Zealand v. France), Award of 30 April 1990,
20 R.I.A.A. 217(1990) 793
2. Comments and Questions 794
3. Articles on Responsibility of States for Internationally Wrongful
Acts 794
4. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 794
E. Responsibility under International and Internal Law 796
1. Case Concerning Elettronica Sicula SpA (ELSI) (United States of
, America v. Italy), Judgment of 20 July 1989, 1989 I.C.J. 15 796
F. The Lex Specialis Issue 797
1. Articles on Responsibility of States for Internationally Wrongful
Acts 797
t
FOREIGN INVESTMENT DISPUTES
2. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 797
II. Attribution of Conduct to the State 799
A. Organs of the State or of Political Subdivisions 799
1. Articles on Responsibility of States for Internationally Wrongful
Acts 799
2. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 800
3. American Law Institute, Restatement of the Law (Third): The Foreign
Relations Law of the United States (St. Paul, American Law Institute
Publishers, 1987) 806
4. Metaldad Corporation v. The United Mexican States (2000), ICSID
Case No. ARB(AF)/97/l, Award of 30 August 2000, 40 ILM 36 807
5. Texaco Overseas Petroleum Company and Californian Asiatic Oil
Company v. The Government of the Libyan Arab Republic (1977),
Preliminary Award of 27 November 1975, 53 I.L.R. 392 (1977) 808
6. Compahia de Aguas del Aconquija, S.A. and Compagnie Generale
des Eaux v. Argentine Republic (2000) ICSID Case No. ARB/97/3,
Award of 21 November 2000 809
7. Comments and Questions 811
B. State Enterprises 811
1. Wintershall A.G., etal. v. Government of Qatar (1989), Partial Award
on Liability of 5 February 1988,28 ILM 795 (1989) 811
2. Articles on Responsibility of States for Internationally Wrongful
Acts 812
3. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 812
C. Conduct of Private Parties 814
1. Amco Asia Corporation and Others v. The Republic of Indonesia,
ICSID Case No. ARB/81/1, Award on the Merits of 20 November
1984, 1 ICSID Reports 413 814
2. Tradex Hellas S.A. (Greece) v. Republic of Albania, ICSID Case
No. ARB 94/2, Award of 29 April 1999, 14 (1) ICSID Rev. - FILJ 197
(1999) 817
3. Articles on Responsibility of States for Internationally Wrongful
Acts 821
4. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 821
5. Articles on Responsibility of States for Internationally Wrongful
Acts 823
6. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 823
7. Comments and Questions 824
D. Succession to Responsibility 824
1. Tinoco Case (Great Britain v. Costa Rica), Award of 18 October
1923,1 R.I.A.A. 375 (1923) 824
CONTENTS
2. Lighthouses Arbitration Between France and Greece, Claims No.
II and 4 (1956), Permanent Court of Arbitration, 24 July 1956, 23
I.L.R. 81 (1956) 827
3. Comments and Questions 831
III. Breach of an International Obligation 831
A. The Concept of Due Diligence and the Role of Fault 832
1. Alabama Arbitration, Award of 14 September 1872; J.B. Moore,
History and Digest of the International Arbitrations to which the
United States has been a Party (Washington, US Government
Printing Office, 1898), vol. I, p. 495 832
2. James Crawford, The International Law Commission's Articles on
State Responsibility: Introduction, Text and Commentaries
(Cambridge, 2002), Introduction 833
B. Obligations of Conduct and Result 833
1. International Law Commission, Commentaries on Articles on
Responsibility of States for Internationally Wrongful Acts 834
C. Irrelevance of Sovereign/Commercial Act Distinction 834
1. Swedish Engine Drivers' Union Case (1976), E.C.H.R., Series A,
No. 20 (1976) 835
2. Comments and Questions 836
CHAPTER 8
VIOLATIONS OF INVESTOR RIGHTS UNDER CUSTOMARY
INTERNATIONAL LAW 837
I. Expropriation 837
A. Introduction 837
1. F.V. Garcia Amador, Special Rapporteur's Report, International Law
Commission (1959) 837
B. General Distinction 842
1. Direct - De Jure 842
a. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317, 1329(2000) 842
b. Martin Domke, Foreign Nationalizations: Some Aspects of
Contemporary International Law, 55 Am. J. Int'l L. 585 (1961) 843
2. Indirect - De Facto - Creeping 844
a. Enrol P. Mendes, The Canadian National Energy Program: An
Example of Assertion of Economic Sovereignty or Creeping
Expropriation in International Law, 14 Vand. J. Transnat'l L. 475,
498-501 (1981) 844
b. Waste Mgmt. Inc. v. United Mexican States, ICSID Case No.
ARB(AF)/98/2, Award of 2 June 2000,40 I.L.M. 56, 73 (2001) 847
' c. UNCTAD, Bilateral Investments Treaties in the Mid-1990s, 65-66,
U.N. Doc. No. UNCTAD/ITE/nT/7, U.N. Sales No. E.98.II.D.8
(1998) 847
d. Comments and Questions 848
FOREIGN INVESTMENT DISPUTES
C. Initial Precepts - Government is not a Guarantor or Insurer of the
Investment 849
1. Oscar Chinn Case, 1934 P.C.I.J. (Ser. A./B.) No. 63, 416, 436, 439
(12th December) 849
D. Objective of Expropriation (Property, Rights and Interests) 849
1. Tangible Property 849
a. SEDCO, Inc. v. National Iranian Oil Co., Award No. 309-129-3 of
2 July 1987, 15 Iran-U.S. Cl. Trib. Rep. 23 (equipment) 849
b. Oil Field of Texas, Inc. v. Iran, Award No. 258-43-1 of 8 October
1986, 12 Iran-U.S. Cl. Trib. Rep. 308, 318-19 (1986) 850
2. Real Property 851
a. Metalclad Corp. v. Mexico, ICSID Case No. ARB(AF)/97/l, Award
of 30 August 2000, 16 ICSID Rev. - Foreign Investment L. J. 168,
179-87,195-97(2001) 851
b. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317(2000) 853
3. Stocks and Shares 854
a. Reineccius v. Bank of International Settlements, Arbitral Tribunal
of the Bank of International Settlements (January 8, 2001) 854
4. Bank Accounts 858
a. American Bell Int'l, Inc. v. Iran, Award No. 255-48-3 of 19
September 1986,12 Iran-U.S. Cl. Trib. Rep. 170, 213-15 (1987) 858
5. Dividends 859
a. Foremost Tehran, Inc. v. Iran, Award No. 220-37/231-1 of 11 April
1986, 10 Iran-U.S. Cl. Trib. Rep. 228, 246, 250-53 (1987) 859
6. Bonds 862
a. Edwin Borchard, State Insolvency and Foreign Bondholders, Vol. I,
General Principles, 193, 197-98, 200-02 (1951) 862
7. Management of business 863
a. SEDCO, Inc. v. National Iranian Oil Co., Award No. 55-129-3 of 28
October 1985,15 Iran-U.S. Cl. Trib. Rep. 248 863
b. Tippetts, Abbett, McCarthy, Stratton v. Iran, Award No. 141-7-2 of
19 June 1984, 6 Iran-U.S. Cl. Trib. Rep. 219 (1985) 863
c. Starrett Housing Corp v. Iran, Award No. 314-24-1 of 14 August
1987, 6 Iran-U.S. Cl. Trib. Rep. 122, 154-57 864
8. Contractual rights 866
a. Phillips Petroleum Co. Iran v. Iran, Award No. 425-39-2 of 29 June
1989, 21 Iran-U.S. Cl. Trib. Rep. 106-07, 118-19 866
b. Amoco Int'l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 205, 241-44 867
c. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16
Iran-U.S. Cl. Trib. Rep. 3, 37,42-43, 60, 62-63 870
d. Waste Mgmt. Inc. v. United Mexican States, Case No. ARB(AF)00/3,
Award of 30 April 2004,431.L.M. 967 (2004) 872
e. Comments and Questions 874
9. Intangible Property (e.g. intellectual property, goodwill) 875
CONTENTS
a. Case Concerning the Factory at Chorzow (Claim for Indemnity) (The
Merits), Judgment No. 13, 1928 P.C.I.J. (Ser. A) No. 17 875
b. Amoco Int'l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 249, 258, 267 876
c. Comments and Questions 877
10. Shares 877
a. Reineccius v. Bank of International Settlements, Arbitral Tribunal of
the Bank of International Settlements (January 8, 2001) 877
11. Use of Property 877
a. Thomas Waelde Abba Kolo, Environmental Regulation, Investment
Protection and "Regulatory Taking" in International Law, 50 Int'l
Comp. L.Q. 811, 839-40, 846- 47 (2001) 877
b. Pine Valley Developments Ltd. Ors v. Ireland, 14 Eur. H.R. Rep. 319
(1992) 878
c. Katte v. Italy, 19 Eur. H.R. Rep. 368 (1995) 881
d. Trustees of the Late Duke of Westminister's Estate v. U.K., 5 Eur.
H.R. Rep. 440,456, 546(1983) 881
E. Expropriatory Intent 883
1. Question of the Necessity of Expropriatory Intent 883
a. Tippetts, Abbet, McCarthy, Stratton (TAMS) v. Iran, 6 Iran-U.S. Cl.
Trib. Rep. 219,225-26 883
b. Phillips Petroleum Company Iran v. Iran, Award No. 425-39-2 of
29 June 1989) 21 Iran-U.S. Cl. Trib. Rep. 79, 115 883
c. Comments and Questions 884
2. Effect of Act on Interests 884
a. TAMS v. Iran, Award No. 141-7-2 of 29 June 1984, 6 Iran-U.S. Cl.
Trib. Rep. 219, 225 884
F. Standard 884
1. Direct Expropriation: The Government Acquires Title and Benefits
From It 884
a. Olguin v. Paraguay, ICSID Case No. ARB/98/5, Award of 8 August
2000, available at available at http://www.worldbank.org/icsid/cases/
paraguay-decision.pdf (last visited 25 May 2005) 884
b. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic
(2001) 885
2. Indirect Expropriation 888
a. G.C. Christie, What Constitutes a Taking of Property Under
International Law?, 38 Brit. Y.B. Int'l L. 307, 322-24, 330-38 (1962) 888
b. Biloune v. Ghana Investments Centre, Award on Jurisdiction and
Liability of 27 October 1989, 95 I.L.R. 183, 209-10 895
c. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Award of 8 December 2000, 41 I.L.M. 881, 884, 896,
911,914-15(2002) 896
d. Comments and Questions 898
3. Legitimate Expectations of Investor 899
a. Opel Austria GmbH v. Council of the European Union, T-l 15/94
(1997) 899
i
FOREIGN INVESTMENT DISPUTES
G. Governmental Acts 900
1. Laws and Decrees Explicitly Expropriating 900
2. Appointment of Managers 900
3. Seizure of Premises and Impoundment of Property 900
4. Announcement of Intended Expropriation Without Further Acts 901
a. Sola Tiles, Inc. v. Iran, Award No. 298-317-1, reprinted in 14 Iran-
U.S. Cl. Trib. Rep. 223, 230-34 901
b. Comments and Questions 903
c. Agrotexim v. Greece, 21 Eur. H.R. Rep. 250 (1995) 903
d. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317(2000) 903
5. Unilateral Reduction of Concession Area 903
a. LETCO v. Liberia, Award of 31 March 1986, 26 I.L.M. 647, 664-67
(1986) 903
6. Use Restrictions 906
7. Forced Sales 907
a. G.C. Christie, What Constitutes a Taking of Property Under
International Law?, 38 Brit. Y.B. Int'l L. 307, 324-26, 328-29 (1962) 907
b. Comments and Questions 909
8. Cessation of Project Work due to Governmental Interference 910
a. Biloune v. Ghana Investments Centre, 95 I.L.R. 183, 209-210 (1990) 910
9. Setting Product Price at Loss by Governmental Decree 911
a. Benvenuti et Bonfant v. Congo, ICSID Case No. ARB/77/2, Award
of 8 August 1980, 21 I.L.M. 740, 757-58 (1980) 911
b. Pope Talbott v. Canada, Award on the Merits of Phase 2 by
Arbitral Tribunal (April 10, 2001) 911
H. Legality 911
1. Form of expropriation (e.g., due process) 911
a. F.V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 911
b. SEDCO, Inc. v. Iran, Award No. 59-123-3 of 27 March 1986,
reprinted in 10 Iran-U.S. Cl. Trib. Rep. 180 911
2. Purpose 912
a. Not for a Public Purpose 912
i. Amoco Int'l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189 912
b. Discrimination 913
i. Sociedad Minera el Teniente S.A. v. Aktiengesellschaft Norddeutsche
Attinerie (Chilean Copper Case), 12 I.L.M. 251, 276-81 (Hamburg
Superior Court 1973) 913
ii. LETCO v. Liberia, Award of 31 March 1986, 26 I.L.M. 647, 665
(1986) 914
c. Violation of Stabilization Clause 914
i. TOPCO v. Libya, Award of 19 January 1977, 17 I.L.M. 3, 24-27
(1978) 914
ii. AGIP SPA v. Congo, Award of November 30,1979, 67 I.L.R. 318
(1984) 918
CONTENTS
iii. Kuwait v. AMINOIL, 66 I.L.R. 518, 585-91 (1982) 918
iv. Mobil Oil v. Iran, 16 Iran-U.S. Cl. Trib. Rep. 3 923
I. Date of Expropriation 923
1. Vance R. Koven, Expropriation and the "Jurisprudence" of OPIC,
22 Harv. Int'l L.J. 269, 277, 311-20 (1981) 923
2. Cases 928
a. Amoco Int'l Finance Corp. v. Iran, Award No. 310-56-3 of 14 July
1987, 15 Iran-U.S. Cl. Trib. Rep. 189, 226-29 928
b. Phillips Petroleum Co. v. Iran, Award No. 425-9-2 of 29 June 1989,
21 Iran-U.S. Cl. Trib. Rep. 79 930
c. Compania del Desarrollo de Santa Elena, S.A. v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 39
I.L.M. 1317 (2000) 930
d. W. Michael Reisman Robert D. Sloane, Indirect Expropriation
and Its Valuation in the BIT Generation, 1A Brit. Y.B. Int'l L. 115
(2004) 930
e. Comments and Questions 931
J. Defenses Argued by Governments 931
1. U.N. Resolutions 931
a. "Permanent Sovereignty over Natural Resources", General Assembly
Resolution 1803 (XVII) of 14 December 1962 931
b. Declaration on the Establishment of a New International Economic
Order (1 May 1974), A/RES/3201 (S-VI) 932
c. Charter of Economic Rights and Duties of States (12 Dec. 1974), A/
RES/3281 (XXIX) 932
2. Cases 933
a. TOPCO v. Libya, Award of 19 January 1977, 17 I.L.M. 3, 27-31
(1978) 933
b. Comments and Questions 940
c. Libyan American Oil Co. (LIAMCO) v. Libyan Arab Republic, Award
of the Tribunal of 12 April 1977, 6 Y.B. Com. Arb. 89,99-101 (1981) 940
d. Kuwait v. Aminoil, Award of 24 March 1982, 21 I.L.M. 976, para.
90(2) (1982) 942
3. Administrative Contracts 943
a. Kuwait v. AMINOIL, Award of 24 March 1982, 21 I.L.M. 976, 1022
(1982) 943
4. Force Ma/ewre/Impossibility/Frustration 944
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3, 38-39 944
5. Implied Termination or Waiver 945
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3 945
6. Changed Circumstances 945
a. Mobil Oil v. Iran, Award No. 492-74-3 of 8 November 1980, 16 Iran-
U.S. Cl. Trib. Rep. 3, 39-40 946
b. Phillips Petroleum Co v. Iran, Award No. 425-39-2 of 29 June 1989,
21 Iran-U.S. Cl. Trib. Rep. 79 946
FOREIGN INVESTMENT DISPUTES
II. Discriminatory Conduct 946
A. What is the Customary International Law Standard? 946
1. British Petroleum v. Libyan Arab Republic, 53 I.L.R. 297, 329, 346-
48,353 (1973) 946
B. A.F.M. Manirazzaman, Expropriation of Alien Property and the
Principle of Non-Discrimination in International Law of Foreign
Investment: An Overview, 8 J. Transnat'l L. Pol'y 57-59, 67-70
(1998) 948
III. Arbitrary Conduct 951
A. F. V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 951
IV. Denial of Justice 953
A. Loewen v. United States, ICSID Case No. ARB(AF)/98/3, Award of
26 June 2003, 33-39, 70-71, available at http://www.state.gov/
documents/organization/22094.pdf 953
B. Mondev Int'l Ltd. v. United States, ICSID Case No. ARB(AF)/99/2,
Award of 11 October 1999, 1-2, 44-45, 49-52, 54-56, available at
http://www.state.gov/documents/organization/14442.pdf 958
C. Francisco Orrego Vicuna, Some International Law Problems Posed
by the Nationalization of the Copper Industry by Chile, 67 Am. J.
Int'l L. 711, 711-12, 715-717 (1973) 963
D. Amco Asia Corp. v. Republic of Indonesia, ICSID Case No. ARB/
81/1, Award of 5 June 1990, 1 ICSID Rep. 569, 599-605 966
E. Athanassoglu v. Switzerland (Eur. Ct. Human Rts. 1999) 969
F. Azinian v. United Mexican States, ICSID Case No. ARB(AF)/97/2,
Award of 1 November 1999, 39 I.L.M. 537, 552-55 (2000) 972
G. Comments and Questions 976
V. Abuse of Rights 977
A. F. V. Garcia Amador, Special Rapporteur Report, International Law
Commission (1959) 977
B. Karl-Heinz Bockstiegel, Arbitration and State Enterprises, 45-46
(Kluwer 1984) 977
C. International Law Commission, Draft Articles on State Responsibility
(2001) 978
VI. Unjust Enrichment 978
A. Christoph H. Schreuer, Unjustified Enrichment in International Law,
22 Am. J. Comp. L. 281, 281, 284-84, 289, 300-01 (1974) 978
B. International Law Commission, Draft Articles on State Responsibility
(2001) 980
C. Factory at Chorzow Case, 1928 P.C.I.J. No. 13 980
D. Arthur Nussbaum, The Arbitration Between the Lena Goldfields, Ltd.
and the Soviet Government, 36 Cornell L.Q. 31, 50-51 (1950) 980
CONTENTS
E. Sea-Land Services Case, Award No. 135-33-1 of 22 June 1984, 6
Iran-U.S. Cl. Trib. Rep. 149, 164-72 981
F. Isaiah v. Bank Mellat, Award No. 35-219-2 of 30 March 1983 2 Iran-
U.S. Cl. Trib. Rep. 232, 236-39 983
G. Flexi-Van Leasing, Inc. v. Iran, 12 Iran-U.S. Cl. Trib. Rep. 335,
352-56(1986) 986
H. Schlegel Corp. v. National Copper Industries Co., Award No.
295-834-2 of 27 March 1987, 14 Iran-U.S. Cl. Trib. Rep. 176, 177-83988
I. T.C.S.B., Inc. v. Iran, Award No. 114-140-2 of 16 March 1984, 5
Iran-U.S. Cl. Trib. Rep. 160, 161, 171-72, 174 (1984) 991
J. Lockheed Corp. v. Iran, Award No. 367-829-2 of 9 June 1998, 18
Iran-U.S. Cl. Trib. Rep. 292, 293-295, 308-10 993
K. Beyeler v. Italy, Eur. Ct. H.R. (application no. 33202/96) (2000) 994
L. Mobil Oil Iran, Inc. v. Iran, Partial Award No. 311-74/76/81/150-3
of 14 July 1987, 16 Iran-U.S. Cl. Trib. Rep. 3 999
M. Amco Asia v. Republic of Indonesia, ICSID Case No. ARB/81/1,
Award of 5 June 1990, 1 ICSID Reports, 569, 607-08 (1993) 999
N. Charles N. Brower Jason D. Brueschke, The Iran-U.S. Claims
Tribunal 427-29 (1998) 1000
VII. Unlawful Interference 1001
A. Eastman Kodak Co. v. Iran, Award No. 329-227-3 of 11 November
1987, 17 Iran-U.S. Cl. Trib. Rep. 153, 156-60, 168-69 1001
B. Comments and Questions 1005
Chapter 9
Violation of investor rights Under Investment
treaties 1007
I. Introduction 1007
II. Absolute Standards 1010
A. Fair and Equitable Treatment 1010
1. U.S. Model BIT Art. II (2)(a) (1992) 1010
2. NAFTA Art. 1105(1) 1011
3. Energy Charter Treaty Art. 10(1) 1011
4. UNCTAD [United Nations Conference on Trade and Development],
Fair and Equitable Treatment (1999) 1011
5. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1013
6. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Brit. Y.B. Int'l L. 241 (1981)(1985) 1014
7. Stephen Vascianne, Fair and Equitable Treatment, 70 Brit. Y.B.
Int'l Law 99 (2000) edited by I. Brownlie 1015
8. BIT Cases 1015
FOREIGN INVESTMENT DISPUTES
a. Tecnicas Medioambientales Teemed S.A. v. Estados Unidos
Mexicanos, 1CSID Case No. ARB (AF)/00/2 (2003), Award dated
May 29, 2003, available at www.worldbank.org/icsid/cases/
tecmed-award.pdf 1015
b. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1024
c. Occidental Exploration and Production Company v. Republic of
Ecuador; Final Award of July 1, 2004, in Case No. UN 3467 1025
9. NAFTA Cases 1027
a. S.D. Myers, Inc. v. Government of Canada, UNCITRAL Partial
Award of 13 November 2000 1027
b. Pope Talbot, Inc. v. The Government of Canada, UNCITRAL
(NAFTA) Award on the Merits of Phase 2 of 10 April 2001 1029
c. NAFTA Free Trade Commission Notes of Interpretation of Certain
Chapter 11 Provisions (July 31, 2001) 1035
d. Pope Talbot Inc. v. Government of Canada, UNCITRAL
(NAFTA) Award in Respect of Damages (31 May 2002) 1035
e. Loewen Group, Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. AR.B(AF)/98/3, Award of 26 June 2003,
7 ICSID Rep. 1037
f. Waste Management, Inc. v. United Mexican States, ICSID Case No.
ARB(AF) 00/00/3; (NAFTA) Award of 25 June 2003 1041
g. Garni Investments, Inc. v. The Government of the United Mexican
States, UNCITRAL, Final Award 12 November 2004 1044
10. Comments and Questions 1046
B. Full Protection and Security 1049
1. Case Concerning Elettronica Sicula, SpA (ELST) case (U.S. v. Italy),
Judgment of 20 July 1989), 19891.C.J. 15 1049
2. Asian Agricultural Products Ltd. v. Republic of Sri Lanka, Award
of 27 June 1990, 4 ICSID Reports 246 1050
3. American Manufacturing Trading, Inc. v. Republic of Zaire,
ICSID Case No. ARB/93/1 Award of 21 February 1997, 361.L.M.
1531(1997) 1057
4. Wena Hotels Ltd. v. Arab Republic of Egypt, ICSID Case No.
ARB/98/4, Decision of 2000,411.L.M. 896 (2002) 1060
5. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1060
6. CME Czech Republic B. V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1061
7. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1061
8. United Nations Conference on Trade and Development (UNCTAD),
Bilateral Investment Treaties in the Mid-1990s (1998) 1062
9. Comments and Questions 1062
C. Treatment No Less Favorable Than That Required by International
Law 1063
CONTENTS
1. L.F.H. Neer and Pauline E. Neer v. Mexico (General Claims
Commission - United States and Mexico 1926), 21 Am. J. Int'l L.
555 (1927) 1063
2. Mondev International Ltd. v. United States of America, ICSID Case
No. ARB (AF)/99/2, Award of October 11, 2002 1064
3. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1069
4. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1069
5. American Manufacturing Trading, Inc. v. Zaire, ICSID Case No.
ARB/93/1 Final Award of 21 February 1997, 361.L.M. 1531 (1997) 1070
6. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice at 77-78 (Kluwer 1992) 1070
7. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1071
8. Comments and Questions 1071
D. Arbitrary Treatment 1071
1. U.S. Model BIT Art. II (2)(b) (1992) 1071
2. Elettronica Sicula, SA (ELSI) Case {U.S. v. Italy) (ICJ), Judgement
of 20 July 1989 1071
3. Sean D. Murphy, The ELSI Case: An Investment Dispute at the
International Court of Justice, 16 Yale J. Int'l L. 391 (1991) 1078
4. RonaldS. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1080
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1084
6. Kurt Hamrock, The ELSI Case: Toward an International Definition
of "Arbitrary" Conduct, 27 Tex. Int'l LJ. 837 (1992) 1084
7. Comments and Questions 1086
E. Discrimination 1087
1. NAFTA Art. 1104 1087
2. Amoco International Finance Corp. v. Islamic Republic of Iran,
Award No. 310-56-3 (Chamber 3) of 14 July 1987 1087
3. Ronald S. Lauder v. The Czech Republic, UNCITRAL Final Award
of 3 September 2001 1088
4. A.F.M. Maniruzzaman, Expropriation of Alien Property and the
Principle of Non-Discrimination in International Law of Foreign
Investment: An Overview, 8 J. Transnat'l L. Pol'y 57 (1998) 1089
5. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1094
6. Comments and Questions 1094
F. Comply with All Obligations Undertaken Towards Investments 1095
1. U.S. Model BIT Art. II (2)(c) (1992) 1095
2. F.A. Mann, British Treaties for the Promotion and Protection of
Investments, 52 Brit. Y.B. Int'l L. 241 (1981)(1985) 1095
3. Kenneth J. Vandevelde, United States Investment Treaties: Policy
and Practice at 78 (Kluwer Law International 1992) 1096
4. United Nations Conference on Trade and Development (UNCTAD),
Bilateral Investment Treaties in the Mid-1990s (1998) 1096
FOREIGN INVESTMENT DISPUTES
5. SGS Societe Generate de Surveillance v. Republic of the Philippines,
ICSID Case No. ARB/02/6, Award of 29 September 2004 1096
6. Comments and Questions 1103
G. Currency Transfer 1104
1. U. S. Model BIT Art. IV (1992) 1104
2. NAFTA Art. 1109 1105
3. ECTArt. 14 1106
4. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1107
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1109
6. Comments and Questions 1109
H. Expropriation 1109
1. U.S. Model BIT Art. Ill 1109
2. NAFTA Art. 1110 1110
3. ECTArt. 13 1111
4. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l NAFTA Award of 30 August 2000 16 ICISD Rev. -
FILJ 168 (2001) 1111
5. Azinian, Davitian Baca v. United Mexican States, ICSID Case No.
ARB(AF)/97/2, NAFTA Award of 1 November 1999, 39 I.L.M. 537
(2000) 1114
6. S.D. Myers v. Government of Canada, UNCITRAL Partial Award of
13 November 2000 1116
7. Waste Management, Inc. v. United Mexican States, Case No.
ARB(AF) 00/00/3; (NAFTA) Award of 25 June 2003 1117
8. CME Czech Republic B.V. v. The Czech Republic, UNCITRAL
Partial Award of 13 September 2001 1119
9. Phillips Petroleum v. Iran, Case No. 39, Chamber No. Two, Award
No. 425-39-2, Iran-U.S., Cl. Trib. (June 1989) 1122
10. Case Concerning Elettronica Sicula, S.A. {ELSI) case (U.S. v. Italy),
Judgment of 20 July 1989, 1989 I.C.J. 15 1127
11. Garni Investments, Inc. v. The Government of the United Mexican
States, UNCITRAL (NAFTA), Final Award of 12 November 2004 1128
12. UNCTAD, Taking of Property (2000) 1130
13. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1131
14. Comments and Questions 1132
III. Relative Standards 1133
A. National Treatment 1133
1. U.S. Model BIT Art. II (1) and (8) (1992) 1133
2. NAFTA Art. 1102 1134
3. The Energy Charter Treaty Art. 10(2) (3) (7) and (10) 1134
4. S.D. Myers, Inc. v. Canada, Partial Award of 13 November 2000
(NAFTA) 1135
5. Pope Talbot, Inc. v. Canada, UNCITRAL (NAFTA) Award of
10 April 2001 1138
6. Marvin Feldman v. Mexico, ICSID Case No. ARB(AF)/99/l,
NAFTA Award of 16 December 2002 1146
CONTENTS
7. Loewen Group, Inc. and Raymond L. Loewen v. United States of
America, ICSID Case No. ARB(AF)/98/3, Award of 25 June 2003, 7
ICSIDRep. 1151
8. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer Law International 1995) 1152
9. United Nations Conference on Trade and Development (UNCTAD),
National Treatment (1999) 1152
10. Comments and Questions 1154
B. Most-Favored-Nation Treatment 1156
1. U.S. Model BIT Art. 11(9) (1992) 1156
2. NAFTA Art. 1103 1156
3. Maffezini v. Spain, ICSID Case No. ARB/97/7, Decision on
Jurisdiction of 25 January 2000, 16 ICSID Rev. - FILJ 212 (2001) 1156
4. UNCTAD, Most-Favoured-Nation Treatment (1999) 1162
5. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1163
6. Rodolf Dolzer and Margrete Stevens, Bilateral Investment Treaties
(Kluwer 1995) 1164
7. Comments and Questions 1165
IV. Transparency 1166
A. U.S. Model BIT, Art. II (7) 1166
B. NAFTA Article 102: Objectives 1166
C. ECTArt. 20 1166
D. UNCTAD, Bilateral Investment Treaties in the Mid-1990s (1998) 1166
E. Metalclad Corp. v. United Mexican States, ICSID (NAFTA) Case
No. ARB(AF)/97/l, 16 ICSID Rev. - FILJ 168 (2001) 1167
F. Comments and Questions 1169
CHAPTER 10
DEFENCES 1171
I. Introduction 1171
II. Force Majeure 1172
A. National Oil Corporation (Libya) v. Libyan Sun Oil Company
(USA), Case No. 4462/A5, First Award of 31 May 1985, 29 I.L.M.
565 1172
B. Comments and Questions 1174
C. Gould Marketing, Inc. v. Ministry of National Defense of Iran,
Interlocutory Award No. 24-49-2 of 27 July 1983, 3 Iran-US Cl.
Trib. Rep. 147 1175
D. Amoco International Finance Corporation v. The Government of the
Islamic Republic of Iran, Award of 14 July 1987, 15 Iran-US CTR
189(1987-11) 1176
E. Comments and Questions 1178
FOREIGN INVESTMENT DISPUTES
F. Phillips Petroleum Company Iran v. The Islamic Republic of Iran
the National Iranian Oil Company, Award of 29 June 1989, 21
Iran-US CTR 79 (1989-1) 1178
G. Comments and Questions 1180
H. UNIDROIT Principles of International Commercial Contracts
(2004), Articles 6.2.1, 6.2.2, 6.2.3, 7.1.7 1181
I. Comments and Questions 1182
J. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 23 and
Commentary 1182
K. Comments and Questions 1187
L. James Crawford Anthony Sinclair, The Unidroit Principles of
International Commercial Contracts and their Application to State
Contracts, ICC Court of Arbitration Bulletin, Special Supplement
57-75 (Paris, 2002) 1187
M. Comments and Questions 1195
III. Coercion and Duress 1195
A. Detlev Vagts, Coercion and Foreign Investment Rearrangements,
72 Am. J. Int'l L. 17 (1978) 1195
B. Comments and Questions 1198
C. UNIDROIT Principles of International Commercial Contracts,
article 3.9 (2004) 1198
D. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 18 and
Commentary 1199
E. Comments and Questions 1201
F. Government of Kuwait v. American Independent Oil Company
(AMINOIL), Award of 24 March 1982, 66 I.L.R. 519 1201
G. Comments and Questions 1203
IV. Necessity 1203
A. Case Concerning the Gabcikovo-Nagymaros Project (Hungary/
Slovakia), Judgment of 25 September 1997, 1997 I.C.J. 7 1203
B. International Law Commission, Articles on Responsibility of States
for Internationally Wrongful Acts, November 2001, Article 25 and
Commentary 1209
C. Comments and Questions 1213
D. Himpurna California Energy Ltd. v. Indonesia (1999), Final Award
of 4 May 1999,25 Y.B. Com. Arb. 11-432 (2000) 1213
E. Comments and Questions 1216
V. Corruption 1217
A. Anti-Bribery Provisions of The Foreign Corrupt Practices Act 1217
CONTENTS
B. OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions 1997 1221
C. International Chamber of Commerce, Award in Case no. 1110 of
1963,21 Y.B. Com. Arb. 47(1996) 1225
D. J. Gillis Wetter, Issues of Corruption before International Arbitral
Tribunals: The Authentic Text and True Meaning of Judge Gunnar
Lagergren's 1963 Award in ICC Case No. 1110, 10 Arb. Int'l 277
(1994) 1226
E. Comments and Questions 1229
F. International Chamber of Commerce, Second Interim Award in
Case 4145 of 1984, 12 Y.B. Com. Arb.97 (1987) 1229
G. Comments and Questions 1232
H. International Chamber of Commerce, Final Award in Case no. 5622
of 1988, 19 Y.B. Com. Arb. 105 (1994) 1232
I. Comments and Questions 1235
J. International Chamber of Commerce, Partial Award in Case no.
6286 of 28 August 1991, 19 Y.B. Com. Arb. 141 (1994) 1235
K. Comments and Questions 1236
L. ICSID, Tanzania Electric Supply Company Limited v. Independent
Power Tanzania Limited, Case No. ARB/98/8, Decision on Tariff
and Other Remaining Issues of 9 February 2001, 8 ICSID Reports
272 1236
M. Comments and Questions 1237
N. Phillippe Fouchard et al., Fouchard Gaillard Goldman on
International Commercial Arbitration (Emmanuel Gaillard John
Savage eds., Kluwer Law International, 1999) 1237
O. Comments and Questions 1238
VI. Fundamental Change of Circumstances (Rebus Sic Stantibus I
Imprevision) 1239
A. UNIDROIT Principles of International Commercial Contracts
(2004), Articles 6.2.1, 6.2.2,6.2.3 1239
B. Questech, Inc. v. The Ministry of National Defence of the Islamic
Republic of Iran, Award of 20 September 1985, 9 Iran-US CTR
107 (1985) 1240
C. Comments and Questions 1244
CHAPTER 11
Reparations recoverable by foreign investors in
International law 1245
I. Introduction 1245
II. Reparations Generally 1246
A. General types of reparations 1246
FOREIGN INVESTMENT DISPUTES
1. International Law Commission (ILC) Articles on State
Responsibility, Fifty-third session (2001), Articles 31 34 1246
2. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1246
B. General Principle of Reparations - Factory at Chorzow Case, 1928
P.C.I.J. No. 13 1247
C. Causation and limits on reparations 1247
1. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1247
2. United Nations Compensation Commission, Report and
Recommendations Made by the Panel of Commissioners
Concerning Part Two of the Third Installment of "F3 " Claims,
S/AC.26/2002/19 (2002) 1248
3. 2 F. V. Garcia-Amador, The Changing Law of International
Claims, 599-601 (Oceana Publications 1984) 1249
4. ILC Articles on State Responsibility article 39 1250
5. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1250
6. Bridas S.A.P.I.C. (Argentina) et al. v. Government of Turkmenistan,
ICC Case No. 9058/FMS/KGA, Third Partial Award of 2 September
2000 1251
7. Comments and Questions 1252
III. Declaratory and Injunctive Relief 1252
A. ILC Articles on State Responsibility, articles 29, 30 and 35 1252
B. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1253
C. Christoph Schreuer, The ICSID Convention: A Commentary, Art.
54(c) 1124-1126 (Cambridge U. Press 2001) 1253
D. Ian Brownlie, Principles of Public International Law 462 (Oxford,
Clarendon Press 1998) 1255
E. 2 F. V. Garcia-Amador, The Changing Law of International Claims,
576-78,581-83(1984) 1255
F. Arbitral Award in the Martini Case, 25 Am. J. Int'l Law 554 (1931) 1257
G. Enron Corp. v. Argentina, ICSID Case No. ARB/01/3, Decision on
Jurisdiction of 14 January 2004, available at http://www.asil.org/
ilib/Enron.pdf (last visited 24 May 2005) 1260
H. Comments and Questions 1262
IV. Compensation for Breach of Contract 1267
A. Sapphire International Petroleums Ltd. v. National Iranian Oil Co.,
35 I.L.R. 136 (1967); 13 Int'l Comp. LQ 1011 (1964) 1267
B. P. W. Shufeldt v. Guatemala, 2 R.I.A.A. 1080, Award of 24 July
1930 1269
CONTENTS
C. Bridas S.A.P. I.C. v. Government of Turkmenistan, Partial Award of
25 June 1999 1270
D. Karaha Bodas Co., LLC v. Pertamina Others, Final Award of 18
December 2000, 16 Int'l Arb. Rep. C-2 1273
E. ILC Articles on State Responsibility, Fifty-third session, article
36(2001) 1275
F. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1275
G. UNIDROIT Principles of International Commercial Contracts 1276
H. Comments and Questions 1277
V. Restitution and Compensation for Unlawful, Tortious or
Delictual Conduct 1278
A. Chonow Factory Case, 1928 P.C.I.J. No. 13 1278
B. ILC Articles on State Responsibility, Fifty-third session, article
35 (2001) 1283
C. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1284
D. Kuwait Petroleum Corporation v. Iraq; United Nations
Compensation Commission 1284
E. Asian Agricultural Products Ltd. v. Democratic Socialist Republic
of Sri Lanka, ICSID Case No. ARB/87/3, Award of 27 June 1990,
4 ICSID Rep. 245 1291
F. American Manufacturing Trading, Inc. v. Republic of Zaire,
ICSID Case No. ABR/93/1, Award of 21 February 1997, 36 I.L.M.
1531 (1992) 1295
G. Comments and Questions 1298
VI. Restitution and Compensation for Expropriations 1298
A. Introduction 1298
B. Specific Performance (restitutio in integrum) 1299
1. Texaco Overseas Petroleum Company/California Asiatic Oil
Company v. The Government of the Libyan Arab Republic, Award
of 19 January 1977, 17 I.L.M. 3 (1978) 1299
2. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1302
3. Dr. J. Gillis Wetter Stephen M. Schwebel, Some Little-Known
Cases on Concessions, 40 Brit. Y.B. Int'l L. 183, 220-22 (1964) 1303
4. Comments and Questions 1305
C. What is the Standard of Compensation for an Expropriation? 1305
1. Treaty Standard - Lex Specialis 1305
a. U.S. Model BIT (1992) 1305
b. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-U.S.
Cl. Trib. Rep. 79 1306
FOREIGN INVESTMENT DISPUTES
c. CME Czech Republic B.V. (The Netherlands) v. The Czech Republic,
UNCITRAL Final Award of 14 March 2003 1308
d. Comments and Questions 1310
2. Customary International Law 1311
a. United Nations Resolutions 1311
i. Resolution 1803 (XVII) entitled "Permanent Sovereignty over
Natural Resources", adopted by the General Assembly of the
United Nations on 14 December 1962 1311
ii. Resolution 3201 (S-VI) adopted by the United Nations General
Assembly on 1 May 1974, entitled "Declaration on the
Establishment of a New International Economic Order", Article 4,
paragraph (e) 1311
iii. Resolution 3281 (XXIX), Article 2, adopted by the General
Assembly of the United Nations, on 12 December 1974, entitled
"Charter of Economic Rights and Duties of the States" 1311
b. Shahin Shaine Ebrahimi v. Iran, Iran-U.S. Claims Tribunal Award
560-44/46/47-3 of 12 October 1994 1311
c. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1312
d. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. 976 (1982) 1313
e. Amoco International Finance Corporation v. The Government of
the Islamic Republic of Iran, Award No. 310-56-3 (Chamber Three)
of 14 July 1987, 15 Iran-US Cl. Trib. Rep. 189 1316
f. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-US
Cl. Trib. Rep. 79 1321
g. Brice Clagett, Just Compensation in International Law: The Issues
Before the Iran-United States Claims Tribunal, in The Valuation of
Nationalized Property in International Law, Vol. IV (Lillich ed.
1987) 1321
h. World Bank Guidelines on the Treatment of Foreign Direct
Investment, 31 I.L.M. 1363, 1379,1382-84 (1992) 1322
i. Comments and Questions 1324
D. Date of Expropriation as Affecting Valuation 1326
1. Compania del Desarrollo de Santa Elena S.A. v. Costa Rica,
ICSID Case No. ARB/96/1, Award of 17 February 2000, 15 ICSID
Rev. - Foreign Inv. L.J. 169 (2000), 39 I.L.M 1317 (2000) 1326
2. Phillips Petroleum Co. Iran v. Islamic Republic of Iran, Award
No. 425-39-2 of 29 June 1989, 21 Iran-U.S. Cl. Trib. Rep. 79 1329
3. Comments and Questions 1331
VII. Methods for valuing losses 1331
A. Generally 1331
1. Corporeal property 1331
a. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1331
CONTENTS
b. SEDCO, Inc. v. National Iranian Oil Company, Award No.
309-129-3 (Chamber Three ) of 7 July 1987, 15 Iran-U.S. Cl. Trib. Rep. 23
1333
2. Lost profits 1336
a. Delagoa Bay Arbitration, described in M. Whiteman, Damages in
International Law 1694, 1697-99 (1943) 1336
b. Dr. J. Gillis Wetter Stephen M. Schwebel, Some Little-Known
Cases on Concessions, 40 Brit. Y. B. Int'l L. 183 (1964) 1339
c. The Claim of the Salvador Commercial Company and other citizens
of the United States, stockholders in the corporation styled "El
Triunfo Company, Limited" v. El Salvador, Award of 8 May 1902,
15 R.I.A.A. 457 1340
d. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 201.L.M. 1 (1981) 1341
e. Comments and Questions 1343
B. Income-Producing Assets 1344
1. Paul D. Friedland Eleanor Wong, Measuring Damages for the
Deprivation of Income-Producing Assets: ICSID Case Studies, 6
ICSID Rev. - Foreign Inv. L.J. 400,405-407 (1991) 1344
2. Asset Values 1346
a. Actual Investment 1346
i. Metalclad Corp. v. The United Mexican States, ICSID Case No.
ARB (AF)/97/l, Award of 30 August 2000, 16(1) ICSID Rev. -
Foreign Inv. L.J. 168, 197-99 1346
b. Net Book Value Method 1348
i. Finance Corp. v. Government of the Islamic Republic of Iran,
Award No. 310-56-3 of 14 July 1987, 15 Iran-US Cl. Trib. Rep.
189 1348
c. Liquidation Value 1351
i. SEDCO, Inc. v. Iran Marine Industrial Company, Award No.
419-128/129-2 of 30 March 1989, 21 Iran-U.S. Cl. Trib. Rep. 31 1351
d. Depreciated Replacement Value 1353
i. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. (1982) 1353
e. Comments and Questions 1354
3. Going Concern Value 1355
a. Brice M. Clagett, Just Compensation in International Law: The
Issues Before the Iran-United States Claims Tribunal, in The
Valuation of Nationalized Property (1987) 1355
b. Comparable Sales 1356
i. CME Czech Republic B.V. (The Netherlands) v. The Czech
Republic, UNCITRAL Final Award of 14 March 2003 1356
c. Discounted Cash Flow Method 1359
i. Amoco International Finance Corporation v. The Government of
the Islamic Republic of Iran, Award No. 310-56-3 (Chamber Three)
of 14 July 1987,15 Iran-US Cl. Trib. Rep. 189 1359
ii. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982,21 I.L.M. 976 (1982) 1362
FOREIGN INVESTMENT DISPUTES
iii. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-
U.S. Cl. Trib. Rep. 79 1365
iv. CME Czech Republic B.V. (The Netherlands) v. The Czech
Republic, UNCITRAL Final Award of 14 March 2003 1367
v. Comments and Questions 1368
4. Underlying Asset Valuation Method 1369
a. Phillips Petroleum Company Iran v. The Islamic Republic of Iran,
Award No. 425-39-2 (Chamber Two) of 29 June 1989, 21 Iran-
U.S. Cl. Trib. Rep. 79 1369
b. Comments and Questions 1369
5. Alternate Confirming Valuation Methods 1370
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal (Kluwer Law International 1998), Ch. 16 1370
6. Minority Share Discount and Share-Transfer Restrictions 1370
a. Charles N. Brower Jason D. Brueschke, The Iran-United States
Claims Tribunal (Kluwer Law International 1998) Ch. 16 1370
VIII. Inflation 1372
A. Government of the State of Kuwait v. American Independent Oil
Co. (AMINOIL), Award of 24 May 1982, 21 I.L.M. 976 (1982) 1372
IX. Interest 1373
A. Libyan American Oil Company (LIAMCO) v. Government of the
Libyan Arab Republic, Award of 12 April 1977, 20 I.L.M. 1 (1981) 1373
B. McCollough Company, Inc. v. Ministry of Post, Telegraph and
Telephone, Award No. 225-89-3 (Chamber Three) of 22 April 1986,
11 Iran-U.S. Cl. Trib. Rep. 3 1374
C. John Gotanda, Supplemental Damages in Private International
Law (Kluwer 1998) 1377
D. ILC Articles on State Responsibility, Fifty-third session (2001) 1380
E. Draft Convention on State Responsibility, art. 38, 55 Am. J. Int'l L.
545,581(1961) 1381
F. UNIDROIT Principles on International Commercial Contracts 1381
G. Compound Interest 1381
1. James Crawford, Special Rapporteur, Third Report on State
Responsibility, International Law Commission 52nd Sess., at 22,
U.N. Doc. A/CN.4/507 (2000) 1381
2. F.A. Mann, Compound Interest as an Item of Damage in
International Law, in Further Studies in International Law 377-78,
383-85 (Oxford, Clarendon Press 1990) 1382
3. Compania des Desarrollo de Santa Elena SA v. Republic of Costa
Rica, ICSID Case No. ARB/96/1, Award of 17 February 2000, 15
ICSID Rev. - Foreign Inv. L.J. 169 (2000), 39 I.L.M. 1317 (2000) 1383
H. Comments and Questions 1385
X. Currency and Exchange Rate 1386
CONTENTS
A. Lighthouses Arbitration Between France And Greece, Permanent
Court of Arbitration, Award of July 24, 1956, 1956 I.L.R. 299, 302 1386
B. McCollough Company, Inc. v. Ministry of Post, Telegraph and
Telephone, Award No. 225-89-3 (Chamber Three) of 22 April 1986,
lllran-U.S. Cl.Trib. Rep. 3 1387
C. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1388
XI. Costs 1389
A. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581 (1961) 1389
B. Bridas S.A.P.I.C. v. Government of Turkmenistan, Case No. 9058/
FMS/KGA, Third Partial Award of 2 September 2000 1389
XII. Taxes 1390
A. Draft Convention on State Responsibility, 55 Am. J. Int'l L. 545,
581(1961) 1390
B. Comments and Questions 1390
Chapter 12
Procedure and proof: developing the case 1391
I. Introduction 1391
A. Source of Procedural Rules 1391
B. Strategizing the Case and Selecting Arbitrators 1392
1. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1392
II. Initiation of ICSID Case 1395
A. ICSID Convention, Article 36 - Request for Arbitration 1395
B. ICSID Institution Rules, Rule 6 1395
C. Compania de Aguas del Aconquija, S.A. v. Argentine Republic,
ICSID Case No. ARB/97/3, 16 ICSID Rev. - FILJ 643, 650-52 (2001)
1395
D. Comments and Questions 1396
III. Preliminary Hearing 1397
A. ICSID Arbitration Rules, Rules 20-21 1397
B. Judge Howard Holtzmann (Judge, Iran-United States Claims
Tribunal), Streamlining Arbitral Proceedings: Some Techniques of
the Iran-United States Claim Tribunal, 11 Arb. Int'l 39 (1995) 1397
C. Karl-Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Review - FILJ 1 (2001) 1402
D. ICSID Model Agenda for the Organizational Hearing 1402
E. UNCITRAL Notes on Organizing an Arbitral Proceeding 1403
FOREIGN INVESTMENT DISPUTES
F. Stanton Belland, The Iran-United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int'l Arb. 237 (1984) 1413
G. Comments and Questions 1413
IV. Jurisdictional Objections 1414
A. ICSID Arbitration Rules, Rule 41 1414
B. UNCITRAL Arbitration Rules, Article 21 1415
C. Compania de Aguas del Aconquija, S.A. v. Argentine Republic,
ICSID Case No. ARB/97/3, Award of 21 November 2000, 16
ICSID Rev. - FILJ 643, 650-52 (2001) 1415
D. Comments and Questions 1416
V. Arbitral Procedure 1418
A. ICSID Arbitration Rules, Rules 29-38 1418
B. UNCITRAL Arbitration Rules, Articles 15, 24-25 1420
C. ICC Arbitration Rules, Articles 15, 20-21 1421
D. International Bar Association's (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1422
E. Michael Biihler Carroll Dorgan, Witness Testimony Pursuant to
the 1999IBA Rules of Evidence in International Commercial
Arbitration, 17 J. Int. Arb. 1 at 3, 20-21, 24-25, 28-29 (2000) 1423
F. Nicolas C. Ulmer, Winning the Opening Stages of an ICC
Arbitration, 8 J. Int'l Arb. 33 (1991) 1426
G. Paul D. Friedland, A Standard Procedure for Presenting Evidence
in International Arbitration, 11(4) Mealey's Int'l Arb. R. 25
(April 1996) 1429
H. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1431
I. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l, Award of 30 August 2000, 16 ICSID Rev. - FILJ
168,174(2001) 1432
J. Societe Ouest Africaine Des Betons Industriels [SOABI] v. State of
Senegal, ICSID Case No. ARB/82/1, Award on Merits of 25
February 1988,2 ICSID Rep. 165,195-96 (1994) 1435
K. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No. ARB/
94/2, 14 ICSID Rev. - FILJ 197 (1999) 1436
L. Robert Azninian, Kenneth Davitian, Ellen Baca v. The United
Mexican States, ICSID Case No. ARB(AF)/97/2, 14 ICSID Rev. -
FILJ 538 (1999) 1436
M. L. Yves Fortier, The Minimum Requirements of Due Process in Taking
Measures Against Dilatory Tactics: Arbitral Discretion in International
Commercial Arbitration - "A Few Plain Rules and a Few Strong
Instincts," 1438
CONTENTS
N. Comments and Questions 1439
VI. Confidentiality 1440
A. Metalclad Corp. v. United Mexican States, ICSID Case No.
ARB(AF)/97/l, Award of 30 August 2000, 16 ICSID Rev. - FILJ
168, 174 (2001) 1440
B. Amco Asia Corporation v. Republic of Indonesia, ICSID Case No.
ARB/81/1, Decision on Request for Provisional Measures of 9
December 1983, 1 ICISD Rep. 377, 410-12 (Cambridge Grotius
1993) 1441
VII. Burden of Proof 1443
A. Durward V. Sandifer, Evidence Before International Tribunals (U.
Virginia Press 1975, revised edition) 1443
B. Charles N. Brower, Evidence Before International Tribunals: The
Need for Some Standard Rules, 28 Int'l Law. 47 (1994) 1446
C. Karl-Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Review - FILJ 1 (2001) 1446
D. The Loewen Group, Inc., and Raymond L. Loewen v. United States
of America; ICSID Case No. ARB(AF)/98/3 Award of 26 June 2003 1446
E. Marvin Feldman v. Mexico, ICSID Case No. ARB/(AF)/99/l,
Award of December 16, 2002 1447
F. Comments and Questions 1448
VIII. Presumptions and Inferences 1448
A. Durward V. Sandifer, Evidence Before International Tribunals (U.
Virginia Press 1975, revised edition) 1448
B. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int'l Law. 47 (1994) 1451
C. G. C. Christie, What Constitutes a Taking of Property Under
International Law, 38 Brit. Y.B. Int'l L. 307 (1962) 1451
D. Comments and Questions 1452
IX. Discovery 1452
A. Document Production 1452
1. International Bar Association's (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1452
2. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding by the Iran-United States Claims
Tribunal, Eleventh Sokol Colloquium at 101, 119-20 (Transnational
Publishers, Inc. 1992) 1454
3. Karl Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Rev. - FILJ 1 (2001) 1455
4. Christoph H. Schreuer, The ICSID Convention: A Commentary
Art. 93 (1 l)(c), p 650 (Cambridge U. Press 2001) 1456
5. CME Czech Republic B. V. (The Netherlands) v. The Czech Republic,
UNCITRAL Partial Award of 13 September 2001 1456
FOREIGN INVESTMENT DISPUTES
6. Ceskoslovenska Obchodni Bana, A.S. v. The Slovak Republic,
ICSID Case No. ARB/97/4, 14ICSID Rev. - FILJ 251 (1999) 1457
B. Adverse inferences 1457
1. Durwood V. Sandifer, Evidence Before International Tribunals (U.
Va. Press 1975, revised edition) 1457
2. Charles N. Brower, Evidence Before International Tribunals: The
Need for Some Standard Rules, 28 Int'l Law. 47 (1994) 1458
3. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding by the Iran-United States Claims Tribunal,
Eleventh Sokol Colloquium at 101, 127-28 (Transnational
Publishers, Inc. 1992) 1459
C. Comments and Questions 1459
X. Evidence 1460
A. ICSID Administrative and Financial Regulations, Regulation 30 1460
B. International Bar Association's (IBA) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1461
C. Karl Heinz Bockstiegel, Presenting Evidence in International
Arbitration, 16(1) ICSID Rev. - FILJ 1 (2001) 1461
D. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int'l Law. 47 (1994) 1463
E. Judge Howard M. Holtzmann (Judge, Iran-United States Claims
Tribunal), Fact-Finding Before the Iran-United States Claims
Tribunal, Eleventh Sokol Colloquium at 101, 126-27
(Transnational Publishers, Inc. 1992) 1466
F. Interested witnesses 1466
1. Michael Straus, The Practice of the Iran - U. S. Claims Tribunal in
Receiving Evidence from Parties and from Experts, 3 J. Int'l Arb.
57 (1986) 1466
2. Charles N. Brower, Evidence Before International Tribunals:
The Need for Some Standard Rules, 28 Int'l Law. 47 (1994) 1469
G. Asian Agricultural Products Limited v. Republic of Sri Lanka,
ICSID Case No. ARB/87/3, 4 ICSID Rep. 246 (1997) 1469
H. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No.
ARB/94/2, 14 ICSID Rev. - FILJ 197 (1999) 1470
J. Parker v. United Mexican States (U.S. v. Mex.), 4 R.I. A. A. 35,
39 (General Claims Commission 1926) 1472
J. Western Co. of North America v. Oil and Natural Gas Comm 'n,
13 Y.B. Com. Arb. 5, 13-14 (1988) (ad hoc arbitration, Ian Kinnell,
umpire, 1985) 1473
K. Shufeldt v. Guatemala (Guatemala v. US), 2 R.I.A.A. 1083 1474
L. Hatton v. United Mexican States (U.S. v. Mexico), 4 R.I.A.A. 329,
331 (General Claims Commission 1928) 1474
M. McCurdy v. United Mexican States (U.S. v. Mex.), 4 R.I.A.A. 418,
421 (General Claims Commission 1929) 1475
CONTENTS
N. Studer v. Great Britain (U.S. v. U.K.), 6 R.I. A. A. 149, 152
(American British Claims Arbitration Tribunal 1925) 1476
0. Robert Azninian, Kenneth Davitian, Ellen Baca v. United
Mexican States, ICSID Case No. ARB(AF)/97/2, 14 ICSID Rev. -
FILJ 538 (1999) 1476
P. Comments and Questions 1477
XI. Experts 1478
A. ICC Arbitration Rules, Article 20 (4) 1478
B. UNCITRAL Arbitration Rules, Article 27 1478
C. International Bar Association's (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1479
D. Gillian White, The Use of Experts by International Tribunals
(Syracuse U. Press, Syracuse, NY 1965), Appendix III 1481
E. Durward V. Sandifer, Evidence Before International Tribunals
§77 at 327-28 (U. Virginia Press 1975, revised edition) 1482
F. Michael Straus, The Practice of the Iran-U.S. Claims Tribunal in
Receiving Evidence from Parties and from Experts, 3 J. Int'l Arb.
57,63-67(1986) 1483
G. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1486
H. Societe Ouest Africaine Des Betons Industriels [SOABI] v. State of
Senegal, ICSID Case No. ARB/82/1, Award on Merits of 25
February 1988, 2 ICSID Rep. 165, 196 (1994) 1487
1. Lehigh Valley RR Co. v. Germany (Sabotage Cases) (U.S. v.
Germany) (Mixed Claims Commission 1932), 8 Rep. Int'l Arb.
Awards 121 (UN 1948-1980) 1487
J. Comments and Questions 1488
XII. Oral Hearings 1489
A. International Bar Association's (IB A) Rules on the Taking of
Evidence in International Commercial Arbitration (1999) 1489
B. Michael Biihler and Carroll Dorgan, Witness Testimony Pursuant
to the 1999 IB A Rules of Evidence in International Commercial
Arbitration, 17 J. Int. Arb.l at 3, 20-21, 24-25, 28-29 (Kluwer
2000) 1490
C. Judge Howard Holtzmann (Judge, Iran-United States Claims Tribunal),
Streamlining Arbitral Proceedings: Some Techniques of the Iran -
United States Claims Tribunal, 11 Arb. Int'l. 39 (1995) 1492
D. Stanton Belland, The Iran - United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int'l Arb. 237 (1984) 1494
FOREIGN INVESTMENT DISPUTES
E. Paul D. Friedland, A Standard Procedure for Presenting Evidence in
International Arbitration, 11 (4) Mealey's Int'l Arb. R. 25 (April
1996) 1496
F. Jack J. Coe, Jr., International Commercial Arbitration; American
Principles and Practice in a Global Context at 249 (Transnational
Publishers, Inc. 1997) 1497
G. R. Doak Bishop, Toward a Harmonized Approach to Advocacy in
International Arbitration, in The Art of Advocacy in International
Arbitration (Juris Publishing 2004) 1498
H. Vacuum Salt Products Limited v. Government of the Republic of
Ghana, ICSID Case No. ARB/92/1, 4 ICSID Rep. 320, 347-48
(1997), Award of 16 February 1994 1501
I. Tradex Hellas S.A. v. Republic of Albania, ICSID Case No. ARB/
94/2, 14 ICSID Rev. - FILJ 197 (1999) 1501
J. Comments and Questions 1502
XIII. Translations 1503
A. ICSID Arbitration Rules, Rule 22 - Procedural Languages 1503
B. Durward V. Sandifer, Evidence Before International Tribunals
§ 68, p. 285 (U. Virginia Press 1975, Rev. Ed.) 1503
C. Jack J. Coe, Jr., International Commercial Arbitration: American
Principles and Practice in a Global Context at 249 (Transnational
Publishers, Inc. 1997) 1503
D. Stanton Belland, The Iran-United States Claims Tribunal: Some
Reflections on Trying a Claim, 1 J. Int'l Arb. 237 (1984) 1504
E. Comments and Questions 1504
XIV. The Role of Amicae in Investment Disputes Involving Public
Issues 1505
A. Methanex v. United States; Decision of the Tribunal on Petitions
from Third Persons to Intervene as "Amici Curiae" 1505
B. Statement of the NAFTA Free Trade Commission on non-disputing
party participation (October 7, 2003) 1512
C. United States Statement on Open Hearings in NAFTA Chapter
Eleven Arbitrations (October 7, 2003) 1514
D. Comments and Questions 1514
CHAPTER 13
RECOGNITION AND ENFORCEMENT OF INTERNATIONAL ARBITRAL
PROCEEDINGS AND AWARDS 1515
I. Introduction 1515
II. Recognition and Enforcement Mechanisms 1515
A. The Special Regime of the ICSID Convention 1515
CONTENTS
1. Convention on the Settlement of Investment Disputes Between States
and Nationals of Other States ("ICSID Convention") Done at
Washington, 18 March 1965; Entered into force, 14 October 1966-
575 U.N.T.S. 160(1966) ' 1515
2. Christoph H. Schreuer, The ICSID Convention: A Commentary
(Cambridge, 2001), Article 54 1516
3. Benvenuti et Bonfant SRL v. The Government of the People's
Republic of the Congo, ICSID Case No. ARB/77/2, Judgment of
26 June 1981,1 ICSID Reports 368, France, Cour d'appel 1521
B. Enforcement of Arbitral Awards (Other than ICSID) 1524
1. The New York Convention 1524
a. In general 1524
i. Convention on the Recognition and Enforcement of Foreign
Arbitral Awards ("New York Convention") Done at New York,
10 June 1958; Entered into force, 7 June 1959; 330 U.N.T.S. 38
(1959) 1524
b. Direct effect of international arbitral awards made under treaties 1528
i. Dallal v. Bank Mellat, Judgment of 26 July 1985, 75 I.L.R. 151,
England, High Court, Queen's Bench Division 1528
c. Grounds for Refusal of Recognition and Enforcement 1531
i. Southern Pacific Properties (Middle East) Limited v. Arab
Republic of Egypt, ICSID Case No. ARB/84/3, Judgment of 12
July 1984,3 ICSID Reports p. 92 (86 I.L.R. 492), The Netherlands,
District Court of Amsterdam 1531
2. Regional Conventions 1533
a. Inter-American Convention on International Commercial
Arbitration ("Panama Convention") Done at Panama City, 30
January 1975; Entered into force, 16 June 1976; 1438 U.N.T.S. 248
(1986) 1533
b. European Convention on International Commercial Arbitration
Done at Geneva, 21 April 1961; Entered into force, 7 January 1964 1536
III. Challenge to Arbitral Awards 1542
A. Challenge to Awards under the ICSID Convention 1542
1. Interpretation, Revision and Annulment of an ICSID Award 1542
a. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States ("ICSID Convention") Done
at Washington, 18 March 1965; Entered into force, 14 October
1966; 575 U.N.T.S. 160 (1966) 1542
b. Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No.
ARB98/4, Decision on Annulment of 8 December 2000,6 ICSID
Rep. p. 129,41ILM 933 (2002) Ad Hoc Committee 1544
c. Compania de Aguas del Aconquija S.A. and Vivendi Universal
(Formerly Compagnie Generate Des Eaux) v. Argentine Republic,
ICSID Case No. ARB97/3, Decision on Annulment of 3 July 2002,
6 ICSID Rep. 340,41 ILM 1135 (2002) Ad Hoc Committee 1549
d. Comments and Questions 1561
2. Supplementation and Rectification of an ICSID Award 1561
FOREIGN INVESTMENT DISPUTES
a. Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States ("ICSID Convention") 1561
b. Compahia de Aguas del Aconquija S.A. and Vivendi Universal
(Formerly Compagnie Generale Des Eaux) v. Argentine Republic,
ICSID Case No. ARB97/3, Decision on Supplementation and
Rectification of 28 May 2003, 7 ICSID Rep. p. 489, Ad Hoc
Committee 1561
B. Challenge of Awards of non-ICSID Tribunals 1562
1. UNCITRAL Model Law on International Commercial Arbitration,
1994 1562
2. Explanatory Note by the UNCITRAL Secretariat on the Model Law
on International Commercial Arbitration 1563
3. The Czech Republic v. CME Czech Republic B.V., UNCITRAL
Judgment of 15 May 2003, Challenge to Arbitration Award Sweden,
Court of Appeal, Stockholm, 9 ICSID Rep. (in press) 1564
4. Comments and Questions 1578
5. Swedish Arbitration Act 1999 (sfs 1999:116) 1578
6. United Kingdom Arbitration Act 1996 1579
7. Arab Republic of Egypt v. Southern Pacific Properties Limited and
Southern Pacific Properties (Middle East) Limited, Judgment of
12 July 1984, 3 ICSID Reports 79, France, Com d'appel, Paris
(First Additional Chamber) 1583
C. Interpretation and Supplementary Decisions of Awards under the
ICSID Additional Facility 1589
1. Rules Governing the Additional Facility for the Administration of
Proceedings by the Secretariat of the International Centre for
Settlement of Investment Disputes (Additional Facility Rules) 1589
2. United Mexican States v. Metalclad Corporation, ICSID Case No.
ARB(AF)97/1, Judgment of 2 May 2001, 5 ICSID Reports 238 (119
International Law Reports 647), Canada, Supreme Court of British
Columbia (Tysoe J) 1590
IV. Issues of State or Sovereign Immunity 1613
A. Basic Distinctions 1613
1. "Sovereign" and "Commercial" Activity 1613
a. ILC, Ad Hoc Committee on Jurisdictional Immunities of States
and Their Property Draft Articles on jurisdictional immunities of
States and their property 1613
2. Immunity from Jurisdiction and Immunity from Enforcement 1616
a. Restatement of the Law (Third): The Foreign Relations Law of
the United States, §451 St Paul, American Law Institute, 1987 1616
b. Restatement of the Law (Third): The Foreign Relations Law of
the United States, §460 St Paul, American Law Institute, 1987 1617
c. ILC, Ad Hoc Committee on Jurisdictional Immunities of States and
Their Property Draft Articles on jurisdictional immunities of States
and their property 1619
CONTENTS
d. ILC, Ad Hoc Committee on Jurisdictional Immunities of States and
Their Property Draft Articles on jurisdictional immunities of States
and their property 1621
B. Differing National Approaches 1621
1. The US Approach: Foreign Soverign Immunities Act 1976 1621
a. United States Foreign Sovereign Immunities Act 1976 1621
b. Creighton Limited v. Government of the State of Qatar, Decision of
2 July 1999, US Court of Appeals, Dist. of Columbia Circuit decided
2 July 1999, 181 F.3d 118 (D.C. Cir. 1999) 1628
c. S Davis International, Inc. v. The Republic of Yemen, Decision
of 21 July 2000, United States, Court of Appeals, 11 th Circuit,
218 F.3d 1292 (11th Cir. 2000) 1636
d. Restatement of the Law (Third): The Foreign Relations Law of the
United States, §456 St Paul, American Law Institute, 1987 1646
2. The U.K. Approach - State Immunity Act 1978 1649
C. Assets Subject to Attachment and Execution 1650
1. United States "Helms Amendment" 1650
2. Foreign States Immunities Act 1985 (Australia) 1652 |
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| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| format | Book |
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| id | DE-604.BV023119351 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:50:59Z |
| indexdate | 2024-07-09T21:11:28Z |
| institution | BVB |
| isbn | 9041123113 |
| language | English |
| lccn | 2005284032 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016321840 |
| oclc_num | 61210102 |
| open_access_boolean | |
| owner | DE-384 DE-19 DE-BY-UBM DE-739 |
| owner_facet | DE-384 DE-19 DE-BY-UBM DE-739 |
| physical | LV, 1653 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | Kluwer Law Internat. |
| record_format | marc |
| spelling | Bishop, R. Doak Verfasser aut Foreign investment disputes cases, materials and commentary R. Doak Bishop ; James Crawford ; W. Michael Reisman The Hague [u.a.] Kluwer Law Internat. 2005 LV, 1653 S. txt rdacontent n rdamedia nc rdacarrier Buitenlandse investeringen gtt Internationale arbitrage gtt Recht Investments, Foreign (International law) Investments, Foreign Law and legislation Arbitration and award, International Recht (DE-588)4048737-4 gnd rswk-swf Vertrag (DE-588)4063270-2 gnd rswk-swf Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 s Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 s Vertrag (DE-588)4063270-2 s Recht (DE-588)4048737-4 s DE-604 Crawford, James 1948-2021 Verfasser (DE-588)128627514 aut Reisman, William Michael 1939- Verfasser (DE-588)130533297 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016321840&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bishop, R. Doak Crawford, James 1948-2021 Reisman, William Michael 1939- Foreign investment disputes cases, materials and commentary Buitenlandse investeringen gtt Internationale arbitrage gtt Recht Investments, Foreign (International law) Investments, Foreign Law and legislation Arbitration and award, International Recht (DE-588)4048737-4 gnd Vertrag (DE-588)4063270-2 gnd Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| subject_GND | (DE-588)4048737-4 (DE-588)4063270-2 (DE-588)4162055-0 (DE-588)4003772-1 |
| title | Foreign investment disputes cases, materials and commentary |
| title_auth | Foreign investment disputes cases, materials and commentary |
| title_exact_search | Foreign investment disputes cases, materials and commentary |
| title_exact_search_txtP | Foreign investment disputes cases, materials and commentary |
| title_full | Foreign investment disputes cases, materials and commentary R. Doak Bishop ; James Crawford ; W. Michael Reisman |
| title_fullStr | Foreign investment disputes cases, materials and commentary R. Doak Bishop ; James Crawford ; W. Michael Reisman |
| title_full_unstemmed | Foreign investment disputes cases, materials and commentary R. Doak Bishop ; James Crawford ; W. Michael Reisman |
| title_short | Foreign investment disputes |
| title_sort | foreign investment disputes cases materials and commentary |
| title_sub | cases, materials and commentary |
| topic | Buitenlandse investeringen gtt Internationale arbitrage gtt Recht Investments, Foreign (International law) Investments, Foreign Law and legislation Arbitration and award, International Recht (DE-588)4048737-4 gnd Vertrag (DE-588)4063270-2 gnd Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| topic_facet | Buitenlandse investeringen Internationale arbitrage Recht Investments, Foreign (International law) Investments, Foreign Law and legislation Arbitration and award, International Vertrag Internationale Schiedsgerichtsbarkeit Auslandsinvestition |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016321840&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bishoprdoak foreigninvestmentdisputescasesmaterialsandcommentary AT crawfordjames foreigninvestmentdisputescasesmaterialsandcommentary AT reismanwilliammichael foreigninvestmentdisputescasesmaterialsandcommentary |