International investment law and arbitration: commentary, awards, and other materials
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
Cambridge, United Kingdom
Cambridge University Press
2021
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| Edition: | Second edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturangaben |
| Physical Description: | lix, 625 Seiten |
| ISBN: | 9781108823203 9781108842990 |
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MARC
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| 245 | 1 | 0 | |a International investment law and arbitration |b commentary, awards, and other materials |c Chin Leng Lim (The Chinese University of Hong Kong), Jean Ho (National University of Singapore), Martins Paparinskis (University College London) |
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| 264 | 1 | |a Cambridge, United Kingdom |b Cambridge University Press |c 2021 | |
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| adam_text | Contents Foreword to the Second Edition xv Preface to the First Edition xvi Preface to the Second Edition xvii Acknowledgments xxi Table of Treaties and Other International Instruments, National Legislation, and Awards xxii List of Abbreviations Ivii 1 The Origins of Investment Protection and International Investment Law Chapter Outline Introduction 2 1. Diplomatic Espousal and Mixed or Similar Commissions 2 1.1 Diplomatic Espousal 2 1.2 Diplomatic Espousal and Diplomatic Settlement 4 1.3 Mixed International Commissions, National Commissions and Modem Claims Settlement 2 1 1 5 Legal Uncertainty and the Conflicting Attempts to Restate the Law in the United Nations (1945-1970s) 10 2.1 Legal Chaos 11 2.2 Efforts at the United Nations 15 3. The Creature of the Internationalised Contract 22 4. Reaching for Treaty-Based Investor-State Arbitration 25 5. ICSID, International Courts and Other Modern Institutions 26 6. The Nature of Investment Treaty Arbitration and the Sources of the International Law on Foreign Investment 31 Conclusion 35 Questions 36 Suggestions for Further Reading 36 2 Investment Contracts and Internationalisation Chapter Outline 37 Introduction 37 1. Key Awards on Internationalisation 39 2. The Backlash against Internationalisation 3. Types of Investment Contract 52 50 37
vi Contents 3.1 3.2 3.3 3.4 Natural Resource Concessions 52 Public Service Concessions 53 Build-Operate-and-Transfer (ВОТ) Contracts Public-Private Partnerships (PPPs) 54 Conclusion Questions 54 55 55 Suggestions for Further Reading 56 3 The Metamorphosis of Investment Treaties Chapter Outline Introduction 1. 57 Creation: 1959-1990 59 1.1 The Earliest Investment Treaties 61 1.2 The ICSID Convention 63 1.3 Draft Multilateral Investment Treaties 2. 57 57 Accelerated Growth: 1990s-2007 64 66 2.1 Partial Convergence in Treaty Content 67 2.2 Claims against Host States and Jurisprudence (Injconstante 3. ‘Resistance and Change : 2007 and Beyond 70 73 3.1 Cracks in the Investment Treaty Regime 73 3.2 Changes in the Investment Treaty Regime 78 Conclusion Questions 85 86 Suggestions for Further Reading 86 4. Investment Dispute Settlement Chapter Outline Introduction 1. 87 87 87 Investment Arbitration as a Principal Means of Settlement Today 1.1 An Unusual Feature in Investment Arbitration 1.2 ‘Arbitration without Privity’ 89 2. Consent to Investment Arbitration 95 2.1 Forms of Consent and Agreement to Investment Arbitration 2.2 The Writing Requirement 97 3. 88 88 95 Electa una via ( Fork-in-the-Road ) Clauses, ‘No U-Turn Clauses and Other Procedural Preconditions 100 3.1 Dispute Clauses and Procedural Preconditions 100 3.2 Exhaustion of Local Remedies 101 3.3 ‘Fork-in-the֊Road’ Clauses, ‘No U-Turn’ Clauses and the Problem of Parallel Proceedings 4. Contractual Forum Selection Clauses 5. The Call for a Return to Adjudication, and Other Investment Dispute Settlement Bodies 6. ICSID
versus Ad Hoc Arbitration Conclusion Questions 109 113 114 Suggestions for Further Reading 114 104 107 108
vii Contents 5 Jurisdiction, Admissibility and Parallel Proceedings Chapter Outline Introduction 115 1. Jurisdiction and Admissibility 2. Consequences of the Distinction 2.1 2.2 2.3 2.4 2.5 3. 117 127 No Consequence 127 Consequence for Post-Request Developments Consequence for Handling Objections 128 Consequence for Stay 130 Consequence for Challenges 130 127 Procedure for Addressing Objections to Jurisdiction and Admissibility 3.1 Bifurcation between Preliminary Objections and Merits 3.2 Claims Manifestly without Legal Merit 133 4. Objections to Jurisdiction and Admissibility 4.1 4.2 4.3 4.4 5. Investor 136 State 137 Investment 137 Consent and Other Issues Parallel Proceedings 5.1 5.2 5.3 5.4 5.5 5.6 Questions 132 132 138 138 139 Consent by Disputing Parties 140 Special Treaty Rules 141 No Issue 142 Sequential Proceedings: Collateral Estoppel/Res Judicata Parallel Proceedings: Abuse of Process 144 Remedies 148 Conclusion 143 150 152 Suggestions for Further Reading 6 Applicable Laws Chapter Outline Introduction 1. 115 115 152 153 153 153 154 Lex causae 1.1 Sources of Laws 154 1.2 Interplay of Laws 158 1.2.1 Configuration 1 - Matching Each Head of Claim to Its Governing Law 1.2.2 Configuration 2 - Renvoi to National Law 160 1.2.3 Configuration 3 - Composite National-International Law 161 1.3 Arbitral Mandate and Choice-of-Laws 164 2. Lex arbitri 3. Lex loci arbitri Conclusion Questions 165 169 171 171 Suggestions for Further Reading 172 159
viii ; Contents 7 Arbitrators 173 Chapter Outline 173 Introduction 173 1. Who Are the Arbitrators? 174 2. Appointment of Arbitrators 179 2.1 ICSID 180 2.2 UNCITRAL/Permanent Court of Arbitration 185 3. Challenge Brought against Arbitrators: Procedure 189 3.1 ICSID 189 3.2 Non-ICSID 197 4. Challenge Brought against Arbitrators: Substance 199 4.1 ICSID 199 4.2 Non-ICSID 205 5. Challenge Brought against Arbitrators: Issues 5.1 Arbitrators and Parties 208 5.2 Arbitrators and Déjà Vu 217 5.3 Arbitrators and Double-Hatting Conclusion 230 Questions 231 Suggestions for Further Reading 8 Evidence 208 223 232 233 Chapter Outline 233 Introduction 233 1. The Burden of Proof 234 1.1 Onus Probandi Actori Incumbit 234 1.2 The ‘Vanishing’ Burden 235 1.2.1 The RosInvestCo Arbitration 236 1.2.2 The Hulley, Yukos and Veteran Petroleum Arbitrations 1.3 The ‘Shifting’ Burden 240 2. The Standard of Proof 242 2.1 Balance of Probabilities 2.2 Circumstantial Evidence 2.3 No Evidence 246 243 243 Conclusion 248 Questions 249 Suggestions for Further Reading 9 Provisional Measures 1. 2. 3. 4. 238 249 250 Chapter Outline 250 Introduction 251 Interim Measures and Sovereign Respondents 252 Recourse to National Courts and the Power of ICSID Tribunals Other Types of Relief 258 The Test Applied by Tribunals 263 Conclusion 274 Questions 275 Suggestions for Further Reading 275 255
ix Contents 10 Protected Investments Chapter Outline Introduction 276 276 276 1. The Subjective Meaning of Protected Investments 2. The Objective Meaning of Protected Investments 277 284 2.1 The ICSID Tests 285 2.2 The Non-ICSID Test 288 3. The Dual Meaning of Protected Investments 290 3.1 Binding Objective Criteria 290 3.2 Illustrative Objective Criteria 293 Conclusion Questions 296 297 Suggestions for Further Reading 11 Protected Investors Chapter Outline Introduction 1. 298 299 299 299 Nationality-Based Eligibility for Protection 301 1.1 Form - Critical Date(s) of Nationality Possession 302 1.2 Substance - Circumstances of Nationality Acquisition 303 1.2.1 ‘Round-Tripping’ 303 1.2.2 Litigation-Oriented Nationality Acquisition 305 2. Individual Investors 306 2.1 Authentication of Nationality 307 2.2 Dual Nationality and Permanent Residents 3. Corporate Investors 3.1 Place of Incorporation 3.2 Foreign Control 320 4. Divisible Investors Conclusion Questions 308 315 316 323 327 328 Suggestions for Further Reading 329 12 Fair and Equitable Treatment, and Full Protection and Security Chapter Outline Introduction 1. 330 Relationship with an International Minimum Standard of Treatment 1.1 The ‘Minimum Standard’ of Treatment 1.2 Fair and Equitable Treatment 332 1.3 Full Protection and Security 334 2. 330 330 331 331 The Heads of Claim under FET and FPS, Their Evolution and Interrelationship 335 2.1 Heads of Claim under FET 335 2.1.1 Arbitrary and Discriminatory Treatment 335 2.1.2 Violation of Due Process and Lack of Transparency 337 2.1.3 Is There a Requirement of ‘Bad Faith’
on the Part of the Host State? 338 2.1.4 Recent Developments in the Scope of the FET Rule: Protecting Investors’ Legitimate Expectations, and the Stability of the Business and Legal Environment Surrounding the Investment 340
x Contents 2.2 Full Protection and Security 350 2.3 Interrelationship of FET and FPS beyond Physical Security 353 3. Narrowing Down FET: Some Recent Examples of Treaty Clauses 4. Qualified and Unqualified Treaty Clauses, and the Interaction of Treaty and Custom 357 4.1 NAFTA and the ‘North American’ Model of ‘Qualified’ Treaty Clauses 357 4.2 ‘Unqualified’ FET Treaty Clauses and Their Relationship with International Custom 360 Conclusion Questions 355 364 366 Suggestions for Further Reading 366 13 Contingent Standards: National Treatment and Most-Favoured-Nation Treatment 367 Chapter Outline 367 Introduction 1. Nine Lives of National Treatment 1.1 1.2 1.3 1.4 2. 367 369 National Treatment 369 Expropriation 370 Fair and Equitable Treatment Other Examples 372 371 Interpretation and Application of National Treatment 2.1 Like Circumstances 374 2.2 Distinctions in Treatment 2.3 Justification 381 373 379 3. Most-Favoured-Nation Treatment and Primary Obligations 4. Most-Favoured-Nation Treatment and International Dispute Settlement 4.1 4.2 4.3 4.4 4.5 Applicable, with Public Policy Exceptions 390 Inapplicable, Unless Explicitly Provided For 392 Applicable to Admissibility, but Not to Jurisdiction Applicable to Objectively Unfavourable Treatment Recent Developments 394 Conclusion Questions 396 397 Suggestions for Further Reading 14 Expropriation Chapter Outline Introduction 1. 398 399 399 399 The Object of Expropriation 400 1.1 Property Rights 401 1.2 Contractual Rights 402 1.2.1 Contract as Property 403 1.2.2 Sovereign Contractual Interference 1.3 Shareholder Rights 408 2.
The Existence of Expropriation 410 2.1 Direct Expropriation 411 2.2 Indirect Expropriation 412 3. The Legality of Expropriation 414 405 393 393 384 388
xi Contents 3.1 Public Purpose 414 3.2 Compensation 415 3.2.1 The Rule of Compensation for Expropriation 416 3.2.2 The First Exception to the Rule of Compensation for Expropriation: Investment Valued at Nil 418 3.2.3 The Second Exception to the Rule of Compensation for Expropriation: Regulatory Taking 418 3.3 Due Process 419 3.4 Circumstances Precluding Wrongfulness and Non-Precluded Measures 420 4. Judicial Expropriation Conclusion Questions 423 429 431 Suggestions for Further Reading 15 Umbrella Clauses Chapter Outline Introduction 432 The Umbrella Clause 2. The Awards 3. 432 432 1. 2.1 2.2 2.3 2.4 2.5 2.6 431 433 435 SGS V. Pakistan 435 SGS v. Philippines 439 A Matter of Treaty Construction? 440 The Spectre of ‘the Two SGS Arbitrations’ Lurks 446 Distinguishing Treaty Law from Contract Law 449 Forum Selection Clauses 452 Examples of Umbrella Clauses Conclusion Questions 457 Suggestions for Further Reading 16 Defences 457 458 Chapter Outline Introduction 453 456 458 458 1. Concepts of Defences 2. Defences in Obligations 3. Defences in Exceptions 460 464 467 3.1 Non-Precluded-Measures Clause 3.2 Modem Exceptions 473 4. 467 Defences in Circumstances Precluding Wrongfulness 4.1 4.2 4.3 4.4 Consent 478 Countermeasures 480 Necessity 483 Consequences 486 Conclusion Questions 487 488 Suggestions for Further Reading 488 477
xii Contents 17 Remedies 490 Chapter Outline 490 Introduction 490 1. The Principle of Full Reparation for Internationally Wrongful Acts 2. Compensation and Restitution 492 2.1 Compensation for Expropriation 493 2.2 Compensation for Violations of Other Treaty Standards 2.3 Moral and Punitive Damages 497 3. Methods of Valuation 495 498 3.1 Discounted Cash Flow (DCF) 499 3.2 Damnum Emergens Plus Lucrum Cessans (DELC) 4. 491 506 Interest 510 Conclusion 511 Questions 512 Suggestions for Further Reading 18 Costs and Legal Fees 512 513 Chapter Outline 513 Introduction 513 1. The Question of Costs in the Context of Investment Arbitration 2. Types of Costs 514 515 2.1 ‘Arbitration Costs’or‘Costs of the Proceedings’ 2.2 ‘Legal’or‘Party’Costs 517 3. Cost Allocation by the Tribunal 515 518 3.1 UNCITRAL and ICSID Rules 518 3.2 Tribunal Considerations 519 4. The ‘Loser-Pays Principle, or Costs after the Event 5. Security for Costs 529 Conclusion 533 Questions 535 Suggestions for Further Reading 535 522 19 Challenging and Enforcing Awards, and the Question of Foreign State Immunities 536 Chapter Outline 1. 2. 3. 4. 536 Introduction 536 ICSID and Non-ICSID Awards 537 Non-ICSID Arbitration 538 ICSID Arbitration 542 Foreign State Immunity, Act of State and Non-Justiciability 4.1 Foreign State Immunity 556 4.2 Pleas of Act of State and Non-Justiciability 5. Attachment of Assets: The Final Refuge Conclusion 573 Questions 574 Suggestions for Further Reading 574 572 563 556
xiii Contents 20 New Directions in International Investment Law and Arbitration Chapter Outline 1. 575 Introduction 575 The Backlash 577 1.1 The Backlash to NAFTA and in the United States, 2001-2004 1.2 The Global Backlash Begins in Earnest, 2007 to Date 581 1.3 The Treaty Terminations Begin 589 2. The New Treaty Clauses 577 594 2.1 Reform of Treaty Substantive Rules in Recent Treaties 594 2.1.1 Reform of the FET Rule 594 2.1.2 Reform of the Expropriation Rule 596 2.1.3 Other Innovations in Substantive Standards of Treaty Protection 2.1.4 Enter the United States-Mexico-Canada Agreement 598 2.2 Procedural Innovations 600 3. The European Proposal for a Multilateral Investment Court Conclusion Questions 615 615 Suggestions for Further Reading Index 617 616 604 598 575
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Contents Foreword to the Second Edition xv Preface to the First Edition xvi Preface to the Second Edition xvii Acknowledgments xxi Table of Treaties and Other International Instruments, National Legislation, and Awards xxii List of Abbreviations Ivii 1 The Origins of Investment Protection and International Investment Law Chapter Outline Introduction 2 1. Diplomatic Espousal and Mixed or Similar Commissions 2 1.1 Diplomatic Espousal 2 1.2 Diplomatic Espousal and Diplomatic Settlement 4 1.3 Mixed International Commissions, National Commissions and Modem Claims Settlement 2 1 1 5 Legal Uncertainty and the Conflicting Attempts to Restate the Law in the United Nations (1945-1970s) 10 2.1 Legal Chaos 11 2.2 Efforts at the United Nations 15 3. The Creature of the'Internationalised'Contract 22 4. Reaching for Treaty-Based Investor-State Arbitration 25 5. ICSID, International Courts and Other Modern Institutions 26 6. The Nature of Investment Treaty Arbitration and the Sources of the International Law on Foreign Investment 31 Conclusion 35 Questions 36 Suggestions for Further Reading 36 2 Investment Contracts and Internationalisation Chapter Outline 37 Introduction 37 1. Key Awards on Internationalisation 39 2. The Backlash against Internationalisation 3. Types of Investment Contract 52 50 37
vi Contents 3.1 3.2 3.3 3.4 Natural Resource Concessions 52 Public Service Concessions 53 Build-Operate-and-Transfer (ВОТ) Contracts Public-Private Partnerships (PPPs) 54 Conclusion Questions 54 55 55 Suggestions for Further Reading 56 3 The Metamorphosis of Investment Treaties Chapter Outline Introduction 1. 57 Creation: 1959-1990 59 1.1 The Earliest Investment Treaties 61 1.2 The ICSID Convention 63 1.3 Draft Multilateral Investment Treaties 2. 57 57 Accelerated Growth: 1990s-2007 64 66 2.1 Partial Convergence in Treaty Content 67 2.2 Claims against Host States and Jurisprudence (Injconstante 3. ‘Resistance and Change': 2007 and Beyond 70 73 3.1 Cracks in the Investment Treaty Regime 73 3.2 Changes in the Investment Treaty Regime 78 Conclusion Questions 85 86 Suggestions for Further Reading 86 4. Investment Dispute Settlement Chapter Outline Introduction 1. 87 87 87 Investment Arbitration as a Principal Means of Settlement Today 1.1 An Unusual Feature in Investment Arbitration 1.2 ‘Arbitration without Privity’ 89 2. Consent to Investment Arbitration 95 2.1 Forms of Consent and Agreement to Investment Arbitration 2.2 The Writing Requirement 97 3. 88 88 95 Electa una via ('Fork-in-the-Road') Clauses, ‘No U-Turn' Clauses and Other Procedural Preconditions 100 3.1 Dispute Clauses and Procedural Preconditions 100 3.2 Exhaustion of Local Remedies 101 3.3 ‘Fork-in-the֊Road’ Clauses, ‘No U-Turn’ Clauses and the Problem of Parallel Proceedings 4. Contractual Forum Selection Clauses 5. The Call for a Return to Adjudication, and Other Investment Dispute Settlement Bodies 6. ICSID
versus Ad Hoc Arbitration Conclusion Questions 109 113 114 Suggestions for Further Reading 114 104 107 108
vii Contents 5 Jurisdiction, Admissibility and Parallel Proceedings Chapter Outline Introduction 115 1. 'Jurisdiction and Admissibility' 2. Consequences of the Distinction 2.1 2.2 2.3 2.4 2.5 3. 117 127 No Consequence 127 Consequence for Post-Request Developments Consequence for Handling Objections 128 Consequence for Stay 130 Consequence for Challenges 130 127 Procedure for Addressing Objections to Jurisdiction and Admissibility 3.1 Bifurcation between Preliminary Objections and Merits 3.2 Claims Manifestly without Legal Merit 133 4. Objections to Jurisdiction and Admissibility 4.1 4.2 4.3 4.4 5. Investor 136 State 137 Investment 137 Consent and Other Issues Parallel Proceedings 5.1 5.2 5.3 5.4 5.5 5.6 Questions 132 132 138 138 139 Consent by Disputing Parties 140 Special Treaty Rules 141 No Issue 142 Sequential Proceedings: Collateral Estoppel/Res Judicata Parallel Proceedings: Abuse of Process 144 Remedies 148 Conclusion 143 150 152 Suggestions for Further Reading 6 Applicable Laws Chapter Outline Introduction 1. 115 115 152 153 153 153 154 Lex causae 1.1 Sources of Laws 154 1.2 Interplay of Laws 158 1.2.1 Configuration 1 - Matching Each Head of Claim to Its Governing Law 1.2.2 Configuration 2 - Renvoi to National Law 160 1.2.3 Configuration 3 - Composite National-International Law 161 1.3 Arbitral Mandate and Choice-of-Laws 164 2. Lex arbitri 3. Lex loci arbitri Conclusion Questions 165 169 171 171 Suggestions for Further Reading 172 159
viii ; Contents 7 Arbitrators 173 Chapter Outline 173 Introduction 173 1. Who Are the Arbitrators? 174 2. Appointment of Arbitrators 179 2.1 ICSID 180 2.2 UNCITRAL/Permanent Court of Arbitration 185 3. Challenge Brought against Arbitrators: Procedure 189 3.1 ICSID 189 3.2 Non-ICSID 197 4. Challenge Brought against Arbitrators: Substance 199 4.1 ICSID 199 4.2 Non-ICSID 205 5. Challenge Brought against Arbitrators: Issues 5.1 Arbitrators and Parties 208 5.2 Arbitrators and Déjà Vu 217 5.3 Arbitrators and Double-Hatting Conclusion 230 Questions 231 Suggestions for Further Reading 8 Evidence 208 223 232 233 Chapter Outline 233 Introduction 233 1. The Burden of Proof 234 1.1 Onus Probandi Actori Incumbit 234 1.2 The ‘Vanishing’ Burden 235 1.2.1 The RosInvestCo Arbitration 236 1.2.2 The Hulley, Yukos and Veteran Petroleum Arbitrations 1.3 The ‘Shifting’ Burden 240 2. The Standard of Proof 242 2.1 Balance of Probabilities 2.2 Circumstantial Evidence 2.3 No Evidence 246 243 243 Conclusion 248 Questions 249 Suggestions for Further Reading 9 Provisional Measures 1. 2. 3. 4. 238 249 250 Chapter Outline 250 Introduction 251 Interim Measures and Sovereign Respondents 252 Recourse to National Courts and the Power of ICSID Tribunals Other Types of Relief 258 The Test Applied by Tribunals 263 Conclusion 274 Questions 275 Suggestions for Further Reading 275 255
ix Contents 10 Protected Investments Chapter Outline Introduction 276 276 276 1. The Subjective Meaning of Protected Investments 2. The Objective Meaning of Protected Investments 277 284 2.1 The ICSID Tests 285 2.2 The Non-ICSID Test 288 3. The Dual Meaning of Protected Investments 290 3.1 Binding Objective Criteria 290 3.2 Illustrative Objective Criteria 293 Conclusion Questions 296 297 Suggestions for Further Reading 11 Protected Investors Chapter Outline Introduction 1. 298 299 299 299 Nationality-Based Eligibility for Protection 301 1.1 Form - Critical Date(s) of Nationality Possession 302 1.2 Substance - Circumstances of Nationality Acquisition 303 1.2.1 ‘Round-Tripping’ 303 1.2.2 Litigation-Oriented Nationality Acquisition 305 2. Individual Investors 306 2.1 Authentication of Nationality 307 2.2 Dual Nationality and Permanent Residents 3. Corporate Investors 3.1 Place of Incorporation 3.2 Foreign Control 320 4. 'Divisible' Investors Conclusion Questions 308 315 316 323 327 328 Suggestions for Further Reading 329 12 Fair and Equitable Treatment, and Full Protection and Security Chapter Outline Introduction 1. 330 Relationship with an International Minimum Standard of Treatment 1.1 The ‘Minimum Standard’ of Treatment 1.2 Fair and Equitable Treatment 332 1.3 Full Protection and Security 334 2. 330 330 331 331 The Heads of Claim under FET and FPS, Their Evolution and Interrelationship 335 2.1 Heads of Claim under FET 335 2.1.1 Arbitrary and Discriminatory Treatment 335 2.1.2 Violation of Due Process and Lack of Transparency 337 2.1.3 Is There a Requirement of ‘Bad Faith’
on the Part of the Host State? 338 2.1.4 Recent Developments in the Scope of the FET Rule: Protecting Investors’ Legitimate Expectations, and the Stability of the Business and Legal Environment Surrounding the Investment 340
x Contents 2.2 Full Protection and Security 350 2.3 Interrelationship of FET and FPS beyond Physical Security 353 3. 'Narrowing Down' FET: Some Recent Examples of Treaty Clauses 4. 'Qualified' and 'Unqualified' Treaty Clauses, and the Interaction of Treaty and Custom 357 4.1 NAFTA and the ‘North American’ Model of ‘Qualified’ Treaty Clauses 357 4.2 ‘Unqualified’ FET Treaty Clauses and Their Relationship with International Custom 360 Conclusion Questions 355 364 366 Suggestions for Further Reading 366 13 Contingent Standards: National Treatment and Most-Favoured-Nation Treatment 367 Chapter Outline 367 Introduction 1. Nine Lives of National Treatment 1.1 1.2 1.3 1.4 2. 367 369 National Treatment 369 Expropriation 370 Fair and Equitable Treatment Other Examples 372 371 Interpretation and Application of National Treatment 2.1 Like Circumstances 374 2.2 Distinctions in Treatment 2.3 Justification 381 373 379 3. Most-Favoured-Nation Treatment and Primary Obligations 4. Most-Favoured-Nation Treatment and International Dispute Settlement 4.1 4.2 4.3 4.4 4.5 Applicable, with Public Policy Exceptions 390 Inapplicable, Unless Explicitly Provided For 392 Applicable to Admissibility, but Not to Jurisdiction Applicable to Objectively Unfavourable Treatment Recent Developments 394 Conclusion Questions 396 397 Suggestions for Further Reading 14 Expropriation Chapter Outline Introduction 1. 398 399 399 399 The Object of Expropriation 400 1.1 Property Rights 401 1.2 Contractual Rights 402 1.2.1 Contract as Property 403 1.2.2 Sovereign Contractual Interference 1.3 Shareholder Rights 408 2.
The Existence of Expropriation 410 2.1 Direct Expropriation 411 2.2 Indirect Expropriation 412 3. The Legality of Expropriation 414 405 393 393 384 388
xi Contents 3.1 Public Purpose 414 3.2 Compensation 415 3.2.1 The Rule of Compensation for Expropriation 416 3.2.2 The First Exception to the Rule of Compensation for Expropriation: Investment Valued at Nil 418 3.2.3 The Second Exception to the Rule of Compensation for Expropriation: Regulatory Taking 418 3.3 Due Process 419 3.4 Circumstances Precluding Wrongfulness and Non-Precluded Measures 420 4. Judicial Expropriation Conclusion Questions 423 429 431 Suggestions for Further Reading 15 Umbrella Clauses Chapter Outline Introduction 432 The Umbrella Clause 2. The Awards 3. 432 432 1. 2.1 2.2 2.3 2.4 2.5 2.6 431 433 435 SGS V. Pakistan 435 SGS v. Philippines 439 A Matter of Treaty Construction? 440 The Spectre of ‘the Two SGS Arbitrations’ Lurks 446 Distinguishing Treaty Law from Contract Law 449 Forum Selection Clauses 452 Examples of Umbrella Clauses Conclusion Questions 457 Suggestions for Further Reading 16 Defences 457 458 Chapter Outline Introduction 453 456 458 458 1. Concepts of Defences 2. Defences in Obligations 3. Defences in Exceptions 460 464 467 3.1 Non-Precluded-Measures Clause 3.2 Modem Exceptions 473 4. 467 Defences in Circumstances Precluding Wrongfulness 4.1 4.2 4.3 4.4 Consent 478 Countermeasures 480 Necessity 483 Consequences 486 Conclusion Questions 487 488 Suggestions for Further Reading 488 477
xii Contents 17 Remedies 490 Chapter Outline 490 Introduction 490 1. The Principle of Full Reparation for Internationally Wrongful Acts 2. Compensation and Restitution 492 2.1 Compensation for Expropriation 493 2.2 Compensation for Violations of Other Treaty Standards 2.3 Moral and Punitive Damages 497 3. Methods of Valuation 495 498 3.1 Discounted Cash Flow (DCF) 499 3.2 Damnum Emergens Plus Lucrum Cessans (DELC) 4. 491 506 Interest 510 Conclusion 511 Questions 512 Suggestions for Further Reading 18 Costs and Legal Fees 512 513 Chapter Outline 513 Introduction 513 1. The Question of Costs in the Context of Investment Arbitration 2. Types of Costs 514 515 2.1 ‘Arbitration Costs’or‘Costs of the Proceedings’ 2.2 ‘Legal’or‘Party’Costs 517 3. Cost Allocation by the Tribunal 515 518 3.1 UNCITRAL and ICSID Rules 518 3.2 Tribunal Considerations 519 4. The ‘Loser-Pays' Principle, or 'Costs after the Event' 5. Security for Costs 529 Conclusion 533 Questions 535 Suggestions for Further Reading 535 522 19 Challenging and Enforcing Awards, and the Question of Foreign State Immunities 536 Chapter Outline 1. 2. 3. 4. 536 Introduction 536 ICSID and'Non-ICSID'Awards 537 'Non-ICSID' Arbitration 538 ICSID Arbitration 542 Foreign State Immunity, Act of State and Non-Justiciability 4.1 Foreign State Immunity 556 4.2 Pleas of Act of State and Non-Justiciability 5. Attachment of Assets: The'Final Refuge' Conclusion 573 Questions 574 Suggestions for Further Reading 574 572 563 556
xiii Contents 20 New Directions in International Investment Law and Arbitration Chapter Outline 1. 575 Introduction 575 The Backlash 577 1.1 The Backlash to NAFTA and in the United States, 2001-2004 1.2 The Global Backlash Begins in Earnest, 2007 to Date 581 1.3 The Treaty Terminations Begin 589 2. The New Treaty Clauses 577 594 2.1 Reform of Treaty Substantive Rules in Recent Treaties 594 2.1.1 Reform of the FET Rule 594 2.1.2 Reform of the Expropriation Rule 596 2.1.3 Other Innovations in Substantive Standards of Treaty Protection 2.1.4 Enter the United States-Mexico-Canada Agreement 598 2.2 Procedural Innovations 600 3. The European Proposal for a Multilateral Investment Court Conclusion Questions 615 615 Suggestions for Further Reading Index 617 616 604 598 575 |
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| author | Lim, C. L. 1947- Ho, Jean Paparinskis, Mārtiņš |
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| author_facet | Lim, C. L. 1947- Ho, Jean Paparinskis, Mārtiņš |
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| edition | Second edition |
| format | Book |
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| id | DE-604.BV047243583 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T17:05:17Z |
| indexdate | 2024-07-10T09:06:40Z |
| institution | BVB |
| isbn | 9781108823203 9781108842990 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032647798 |
| oclc_num | 1244452468 |
| open_access_boolean | |
| owner | DE-384 DE-29 |
| owner_facet | DE-384 DE-29 |
| physical | lix, 625 Seiten |
| publishDate | 2021 |
| publishDateSearch | 2021 |
| publishDateSort | 2021 |
| publisher | Cambridge University Press |
| record_format | marc |
| spelling | Lim, C. L. 1947- Verfasser (DE-588)129642290 aut International investment law and arbitration commentary, awards, and other materials Chin Leng Lim (The Chinese University of Hong Kong), Jean Ho (National University of Singapore), Martins Paparinskis (University College London) Second edition Cambridge, United Kingdom Cambridge University Press 2021 lix, 625 Seiten txt rdacontent n rdamedia nc rdacarrier Literaturangaben Auslandsinvestition swd Internationale Schiedsgerichtsbarkeit swd Rechtsprechung swd Streiterledigung idszbz Völkerrechtlicher Vertrag idszbz Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd rswk-swf Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 s DE-604 Ho, Jean Verfasser (DE-588)112161776X aut Paparinskis, Mārtiņš Verfasser (DE-588)1042855390 aut Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032647798&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lim, C. L. 1947- Ho, Jean Paparinskis, Mārtiņš International investment law and arbitration commentary, awards, and other materials Auslandsinvestition swd Internationale Schiedsgerichtsbarkeit swd Rechtsprechung swd Streiterledigung idszbz Völkerrechtlicher Vertrag idszbz Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd |
| subject_GND | (DE-588)4162055-0 |
| title | International investment law and arbitration commentary, awards, and other materials |
| title_auth | International investment law and arbitration commentary, awards, and other materials |
| title_exact_search | International investment law and arbitration commentary, awards, and other materials |
| title_exact_search_txtP | International investment law and arbitration commentary, awards, and other materials |
| title_full | International investment law and arbitration commentary, awards, and other materials Chin Leng Lim (The Chinese University of Hong Kong), Jean Ho (National University of Singapore), Martins Paparinskis (University College London) |
| title_fullStr | International investment law and arbitration commentary, awards, and other materials Chin Leng Lim (The Chinese University of Hong Kong), Jean Ho (National University of Singapore), Martins Paparinskis (University College London) |
| title_full_unstemmed | International investment law and arbitration commentary, awards, and other materials Chin Leng Lim (The Chinese University of Hong Kong), Jean Ho (National University of Singapore), Martins Paparinskis (University College London) |
| title_short | International investment law and arbitration |
| title_sort | international investment law and arbitration commentary awards and other materials |
| title_sub | commentary, awards, and other materials |
| topic | Auslandsinvestition swd Internationale Schiedsgerichtsbarkeit swd Rechtsprechung swd Streiterledigung idszbz Völkerrechtlicher Vertrag idszbz Internationale Schiedsgerichtsbarkeit (DE-588)4162055-0 gnd |
| topic_facet | Auslandsinvestition Internationale Schiedsgerichtsbarkeit Rechtsprechung Streiterledigung Völkerrechtlicher Vertrag |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032647798&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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