All international investment transactions are shaped by contracts. A contract under virtually all systems of law is an agreement between two or more persons that creates legally enforceable obligations.1 An “investment contract,” for the purposes of this volume, is any contract that governs or relates to an international investment.2 In some cases, for example a portfolio investment in shares of a publicly traded company, the related contract may be relatively simple; however, other investment transactions, such as the construction and operation of a...
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