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Contents
- Preliminary Material
- Series Editor’s Preface to the Second Edition
- Series Editor’s Preface to the First Edition
- Preface to the Second Edition
- Contents—Summary
- Contents—Detailed
- Table of Cases
- Table of Treaties
- Multilateral Treaties and Other International Instruments
- Bilateral Treaties
- Albania
- Argentina
- Armenia
- Australia
- Austria
- Azerbaijan
- Bahrain
- Belgium
- Bolivia
- Bosnia and Herzegovina
- Bulgaria
- Burundi
- Cameroon
- Canada
- Chile
- China
- Colombia
- Croatia
- Cyprus
- Czech and Slovak Republic
- Czech Republic
- Democratic Republic of Congo (Kinshasa) formerly Zaire
- Ecuador
- Egypt
- Estonia
- Ethiopia
- European Union
- France
- Georgia
- Germany
- Greece
- Guatemala
- Hong Kong
- Hungary
- India
- Indonesia
- Iran
- Ireland
- Israel
- Italy
- Jamaica
- Jordan
- Kazakhstan
- Kenya
- Lebanon
- Lithuania
- Luxembourg
- Malaysia
- Mexico
- Moldova
- Mongolia
- Morocco
- Netherlands
- New Zealand
- Pakistan
- Paraguay
- Peru
- Philippines
- Poland
- Portugal
- Romania
- Russia
- Senegal
- Sierra Leone
- Singapore
- Slovakia
- Spain
- Sri Lanka
- Switzerland
- Tanzania
- Turkey
- Turkmenistan
- Ukraine
- United Arab Emirates
- United Kingdom
- United States
- Uruguay
- USSR
- Uzbekistan
- Venezuela
- Vietnam
- Zimbabwe
- List of Abbreviations
- List of Frequently Cited Texts
- Main Text
- Part I Overview
- 1 Introduction
- 2 The Basic Features of Investment Treaties
- 3 Dispute Resolution Provisions
- Preliminary Material
- A Introduction
- B Typical Dispute Settlement Provisions Contained in BITs
- Standard BITs
- UK model form
- France model form
- NAFTA
- CAFTA
- Energy Charter Treaty
- ASEAN Agreement
- ASEAN–Australia–New Zealand Agreement
- Trans-Pacific Partnership Agreement
- US model form
- Specific issues
- C Treaty Arbitration under the ICSID Convention
- D Transparency
- E The Nature of the Legal Rights at Issue in Investment Treaty Arbitrations
- F Interpreting BITs
- Part II Ambit of Protection
- 4 Parallel Proceedings
- Preliminary Material
- 1 Jurisdictional Conflicts in Investment Arbitration
- 2 Treatment of Jurisdictional Conflicts in Investment Treaties
- 3 Modern Application in Investment Arbitral Awards
- 4.85
- A Breach of Contract and Breach of Treaty
- B Election
- C Prior resort to local remedies
- D Internationalised Contract Claims under ‘Umbrella Clauses’
- 4.127
- 4.128
- ICSID jurisdiction over claims concerning contracts
- Effect of umbrella clauses upon jurisdiction and applicable law
- Approach 1—the restrictive view
- Approach 2—a puissance publique limitation
- Approach 3—transformation from contract to treaty
- Approach 4—jurisdiction without transformation
- Analysis
- Synthesis
- E Parallel Treaty Arbitrations
- 4 Conclusions
- 4.215
- Jurisdiction and applicable law.
- Breach of treaty and breach of contract.
- Consequences for overlapping claims.
- Drawing the line between treaty and contract.
- Prior pursuit of local remedies.
- Electa una via/Fork in the road.
- Waiver.
- Investment tribunal jurisdiction over contract claims.
- Priority of contractual choices of jurisdiction.
- Effect of umbrella clause.
- Parallel treaty arbitrations.
- Multi-party claims.
- 5 Nationality
- Preliminary Material
- A Introduction
- B The Role of Precedent
- C Burden of Proof
- D Investment Treaties
- E Awards on the Nationality of Individuals
- F Awards on the Nationality of Corporations
- G Restructuring and ‘Nationality of Convenience’
- H Denial of Benefits
- I Conclusion
- 6 Investment
- Preliminary Material
- A Introduction
- B Definition of ‘Investment’ under Treaties
- C Specific Issues
- 6.57
- Timing issues—when is an investment made?
- Pre-contract investment
- Place of investment
- The role played by the law of the host State in defining ‘investment’
- Indirect investment
- Introduction—claiming for losses suffered by a direct subsidiary
- Alternative approaches to justify indirect claims
- Minority shareholders’ rights
- Claims brought by holding companies
- Corporate restructuring to gain the advantage of investment treaties
- Claims brought by ultimate beneficiaries
- Portfolio investment
- Investment approval
- D Conclusions
- 4 Parallel Proceedings
- Part III Substantive Rights
- 7 Treatment of Investors
- Preliminary Material
- 1 Basis and Character of Treatment Obligations
- A The Rule of Law in International Investment Protection
- B Current Structure of Investor Treatment Provisions
- C Evolution of the Treatment Standards
- D The Process of Interpretation
- 2 Modern Application in Investment Arbitral Awards
- 7.99
- 7.100
- 7.101
- A Fair and Equitable Treatment
- 7.102
- The judicial function: denial of justice
- The legislative function: the scope of regulatory stability
- The executive function: review of administrative action
- Countervailing factors
- B Full Protection and Security
- C National Treatment
- D Most-Favoured-Nation Treatment
- 3 An Approach to the Determination of Contested Rights
- 8 Expropriation
- Preliminary Material
- A Introduction—The Classical Claim and its Modern Elasticity
- B Towards More Precise Definitions of Expropriation
- C Direct and Indirect Expropriation
- D The Case-by-Case Approach of Tribunals
- 8.94
- Criteria considered by international tribunals
- Governmental measures that may constitute expropriation
- E Conclusion
- 9 Compensation
- Preliminary Material
- A Introduction
- B International Law Standards of Compensation for Expropriation
- C Determining the Amount of Compensation
- D Compensation for Non-Expropriatory Breaches of International Law
- 9.95
- 9.96
- 9.97
- 9.98
- Breaches not amounting to a total loss or deprivation of an asset
- Valuing an arbitration claim or court proceedings
- Breaches amounting to a total loss or deprivation of an asset
- E Moral Damages
- F Mitigation
- G Non-Pecuniary Remedies
- H Interest
- I Costs
- 7 Treatment of Investors
- Part I Overview
- Further Material
- Appendices
- Appendix 1 North American Free Trade Agreement, Chapter 11: Investment
- Ch.11 Investment
- s.A Investment
- Art.1101 Scope and Coverage
- Art.1102 National Treatment
- Art.1103 Most-Favored-Nation Treatment
- Art.1104 Standard of Treatment
- Art.1105 Minimum Standard of Treatment
- Art.1106 Performance Requirements
- Art.1107 Senior Management and Boards of Directors
- Art.1108 Reservations and Exceptions
- Art.1109 Transfers
- Art.1110 Expropriation and Compensation
- Art.1111 Special Formalities and Information Requirements
- Art.1112 Relation to Other Chapters
- Art.1113 Denial of Benefits
- Art.1114 Environmental Measures
- s.B Settlement of Disputes between a Party and an Investor of Another Party
- Art.1115 Purpose
- Art.1116 Claim by an Investor of a Party on Its Own Behalf
- Art.1117 Claim by an Investor of a Party on Behalf of an Enterprise
- Art.1118 Settlement of a Claim through Consultation and Negotiation
- Art.1119 Notice of Intent to Submit a Claim to Arbitration
- Art.1120 Submission of a Claim to Arbitration
- Art.1121 Conditions Precedent to Submission of a Claim to Arbitration
- Art.1122 Consent to Arbitration
- Art.1123 Number of Arbitrators and Method of Appointment
- Art.1124 Constitution of a Tribunal When a Party Fails to Appoint an Arbitrator or the Disputing Parties Are Unable to Agree on a Presiding Arbitrator
- Art.1125 Agreement to Appointment of Arbitrators
- Art.1126 Consolidation
- Art.1127 Notice
- Art.1128 Participation by a Party
- Art.1129 Documents
- Art.1130 Place of Arbitration
- Art.1131 Governing Law
- Art.1132 Interpretation of Annexes
- Art.1133 Expert Reports
- Art.1134 Interim Measures of Protection
- Art.1135 Final Award
- Art.1136 Finality and Enforcement of an Award
- Art.1137 General
- Art.1138 Exclusions
- s.C Definitions
- s.A Investment
- Annex 1120.1 Submission of a Claim to Arbitration
- Annex 1137.2 Service of Documents on a Party Under Section B
- Annex 1137.4 Publication of an Award
- Annex 1138.2 Exclusions from Dispute Settlement
- Ch.11 Investment
- Appendix 2 Energy Charter Treaty, Part III: Investment Promotion and Protection
- Appendix 3 ASEAN Comprehensive Investment Agreement 2009
- Section A
- Art.1 Objective
- Art.2 Guiding Principles
- Art.3 Scope of Application
- Art.4 Definitions
- Art.5 National Treatment
- Art.6 Most-Favoured-Nation Treatment
- Art.7 Prohibition of Performance Requirements
- Art.8 Senior Management and Board of Directors
- Art.9 Reservations
- Art.10 Modification of Commitments
- Art.11 Treatment of Investment
- Art.12 Compensation in Cases of Strife
- Art.13 Transfers
- Art.14 Expropriation and Compensation
- Art.15 Subrogation
- Art.16 Measures to Safeguard the Balance-of-Payments
- Art.17 General Exceptions
- Art.18 Security Exceptions
- Art.19 Denial of Benefits
- Art.20 Special Formalities and Disclosure of Information
- Art.21 Transparency
- Art.22 Entry, Temporary Stay and Work of Investors and Key Personnel
- Art.23 Special and Differential Treatment for the Newer ASEAN Member States
- Art.24 Promotion of Investment
- Art.25 Facilitation of Investment
- Art.26 Enhancing ASEAN Integration
- Art.27 Disputes Between or Among Member States
- s.B Investment Dispute Between an Investor and a Member State
- Art.28 Definitions
- Art.29 Scope of Coverage
- Art.30 Conciliation
- Art.31 Consultations
- Art.32 Claim by an Investor of a Member State
- Art.33 Submission of a Claim
- Art.34 Conditions and Limitations on Submission of a Claim
- Art.35 Selection of Arbitrators
- Art.36 Conduct of the Arbitration
- Art.37 Consolidation
- Art.38 Expert Reports
- Art.39 Transparency of Arbitral Proceedings
- Art.40 Governing Law
- Art.41 Awards
- Section C
- Annex 1 Approval in Writing
- Annex 2 Expropriation and Compensation
- Section A
- Appendix 4 United Kingdom Model Bilateral Investment Treaty
- Art.1 Definitions
- Art.2 Promotion and Protection of Investment
- Art.3 National Treatment and Most-favoured-nation Provisions
- Art.4 Compensation for Losses
- Art.5 Expropriation
- Art.6 Repatriation of Investment and Returns
- Art.7 Exceptions
- Art.8 Reference to International Centre for Settlement of Investment Disputes
- Art.8 Settlement of Disputes between an Investor and a Host State
- Art.9 Disputes between the Contracting Parties
- Art.10 Subrogation
- Art.11 Application of other Rules
- Art.12 Scope of Application
- Art.13 Territorial Extension
- Art.14 Entry into Force
- Art.15 Duration and Termination
- Appendix 5 United States Model Bilateral Investment Treaty 1994
- Appendix 6 United States Revised Model Bilateral Investment Treaty 2012
- Section A
- Art.1: Definitions
- Art.2: Scope and Coverage
- Art.3: National Treatment
- Art.4: Most-Favored-Nation Treatment
- Art.5: Minimum Standard of Treatment
- Art.6: Expropriation and Compensation
- Art.7: Transfers
- Art.8: Performance Requirements
- Art.9: Senior Management and Boards of Directors
- Art.10: Publication of Laws and Decisions Respecting Investment
- Art.11: Transparency
- Art.12: Investment and Environment
- Art.13: Investment and Labor
- Art.14: Non-Conforming Measures
- Art.15: Special Formalities and Information Requirements
- Art.16: Non-Derogation
- Art.17: Denial of Benefits
- Art.18: Essential Security
- Art.19: Disclosure of Information
- Art.20: Financial Services
- Art.21: Taxation
- Art.22: Entry into Force, Duration, and Termination
- Section B
- Art.23: Consultation and Negotiation
- Art.24: Submission of a Claim to Arbitration
- Art.25: Consent of Each Party to Arbitration
- Art.26: Conditions and Limitations on Consent of Each Party
- Art.27: Selection of Arbitrators
- Art.28: Conduct of the Arbitration
- Art.29: Transparency of Arbitral Proceedings
- Art.30: Governing Law
- Art.31: Interpretation of Annexes
- Art.32: Expert Reports
- Art.33: Consolidation
- Art.34: Awards
- Art.35: Annexes and Footnotes
- Art.36: Service of Documents
- Section C
- Annex A Customary International Law
- Annex B Expropriation
- Annex C Service of Documents on a Party
- Section A
- Appendix 7 Germany Model Bilateral Investment Treaty
- Art.1 Definitions
- Art.2 Admission and protection of investments
- Art.3 National and most-favoured-nation treatment
- Art.4 Compensation in case of expropriation
- Art.5 Free transfer
- Art.6 Subrogation
- Art.7 Other provisions
- Art.8 Scope of application
- Art.9 Settlement of disputes between the Contracting States
- Art.10 Settlement of disputes between a Contracting State and an investor of the other Contracting State
- Art.11 Relations between the Contracting States
- Art.12 Registration clause
- Art.13 Entry into force, duration and notice of termination
- Appendix 8 Netherlands Model Bilateral Investment Treaty
- Appendix 9 Sri Lanka Model Bilateral Investment Treaty
- Art.1 Definitions
- Art.2 Promotion and Protection of Investments
- Art.3 Most-Favoured-Nation Provision
- Art.4 Exceptions
- Art.5 Compensation for Losses
- Art.6 Expropriation
- Art.7 Repatriation of Investment
- Art.8 Settlement of Investment Disputes Between a Contracting Party and an Investor of the Other Contracting Party
- Art.9 Disputes Between the Contracting Parties
- Art.10 Subrogation
- Art.11 Entry into Force
- Art.12 Applicability of the Agreement
- Art.13 Duration and Termination
- Appendix 10 France Model Bilateral Investment Treaty
- Art.1 Définitions
- Art.2 Champ de l’accord
- Art.3 Encouragement et admission des investissements
- Art.4 Traitement juste et équitable
- Art.5 Traitement national et traitement de la Nation la plus favorisée
- Art.6 Dépossession et indemnisation
- Art.7 Libre transfert
- Art.8 Règlement des différends entre un investisseur et une Partie contractante
- Art.9 Garantie et subrogation
- Art.10 Engagement spécifique
- Art.11 Règlement des différends entre Parties contractantes
- Art.12 Entrée en vigueur et durée
- Appendix 11 Trans-Pacific Partnership Agreement 2016, Chapter 9: Investment
- Ch.9 – Investment
- Section A
- Art.9.1: Definitions
- Art.9.2: Scope
- Art.9.3: Relation to Other Chapters
- Art.9.4: National Treatment
- Art.9.5: Most-Favoured-Nation Treatment
- Art.9.6: Minimum Standard of Treatment
- Art.9.7: Treatment in Case of Armed Conflict or Civil Strife
- Art.9.8: Expropriation and Compensation
- Art.9.9: Transfers
- Art.9.10: Performance Requirements
- Art.9.11: Senior Management and Boards of Directors
- Art.9.12: Non-Conforming Measures
- Art.9.13: Subrogation
- Art.9.14: Special Formalities and Information Requirements
- Art.9.15: Denial of Benefits
- Art.9.16: Investment and Environmental, Health and other Regulatory Objectives
- Art.9.17: Corporate Social Responsibility
- s.B: Investor-State Dispute Settlement
- Art.9.18: Consultation and Negotiation
- Art.9.19: Submission of a Claim to Arbitration
- Art.9.20: Consent of Each Party to Arbitration
- Art.9.21: Conditions and Limitations on Consent of Each Party
- Art.9.22: Selection of Arbitrators
- Art.9.23: Conduct of the Arbitration
- Art.9.24: Transparency of Arbitral Proceedings
- Art.9.25: Governing Law
- Art.9.26: Interpretation of Annexes
- Art.9.27: Expert Reports
- Art.9.28: Consolidation
- Art.9.29: Awards
- Art.9.30: Service of Documents
- Section A
- Annex 9-A Customary International Law
- Annex 9-B Expropriation
- Annex 9-C Expropriation Relating to Land
- Annex 9-D Service of Documents on a Party Under Section B (Investor-State Dispute Settlement)
- Annex 9-E Transfers
- Annex 9-F DL 600
- Annex 9-G Public Debt
- Annex 9-H
- Annex 9-I Non-Conforming Measures Ratchet Mechanism
- Annex 9-J Submission of A Claim to Arbitration
- Annex 9-K Submission of Certain Claims for Three Years After Entry into Force
- Annex 9-L Investment Agreements
- Ch.9 – Investment
- Appendix 12 ICSID Convention, Chapter II: Jurisdiction of the Centre
- Appendix 13 World Bank Guidelines on the Treatment of Foreign Direct Investment
- Appendix 1 North American Free Trade Agreement, Chapter 11: Investment
- Select Bibliography
- Index
- Appendices
