By Taida Begic
This e-book offers a accomplished assessment of all proper points of the difficulty of appropriate substantial legislations within the context of investor/State arbitration. it's a comparative survey of either the foreign heart for cost of funding Disputes (ICSID) and non-ICSID arbitral perform. The acceptable major legislation represents an enormous factor in funding disputes because it determines the foundations of legislations that are supposed to be utilized to the advantages of the dispute. This research demonstrates the necessity for a dialogue at the acceptable legislation earlier than studying the benefits of the case, because it seems to be non-existent in so much arbitral awards. the writer provides an intensive survey of selection of legislations clauses as present in direct agreements among events and in multilateral or bilateral funding treaties. additionally, the writer analyzes the next matters: stabilization clauses in funding agreements, the applying of the residual rule (if events didn't agree at the appropriate law), the specific place of the Iran-US Claims Tribunal and numerous annulment judgements.
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Extra resources for Applicable Law in International Investment Disputes
26 Texaco Overseas Petroleum Company/California Asiatic Oil Company v. Libya, Award, 19 January 1977, 17 ILM 1 (1978) at p. 11; The same choice of law clause was found in two other oil concession agreements, see British Petroleum (BP) v. Libya, 10 October 1973, 53 ILR 297 (1979); LIAMCO v. Libya, Award, 12 April 1977, 20 ILM 1 (1981). 27 Kaiser Bauxite v. Jamaica, Decision on Jurisdiction, 6 July 1975, 1 ICSID Reports 301. AGREED CHOICE OF LAW 21 AGIP v. Congo (application of the host state’s law tested against international law) In AGIP v.
The Tribunal pointed out that this clause had the force of law for the Tribunal by virtue of the first sentence of Art. 31 Accordingly, the applicable law was the law of Congo, supplemented by international law principles. After determining the applicable law, the Tribunal turned to analyzing the content of the Congolese law. It noted that: 45. Congolese law, as it relates to civil and commercial matters, applies French law as it was in force at the time of the accession of the country to independence (1960).
Such an explicit choice of law, made in the direct agreement between the host State and the investor, binds the tribunal and represents an essential element of its “terms of reference”. An example for a direct agreement on choice of law can be found in the 1993 ICSID Model Clauses: Clause 10 Any Arbitral Tribunal constituted pursuant to this agreement shall apply specification of system of law [as in force on the date on which this agreement is signed]/[subject to the following modifications: .