Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0004
Dolzer Rudolf
This chapter differentiates between direct and indirect investments. In practice, two conceptual approaches have been developed to give legal meaning to the term ‘investment’. The first approach is to offer specific elaborate definitions in bilateral and multilateral treaties, usually at the beginning of the operative part. The second approach, adopted for example in the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), does not provide for a definition of ‘investment’ but leaves the interpretation and application of this term to the practice of States and tribunals. Cases involving ICSID arbitration typically require two separate examinations of the existence of an ‘investment’: one under the instrument providing for consent to arbitration (BIT, national law, contract), the other under Article 25 of the ICSID Convention. This is often referred to as the double keyhole approach or double-barrelled test. The chapter then outlines the types of investments, including tangible assets, contract rights, shareholding, financial instruments, intellectual property rights, and arbitral awards. It also considers the concept of the unity of the investment. Only foreign investments are protected by international investment law. In some cases, investment tribunals denied protection because the investment or the claimant's conduct in making it was illegal either under domestic law or under international legal rules or principles.
{"title":"IV Investment","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0004","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0004","url":null,"abstract":"This chapter differentiates between direct and indirect investments. In practice, two conceptual approaches have been developed to give legal meaning to the term ‘investment’. The first approach is to offer specific elaborate definitions in bilateral and multilateral treaties, usually at the beginning of the operative part. The second approach, adopted for example in the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), does not provide for a definition of ‘investment’ but leaves the interpretation and application of this term to the practice of States and tribunals. Cases involving ICSID arbitration typically require two separate examinations of the existence of an ‘investment’: one under the instrument providing for consent to arbitration (BIT, national law, contract), the other under Article 25 of the ICSID Convention. This is often referred to as the double keyhole approach or double-barrelled test. The chapter then outlines the types of investments, including tangible assets, contract rights, shareholding, financial instruments, intellectual property rights, and arbitral awards. It also considers the concept of the unity of the investment. Only foreign investments are protected by international investment law. In some cases, investment tribunals denied protection because the investment or the claimant's conduct in making it was illegal either under domestic law or under international legal rules or principles.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125540382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0007
Dolzer Rudolf
This chapter addresses the rules of international law governing the expropriation of alien property. Consistent with the notion of territorial sovereignty, the classical rules of international law have accepted the host State’s right to expropriate alien property. Customary international law placed certain limitations on the host State’s right to take alien property, but even modern investment treaties respect the right to expropriate in principle. Treaty law typically addresses only the conditions and consequences of an expropriation, leaving the right to expropriate as such unaffected. The legality of an expropriation depends on whether these conditions have been met. Practice shows that claims for expropriations relate to a variety of assets, tangible and intangible, and even to arbitral awards. Among intangible assets, the expropriation of contract rights has played an important role in practice. The chapter then looks at how indirect expropriations have gained in importance. An indirect expropriation leaves the title untouched but deprives the investor of the possibility to utilize the investment in a meaningful way. A typical feature of an indirect expropriation is that the State will deny the existence of an expropriation and will not contemplate the payment of compensation.
{"title":"VII Expropriation","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0007","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0007","url":null,"abstract":"This chapter addresses the rules of international law governing the expropriation of alien property. Consistent with the notion of territorial sovereignty, the classical rules of international law have accepted the host State’s right to expropriate alien property. Customary international law placed certain limitations on the host State’s right to take alien property, but even modern investment treaties respect the right to expropriate in principle. Treaty law typically addresses only the conditions and consequences of an expropriation, leaving the right to expropriate as such unaffected. The legality of an expropriation depends on whether these conditions have been met. Practice shows that claims for expropriations relate to a variety of assets, tangible and intangible, and even to arbitral awards. Among intangible assets, the expropriation of contract rights has played an important role in practice. The chapter then looks at how indirect expropriations have gained in importance. An indirect expropriation leaves the title untouched but deprives the investor of the possibility to utilize the investment in a meaningful way. A typical feature of an indirect expropriation is that the State will deny the existence of an expropriation and will not contemplate the payment of compensation.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128330204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0001
Dolzer Rudolf
This chapter discusses the history, sources, and nature of international investment law. Foreign investment law consists of general international law, of standards more specific to international economic law, and of distinct rules peculiar to the protection of investment. In addition, the law of the host State plays an important role. Depending upon the circumstances of an individual case, the interplay between relevant domestic rules of the host State and applicable rules of international law may become central to the analysis of a case. The chapter then surveys the most important sources of international investment law, including the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention); bilateral investment treaties (BITs); sectoral and regional treaties; customary international law; general principles of law; unilateral statements; and case law. It also highlights certain aspects that are relevant for the nature of current international investment law, including trade law; the balancing of duties and benefits in investment treaties; and good governance.
{"title":"I History, Sources, and Nature of International Investment Law","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0001","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0001","url":null,"abstract":"This chapter discusses the history, sources, and nature of international investment law. Foreign investment law consists of general international law, of standards more specific to international economic law, and of distinct rules peculiar to the protection of investment. In addition, the law of the host State plays an important role. Depending upon the circumstances of an individual case, the interplay between relevant domestic rules of the host State and applicable rules of international law may become central to the analysis of a case. The chapter then surveys the most important sources of international investment law, including the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention); bilateral investment treaties (BITs); sectoral and regional treaties; customary international law; general principles of law; unilateral statements; and case law. It also highlights certain aspects that are relevant for the nature of current international investment law, including trade law; the balancing of duties and benefits in investment treaties; and good governance.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122868944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0002
Dolzer Rudolf
This chapter examines the interpretation and intertemporal application of investment treaties. In international investment law, the interpretation of treaties takes place by tribunals whose composition varies from case to case. This makes it more difficult to develop a consistent case law than in a permanent judicial institution. Most tribunals, when interpreting treaties, start by invoking Article 31 of the Vienna Convention on the Law of Treaties (VCLT). Tribunals have recognized the validity of the rules on treaty interpretation in the VCLT as part of customary international law. This means that these rules are of general application also in respect of treaties concluded before the VCLT’s entry into force in 1980 and independently of whether all parties to a treaty have ratified the VCLT. At times, tribunals also refer to the supplementary means of interpretation contained in Article 32 of the VCLT. Meanwhile, some treaties provide for a consultation mechanism concerning their interpretation or application.
{"title":"II Interpretation and Intertemporal Application of Investment Treaties","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0002","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0002","url":null,"abstract":"This chapter examines the interpretation and intertemporal application of investment treaties. In international investment law, the interpretation of treaties takes place by tribunals whose composition varies from case to case. This makes it more difficult to develop a consistent case law than in a permanent judicial institution. Most tribunals, when interpreting treaties, start by invoking Article 31 of the Vienna Convention on the Law of Treaties (VCLT). Tribunals have recognized the validity of the rules on treaty interpretation in the VCLT as part of customary international law. This means that these rules are of general application also in respect of treaties concluded before the VCLT’s entry into force in 1980 and independently of whether all parties to a treaty have ratified the VCLT. At times, tribunals also refer to the supplementary means of interpretation contained in Article 32 of the VCLT. Meanwhile, some treaties provide for a consultation mechanism concerning their interpretation or application.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125995640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0011
Dolzer Rudolf
This chapter illustrates the evolution of a market for investment insurance. The first phase of insurance programmes commenced in the 1950s and was entirely dominated by insurers run by national governments, which sought to promote the outgoing investments of their nationals. Indeed, the purpose of national insurance programmes is tied to the promotion of the national economy. Covered risks are usually expropriation, non-convertibility of currency, and political violence. It is the general practice of government insurers to conclude agreements with host countries that provide for subrogation. Meanwhile, private companies entered the investment insurance market on the assumption of higher efficiency and an acceptable margin of profit. The chapter then looks at the risks covered by political risk insurance, which are similar but not identical with those addressed in bilateral investment treaties (BITs). It also considers how disputes have arisen between insured investors and the insurer when the two sides have disagreed on the interpretation or application of the insurance contract.
{"title":"XI Political Risk Insurance","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0011","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0011","url":null,"abstract":"This chapter illustrates the evolution of a market for investment insurance. The first phase of insurance programmes commenced in the 1950s and was entirely dominated by insurers run by national governments, which sought to promote the outgoing investments of their nationals. Indeed, the purpose of national insurance programmes is tied to the promotion of the national economy. Covered risks are usually expropriation, non-convertibility of currency, and political violence. It is the general practice of government insurers to conclude agreements with host countries that provide for subrogation. Meanwhile, private companies entered the investment insurance market on the assumption of higher efficiency and an acceptable margin of profit. The chapter then looks at the risks covered by political risk insurance, which are similar but not identical with those addressed in bilateral investment treaties (BITs). It also considers how disputes have arisen between insured investors and the insurer when the two sides have disagreed on the interpretation or application of the insurance contract.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129833495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0006
Dolzer Rudolf
This chapter assesses the admission and establishment of foreign investors. Admission concerns the right of entry of the investment in principle, whereas establishment pertains to the conditions under which the investor is allowed to carry out its business during the period of the investment. From the perspective of general international law, States are in no way compelled to admit foreign investments. The economic dimension of territorial sovereignty leaves it to each government to decide whether to close the national economy to foreign investors or to open it up, fully or with respect to certain sectors. This includes the right to determine the modalities for the admission and establishment of foreign investors. Views differ on whether it is useful to conclude treaties providing for guarantees towards liberalization or whether the flexibility inherent in domestic legislation subject to continuous review provides more benefits for the host State's national economy. The policy decision of the host State whether to grant a right of admission is fundamental for all parties to investment treaties. The chapter also looks at the provisions on investment promotion and performance requirements.
{"title":"VI Admission and Establishment","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0006","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0006","url":null,"abstract":"This chapter assesses the admission and establishment of foreign investors. Admission concerns the right of entry of the investment in principle, whereas establishment pertains to the conditions under which the investor is allowed to carry out its business during the period of the investment. From the perspective of general international law, States are in no way compelled to admit foreign investments. The economic dimension of territorial sovereignty leaves it to each government to decide whether to close the national economy to foreign investors or to open it up, fully or with respect to certain sectors. This includes the right to determine the modalities for the admission and establishment of foreign investors. Views differ on whether it is useful to conclude treaties providing for guarantees towards liberalization or whether the flexibility inherent in domestic legislation subject to continuous review provides more benefits for the host State's national economy. The policy decision of the host State whether to grant a right of admission is fundamental for all parties to investment treaties. The chapter also looks at the provisions on investment promotion and performance requirements.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122822032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0003
Dolzer Rudolf
This chapter investigates how international investment law is designed to promote and protect the activities of private foreign investors. Investors are either individuals (natural persons) or companies (juridical persons). The investor’s nationality determines the foreignness of the investment and from which treaties it may benefit. Corporate nationality is considerably more complex than that of individuals. The most commonly used criteria for corporate nationality are incorporation or the main seat of the business. The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) contains a specific provision to address the phenomenon of foreign investments made through corporations that are registered in the host State. The chapter then looks at the practice of nationality planning. States have devised methods to counteract strategies of investors that seek the protection of particular treaties by acquiring favourable nationalities. One such method is to require a bond of economic substance between the corporation and the State. Another method is the insertion of a so-called denial of benefits clause into the treaty that provides consent to jurisdiction.
{"title":"III Investor","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0003","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0003","url":null,"abstract":"This chapter investigates how international investment law is designed to promote and protect the activities of private foreign investors. Investors are either individuals (natural persons) or companies (juridical persons). The investor’s nationality determines the foreignness of the investment and from which treaties it may benefit. Corporate nationality is considerably more complex than that of individuals. The most commonly used criteria for corporate nationality are incorporation or the main seat of the business. The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) contains a specific provision to address the phenomenon of foreign investments made through corporations that are registered in the host State. The chapter then looks at the practice of nationality planning. States have devised methods to counteract strategies of investors that seek the protection of particular treaties by acquiring favourable nationalities. One such method is to require a bond of economic substance between the corporation and the State. Another method is the insertion of a so-called denial of benefits clause into the treaty that provides consent to jurisdiction.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125786591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0009
Dolzer Rudolf
This chapter explores the legal rules applicable to extraordinary events and periods of economic and social disorder. The relevant international rules are contained in customary international law codified by the International Law Commission (ILC). Situations beyond the host State’s control are addressed in the ILC's Articles on Responsibility of States for Internationally Wrongful Acts (ARSIWA) under the headings ‘force majeure’ (Article 23), ‘distress’ (Article 24), and ‘necessity’ (Article 25). In addition, treaties for the protection of foreign investments contain relevant provisions. The Vienna Convention on the Law of Treaties (VCLT) offers the doctrines of supervening impossibility of performance (Article 61) and of fundamental change of circumstances (Article 62) to deal with extraordinary developments such as emergencies and armed conflict. To the extent that the ILC Draft Articles represent the law governing the effects of armed conflict on treaties, they tend to support the principle of the continued applicability of investment treaties.
{"title":"IX Emergency Situations and Armed Conflicts","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0009","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0009","url":null,"abstract":"This chapter explores the legal rules applicable to extraordinary events and periods of economic and social disorder. The relevant international rules are contained in customary international law codified by the International Law Commission (ILC). Situations beyond the host State’s control are addressed in the ILC's Articles on Responsibility of States for Internationally Wrongful Acts (ARSIWA) under the headings ‘force majeure’ (Article 23), ‘distress’ (Article 24), and ‘necessity’ (Article 25). In addition, treaties for the protection of foreign investments contain relevant provisions. The Vienna Convention on the Law of Treaties (VCLT) offers the doctrines of supervening impossibility of performance (Article 61) and of fundamental change of circumstances (Article 62) to deal with extraordinary developments such as emergencies and armed conflict. To the extent that the ILC Draft Articles represent the law governing the effects of armed conflict on treaties, they tend to support the principle of the continued applicability of investment treaties.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125983407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0005
Dolzer Rudolf
This chapter focuses on investment contracts. Since large-scale investments involve interests of the investor as well as public interests of the host State, general legislation of the host country may not sufficiently address the nature of the project and the kind of interests concerned. The legal setting of an investment may need to be adjusted to its specifics and complexities by way of an investment contract. The investment contract will reflect the bargaining power of both sides under the circumstances of the individual project. Depending upon the bargaining power and the negotiating skill of the parties, a number of possible choices have emerged for the law applicable to the contract and the agreement on dispute resolution. These range from a choice of the law of the host State to an exclusive choice of international law. The matter will also be determined by the position of international law in the domestic order of the host State. The chapter then looks at stabilization and renegotiation clauses and considers the relationship of investment contracts with investment treaties.
{"title":"V Investment Contracts","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0005","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0005","url":null,"abstract":"This chapter focuses on investment contracts. Since large-scale investments involve interests of the investor as well as public interests of the host State, general legislation of the host country may not sufficiently address the nature of the project and the kind of interests concerned. The legal setting of an investment may need to be adjusted to its specifics and complexities by way of an investment contract. The investment contract will reflect the bargaining power of both sides under the circumstances of the individual project. Depending upon the bargaining power and the negotiating skill of the parties, a number of possible choices have emerged for the law applicable to the contract and the agreement on dispute resolution. These range from a choice of the law of the host State to an exclusive choice of international law. The matter will also be determined by the position of international law in the domestic order of the host State. The chapter then looks at stabilization and renegotiation clauses and considers the relationship of investment contracts with investment treaties.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132882183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-06DOI: 10.1093/law/9780192857804.003.0012
Dolzer Rudolf
This chapter focuses on the settlement of investment disputes. Under traditional international law, investors did not have direct access to international remedies to pursue claims against foreign States for violations of their rights. Instead, they depended on diplomatic protection by their home States. However, the gaps left by the traditional methods of dispute settlement (diplomatic protection and action in domestic courts) has led to the idea of offering investors direct access to effective international procedures, especially arbitration. Arbitration between a host State and a foreign investor may take place in the framework of a variety of institutions or rules. If arbitration is not supported by a particular arbitration institution, it is referred to as ad hoc arbitration. Ad hoc arbitration requires an arbitration agreement that regulates a number of issues. These include selection of arbitrators, applicable law and a large number of procedural questions. A number of institutions, like the United Nations Commission on International Trade Law (UNCITRAL), have developed standard rules that may be incorporated into the parties' agreement. The chapter then looks at the creation of the International Centre for Settlement of Investment Disputes (ICSID). It also details the procedures for investment arbitration.
{"title":"XII Settling Investment Disputes","authors":"Dolzer Rudolf","doi":"10.1093/law/9780192857804.003.0012","DOIUrl":"https://doi.org/10.1093/law/9780192857804.003.0012","url":null,"abstract":"This chapter focuses on the settlement of investment disputes. Under traditional international law, investors did not have direct access to international remedies to pursue claims against foreign States for violations of their rights. Instead, they depended on diplomatic protection by their home States. However, the gaps left by the traditional methods of dispute settlement (diplomatic protection and action in domestic courts) has led to the idea of offering investors direct access to effective international procedures, especially arbitration. Arbitration between a host State and a foreign investor may take place in the framework of a variety of institutions or rules. If arbitration is not supported by a particular arbitration institution, it is referred to as ad hoc arbitration. Ad hoc arbitration requires an arbitration agreement that regulates a number of issues. These include selection of arbitrators, applicable law and a large number of procedural questions. A number of institutions, like the United Nations Commission on International Trade Law (UNCITRAL), have developed standard rules that may be incorporated into the parties' agreement. The chapter then looks at the creation of the International Centre for Settlement of Investment Disputes (ICSID). It also details the procedures for investment arbitration.","PeriodicalId":213704,"journal":{"name":"Principles of International Investment Law","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130865677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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