By Taida Begic
This booklet supplies a entire assessment of all suitable elements of the problem of appropriate major legislation 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 a huge factor in funding disputes because it determines the foundations of legislation that are supposed to be utilized to the benefits of the dispute. This examine demonstrates the necessity for a dialogue at the acceptable legislation earlier than interpreting the benefits of the case, because it seems to be non-existent in such a lot arbitral awards. the writer supplies an in depth survey of number of legislation clauses as present in direct agreements among events and in multilateral or bilateral funding treaties. additionally, the writer analyzes the subsequent concerns: stabilization clauses in funding agreements, the appliance of the residual rule (if events did not agree at the appropriate law), the specified place of the Iran-US Claims Tribunal and numerous annulment judgements.
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Additional info for Applicable Law in International Investment Disputes
332; Parra, A. g. Art. 1131 of the NAFTA; Art. 8 of the 1991 France/Argentine BIT. 52 See Parra, A. , Provisions on the Settlement of Investment Disputes in Modern Investment Laws, Bilateral Treaties and Multilateral Instruments on Investment, 12 ICSID Review – FILJ 287 (1997) at p. 347. 53 34 ILM 360 (1995) at p. 400. 54 32 ILM 605 (1993) at p. 645. asp. 56 This is a typical example for a combined clause on applicable law that refers to the provisions of the Protocol itself, to the host State’s law, to the special investment agreement (if any) concluded between the parties and to the principles of international law.
Dupuy, the sole arbitrator in TOPCO v. 6 He said: 25. The answer to this first question is beyond any doubt: all legal systems, whatever they are, apply the principle of the autonomy of the will of the parties to international contracts. As regards the merits, all legal systems confirm this principle which appears therefore as universally accepted, even though it may not always have the same meaning or the same scope . , The Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 136 Recueil des Cours 331 (1972-II) at p.
Para. 102. Para. 103. Para. 104. AGREED CHOICE OF LAW 35 problem in light of these two situations. 92 The Tribunal did not accept that argument since it could not find any contradiction between the legislative act and the Ministerial Order. It referred to the respective legislative act (Legislative Decree of 31 August 1992) finding that it did not specifically indicate which activities were eligible for granting the Free Trade Zone but it empowered the Minister of Trade and Industry to define such activities.
Applicable Law in International Investment Disputes by Taida Begic