Incorporation, law of place of
ASEAN Agreement 5.42
BITs 5.31–5.33, 5.35–5.36, 5.88
effective control test 5.02, 5.18
ICSID arbitration 5.44
tenuous link 5.12
veil, piercing the corporate 5.55
Indirect claims
beneficiaries, claims by ultimate 6.92–6.96
compensation 9.87–9.88
control 6.93–6.95
definition of investment 6.71–6.98
holding companies, claims by 6.87–6.91
incidental claims 4.03, 4.71
justification for 6.79–6.81
minority shareholders' rights 6.82–6.86
NAFTA 2.41
portfolio investments 6.97–6.98
subsidiary, claims for losses suffered by a direct 6.71–6.79
veil of incorporation, piercing the 6.72
injunctions3.14, 4.88, 9.114, 9.116–9.117
interest9.122–9.133
calculation 9.122
compensation 9.122–9.133
compound 9.123–9.132, 9.149
expropriation 9.127–9.128, 9.131–9.132
ILC Draft Articles on State Responsibility 9.122, 9.133
rate of interest 9.122–9.133, 9.149
simple 9.123, 9.130
temporal aspects 9.133
interim measures3.14
International commercial arbitration
arbitration clauses 4.11
jurisdiction, conflicts of 4.11–4.12
lex arbitri4.12
lis pendens4.12
New York Convention 1958 4.11
parallel proceedings 4.11–4.12
res judicata4.12
stay 4.11
international economic law7.40
International Institute for Sustainable Development (IISD) Model International Agreement on Investment1.58
International Law CommissionseeILC Draft Articles on State Responsibility
Internet1.49
interpretationseetreaty interpretation
Investors
definition 2.54
dispute resolution, rights of investors and 1.61
home state, balance between rights of investors and 1.57–1.62
multiple investor claims 4.28
nationality 5.49
Iran–us Claims Tribunal
diplomatic protection 5.10
discounted cash flow (DCF) 9.37–9.41
expropriation 8.60, 8.72–8.73, 8.116
nationality 5.10–5.11, 5.14, 5.26
natural persons 5.11
jurisdictionsee alsoconflicts of jurisdiction, consent to jurisdiction
applicable law 4.148
cooling off period 3.16–3.20
Energy Charter Treaty 2.55
ex aequo et bono jurisdiction 3.38
ICSID arbitration 1.05, 3.35–3.36
most–favoured nation treatment (MFN) 7.166, 7.168
nationality 1.22, 5.16–5.18, 5.54–5.58
parallel proceedings 4.52–4.56, 4.155
ratione materiae/subject matter/legal nature of dispute/justiciability 1.23
ratione personae/parties to the dispute 1.23
ratione temporis/time limitations 1.23
jurisdiction clausesseeforum selection clauses
Kuala Lumpur Regional Centre for Arbitration3.10
labour standards1.59
legal rights at issue, nature of3.51–3.65
legitimate expectations
discounted cash flow (DCF) 9.57–9.62
expropriation 8.104–8.106, 8.113, 8.127
fair and equitable treatment 7.99, 7.185
foreign law as he finds it, investor must take 7.105–7.107
good faith 7.101, 7.111, 8.105
limitations 7.105–7.114
regulatory flexibility, scope for 7.113–7.114
review of administrative action 7.99, 7.101–7.114
end p.466
specific representations, effect of 7.108–7.112
standards of treatment 7.17
lis pendens
Brussels Regulation 4.06–4.08
conflict of jurisdiction 4.37
declining jurisdiction 4.06, 4.08
discretion 4.158
first seised, court 4.06
identity of causes of action 4.07
inconsistent judgments 4.05, 4.08
international commercial arbitration 4.12
parallel proceedings 1.21, 4.05–4.08, 4.12–4.23, 4.37
parallel treaty arbitration 4.121–4.122, 4.125, 4.127–4.132, 4.158
public international law 4.18–4.21
res judicata4.05, 4.09–4.10, 4.37
stay 4.08, 4.130–4.131, 4.158
litispendence4.122, 4.136, 4.138
lost profits
compensation 9.03, 9.13, 9.22–9.23, 9.27, 9.31, 9.88, 9.95–9.98
discounted cash flow (DCF) 9.27, 9.32, 9.36–9.40, 9.45, 9.52–9.56, 9.67–9.69, 9.73
record of profitability, enterprises lacking 9.45, 9.53–9.54
MAI (Multilateral Agreement on Investment) (OECD)7.58, 8.22
merits reviews, limits of7.81–7.86
MexicoseeNAFTA (North American Free Trade Agreement)
MFNseemost–favoured nation treatment (MFN)
minority shareholders' rights6.82–6.86
most–favoured nation treatment (MFN)1.08, 1.25, 1.29, 7.161–7.169
agreements on 1.45
awards, modern application in 7.161–7.169
comparators 7.193
consent 7.168
contested rights, approach to determination of 7.191–7.194
contingent standards of treatment 1.25
customary international law 2.38, 7.191
dispute resolution clauses 7.163–7.169
Energy Charter Treaty 7.36
fair and equitable treatment 7.163, 7.188
forum selection clause 7.163
GATT 7.40
international economic law 7.40
jurisdiction 7.166, 7.168
model BITs 7.31
NAFTA 7.35
national treatment standard, priority and 7.35
pre–establishment and post–establishment protection, distinction between 7.33–7.36
third party treaties 7.163–7.167
treaty, express grants by 7.38–7.39
treaty interpretation 7.161–7.164
UK model BIT 7.31
Multilateral Agreement on Investment (MAI) (OECD)7.58, 8.22
multilateral investment treatiessee alsoASEAN Investment Agreement, Energy Charter Treaty, NAFTA (North American Free Trade Agreement)
basic features 2.02
key features 2.33–2.59
nationality 5.21
multiple investor claims4.28
NAFTA (North American Free Trade Agreement)
admissibility 7.88, 9.139
bilateral treaties, comparison with structure of 2.37, 2.39
claims, types of 2.41
common law 1.55
compensation 9.82–9.84
consolidation of claims 2.44, 3.08, 4.146
corporations, nationality of 5.40, 5.57
costs 9.137–9.139
customary international law 2.40, 8.81
damages 2.44
definition of investment 2.37, 6.32, 6.45–6.47
definitions 2.37–2.38, 6.32, 6.45–6.47
derivative rights 3.61
details of claims 2.35
diplomatic relations 2.38
discounted cash flow (DCF) 9.54
dispute resolution 2.35, 2.41–2.44, 3.07–3.08
enforcement of awards 2.43
enterprise, definition of 2.38
environmental standards 1.60
exhaustion of local remedies 7.88–7.98
expropriation 8.08–8.16, 8.28, 8.46, 8.50, 8.58, 8.60, 8.97–8.99
indirect expropriation 8.16, 8.18–8.19, 8.22, 8.75, 8.79–8.81
measures equivalent to expropriation 8.79–8.81
regulatory activity 8.113
tantamount to expropriation 8.19
fair and equitable treatment 1.41, 2.40, 7.07, 7.25–7.26, 7.78, 7.136, 9.82–9.84
full protection and security standard 2.40, 7.07
ICSID Additional Facility 2.43, 3.07
ICSID Arbitration2.43, 3.07
end p.467
indirect claims 2.41
key features 2.34–2.44
most–favoured nation treatment (MFN) 7.35
national treatment standard 7.35
nationality 5.38–5.40, 5.57, 5.65–5.71, 7.118
New York Convention 3.65
precedent 3.92
ratione personae1.37
restitution 2.44
standards of treatment 7.21
state to state disputes 2.31
substantive rights, list of 2.39
text App 1
third party participation 3.48
time limits 2.42
transparency 3.42, 7.120
travaux préparatoires7.72
umbrella clauses 4.49
UNCITRAL Arbitration Rules 2.43
veil, piercing the corporate 5.57
waiver 2.44, 3.08, 4.55, 4.86–4.92, 4.154
website 2.35
national lawseedomestic law
national treatment standard1.22–1.23, 1.25, 1.29, 7.04
awards, modern application in 7.152–7.161
comparators 7.152, 7.193
contested rights, approach to determination of 7.191–7.194
contingent standards of treatment 1.25
customary international law 2.38, 7.152, 7.191–7.194
de facto treatment 7.154
discrimination 7.116–7.118
establishment, right of 7.33
exhaustion of local remedies 7.89, 7.91, 7.95
fair and equitable treatment 7.188
GATT 7.40, 7.159
international economic law 7.40
model BITs 7.31
most–favoured nation treatment (MFN) 7.35
NAFTA 7.35, 7.154
nationality discrimination 7.155–7.156
no less favourable treatment 7.154
pre–establishment and post–establishment protection, distinction between 7.33–7.36
treaty, express grants by 7.38–7.39
UK model BIT 7.31, 7.34
nationality5.01–5.88see alsonationality of corporations
ASEAN Agreement 5.42
awards, treatment in 5.45–5.87
BITs, definition of nationality in 5.22–5.37, 5.88
capital, origin of 5.58–5.63
characterization of corporations
foreign, as 5.01
national, as 5.01
citizenship 5.03, 5.88
compensation 5.17
continuous nationality rule 5.04, 5.45, 5.57, 5.64–5.71
controlling interests test, nationality and 5.03, 5.36, 5.72–5.87
definition of control 5.49, 5.83–5.87
factual control 5.15, 5.72–5.77
foreign nationals 5.45, 5.50–5.53, 5.88
ICSID arbitration 5.72–5.80, 5.84, 5.86
interpretation 5.78–5.80
legal control 5.15, 5.72–5.82
ownership interests 5.15
reorganizations or restructurings 5.72–5.77
customary international law 5.14, 5.68–5.71, 5.88
definition in investment treaties 5.22–5.44
denial of justice 7.89, 7.91
diplomatic protection 5.05–5.16, 5.19–5.20, 5.71, 5.88
dominant and effective nationality 5.10, 5.26
dual nationality 5.03–5.04, 5.09, 5.11, 5.26–5.27, 5.88
economies in transition 5.30
effective control test 5.02, 5.18, 5.42
Energy Charter Treaty 5.41, 5.52
formal corporate personality 5.54–5.58
France model BIT 5.23
function of nationality 5.05–5.21
genuine connection test 5.08, 5.11
Germany model BIT 5.25, 5.34
host state nationality 5.04
ICSID arbitration 5.03, 5.21, 5.43–5.44, 5.47–5.63
capital, origins of 5.58–5.63, 5.88
continuous nationality 5.69
controlling interests test 5.72–5.80, 5.84, 5.86
veil, piercing the corporate 5.47–5.63, 5.68, 5.87
ILC Draft Articles on Diplomatic Protection 5.08, 5.11–5.16, 5.71, 5.88
incorporation, law of place of 5.02, 5.12, 5.18, 5.31–5.36, 5.42, 5.88
ASEAN Agreement 5.42
BITs 5.31–5.33, 5.34–5.36, 5.88
effective control test 5.02, 5.18
ICSID arbitration 5.44
tenuous link 5.12
veil, piercing the corporate 5.55
investment treatment criteria 5.16–5.21
end p.468
investors 5.49
Iran–US Claims Tribunal 5.10–5.11, 5.14, 5.26
jurisdiction 1.22, 5.16–5.18, 5.54–5.58
management or seat test 5.34
multilateral treaties 5.21
NAFTA 5.38–5.40, 5.65–5.71
natural persons 5.04–5.07, 5.88
BITs 5.22–5.30
citizenship 5.03, 5.88
dual nationality 5.03–5.04, 5.11, 5.88
Energy Charter Treaty 5.41
ICSID arbitration 5.43
investors 5.49
NAFTA 5.38
Netherlands model BIT 5.36
parallel treaty arbitration 4.118
permanent and close connection 5.12
ratione materiae1.23
ratione personae1.23, 5.01, 5.18
real and effective nationality 5.10
relevant time for determining nationality 5.18
reorganizations or restructurings 5.04, 5.72–5.77
residence 5.28
review of administrative action 7.116–7.118
shareholders 5.13–5.15, 5.88
socialist states 5.29–5.30
Sri Lanka model BIT 5.27, 5.35
tenuous connection 5.01, 5.12
UK model BIT 5.25, 5.32
US model BIT 5.24, 5.26, 5.33, 5.39, 5.82
veil, piercing the corporate 5.47–5.63, 5.68, 5.87
nationality of corporations
bilateral treaties 5.31–5.36
capital, origin of 5.58–5.63
characterization of 5.01
controlling interests test 5.03, 5.15, 5.36, 5.45, 5.47
diplomatic protection 5.05–5.06, 5.11–5.14, 5.20, 5.71
effective control test 5.02
Energy Charter Treaty 5.41
formal corporate personality 5.54–5.58
host state control 5.45
incorporation, law of place of 5.02, 5.12, 5.18, 5.31–5.36, 5.42, 5.88
Iran–US Claims Tribunal 5.11
NAFTA 5.40, 5.57
reorganizations or restructurings 5.04, 5.72–5.77
veil, piercing the corporate 5.45, 5.47–5.63, 5.68, 5.87
nationalizationseeexpropriation or nationalization
Netherlands model BIT1.36
admission 2.17–2.18
Aruba 2.16
nationality 5.36
Netherlands Antilles 2.16
subrogation 2.27
territory 2.16
text App 8
New York Convention Recognition and Enforcement of Foreign Arbitral Awards 1958
commercial disputes, treaty arbitrations as 3.65
international commercial arbitration 4.11
NAFTA 3.65
offer to arbitrate 3.29
UNCITRAL Arbitration Rules 3.65
non–discriminationseemost–favoured nation treatment (MFN), national treatment standard
non–pecuniary remedies9.112–9.121, 9.148
alternative remedies, specific provision for 4.59
consent to jurisdiction 4.59
declaratory relief 9.116
enforcement 9.118
expropriation 9.114–9.115
ICSID arbitration 9.118
injunctions 4.88, 9.114, 9.116–9.117
specific performance 9.119–9.120
state sovereignty 9.112, 9.114
two–stage remedies 9.119–9.121
US model BIT 9.119
North American Free Trade AgreementseeNAFTA (North American Free Trade Agreement)
objectives of BITs1.01–1.16
OECD (Organisation for Economic Co–operation and Development)2.05
offer to arbitrate
consent 3.22–3.29
ICSID Additional Facility 3.21
ICSID arbitration 3.21–3.29, 3.36
New York Convention 3.29
Stockholm Chamber of Commerce Arbitration Institute 3.21
UNCITRAL Arbitration Rules 3.21, 3.29
US model BIT 3.29
pacta sunt servanda4.44
parallel proceedings4.01–4.158see alsoparallel treaty arbitration
applicable law 4.148
breach of contract 1.21, 4.64–4.74, 4.149–4.151, 4.155–4.156
breach of treaty 1.21, 4.64–4.74, 4.149–4.151
choice of law 4.156
comparison with related fields 4.05–4.23
conflicts of jurisdiction 1.21, 4.10–4.12, 4.24–4.51
consent 4.57–4.62
end p.469
consolidation of claims 4.144–4.146
domestic law and international remedies distinguished 4.65–4.67
election 1.21, 4.75–4.83, 4.153
exhaustion of local remedies 4.152
‘fork in the road’ provisions (choice between local courts and arbitration) 1.21, 4.35, 4.75–4.83, 4.93, 4.153
host state courts, proceedings in 4.01–4.02
ICSID Convention, effect of 4.57–4.62, 4.154
international commercial arbitration 4.11–4.12
internationalized contract claims, umbrella clauses and 1.21, 4.93–4.116
jurisdiction
clauses 4.68–4.72
conflicts of 1.21, 4.10–4.12, 4.24–4.51, 4.148
contract claims 4.155
limiting provisions 4.52–4.56
lis alibi pendens1.21, 4.05–4.08, 4.12–4.23, 4.37
modern application 4.63–4.146
nature of the problem 4.01–4.04
parallel treaty arbitration 1.21, 4.117–4.146, 4.158
public international law 4.13–4.14
res judicata1.21, 1.51, 4.05, 4.09–4.10, 4.12
comparison with lis alibi pendens4.05, 4.09–4.10, 4.37
public international law 4.13
sovereign authority, breach of 4.73–4.74
treaty rights 4.154
umbrella clauses, internationalized contract claims under 1.21, 4.93–4.116, 4.157
waiver 1.21, 4.84–4.92, 4.154
parallel treaty arbitration1.21, 4.117–4.146, 4.158
abuse of process 4.121–4.123, 4.127
breach of treaty 4.119–4.126
consolidation 4.119, 4.124, 4.144–4.146
expropriation 4.119–4.126
identity of cause of action 4.132–4.137
identity of parties 4.132, 4.138–4.143
lis pendens4.121–4.122, 4.125, 4.127–4.132, 4.158
litispendence4.122
nationality 4.118
res judicata4.121, 4.124–4.125, 4.127–4.129, 4.158
stay 4.130
UNCITRAL Arbitration Rules 4.119–4.126
performance requirements2.19
Permanent Court of International Justice (PCIJ)3.55
place of effective management2.46
place of incorporationseeincorporation, law of place of
portfolio investments6.97–6.98
preambles2.10–2.13
precedent
binding, no system of 1.48, 3.84
common law system 1.48–1.50, 1.53–1.56, 2.07, 3.86, 3.91
counsel, role of 3.100, 3.102
customary international law 3.92
de facto1.48–1.50, 1.53–1.56, 3.90, 3.98
dissent 3.103
ICSID arbitration 3.84–3.85
International Court of Justice (ICJ) Statute 3.87–3.89
NAFTA 3.92
persuasive force of 3.98
purpose of 3.86
treaty interpretation 1.50, 2.07, 3.83–3.103
pre–contract investments6.50–6.58
principles of investment treaty law1.33–1.37
private rights/public goods, balancing1.57–1.62
privilege7.94
procedural economy test4.146
procurement7.139
proper lawseeapplicable law
property interestssee alsoexpropriation or nationalization
definition of investment 6.36–6.106
host state, law of the 6.67–6.70
human rights 8.62–8.63
OECD Draft Convention on the Protection of Foreign Property 7.55–7.56, 8.26
specified interests 6.36–6.106
proximate cause9.88
public international law
common law of investment protection, emergence of 1.48–1.56
customary international law 1.38–1.43, 1.45–1.47
definition of investment 6.63–6.70
domestic law and international law
expropriation 8.66–8.68
roles of 6.63–6.70
separation between 4.13–4.17
exhaustion of local remedies 4.17
expropriation 8.03, 8.05, 8.59–8.64
fair and equitable treatment 7.135–7.136
full protection and security standard 7.176
ICSID arbitration 2.65
ILC Draft Articles on State Responsibility 4.15
International Court of Justice 4.13–4.16
lis pendens4.18–4.21
parallel proceedings 4.13–4.14
relevance of 1.38–1.56
res judicata4.13, 4.21
standards of treatment 7.69–7.70, 7.172
end p.470
treaty interpretation 7.69–7.70
Vienna Convention of the Law of Treaties 4.14
published collections of treaties
Oceana Publications 2.08
UN Treaty Collection 2.08
registration of investments2.46, 2.48, 6.106
remediesseecompensation, damages, exhaustion of local remedies, non–pecuniary remedies
reparation
compensation 1.31, 9.07, 9.13 . 9.32–9.37
customary international law 1.42
discounted cash flow (DCF) 9.32–9.37
expropriation 9.07, 9.13
full 9.07, 9.13
state responsibility 1.42
res judicata
conflict of jurisdiction 4.37
general principle of public international law 4.13, 4.158
identity of parties, subject–matter and causes of action 4.136, 4.138, 4.141–4.142, 4.158
international commercial arbitration 4.12
lis pendens4.05, 4.09–4.10, 4.37
parallel proceedings 1.21, 1.51, 4.05, 4.09–4.10, 4.12–4.13, 4.37, 4.158
parallel treaty arbitration 4.121, 4.124–4.125, 4.127–4.129, 4.158
privity of interest 4.158
public international law 4.13, 4.21
recognition of foreign judgments 4.09
waiver 4.92
restitution2.44, 9.68
review of administrative action7.99–7.120
bad faith 7.128–7.129
coercion and harassment by state authorities 7.126–7.127
due process 7.115, 7.122
improper purposes, use of powers 7.124
inconsistency 7.125
legitimate expectations 7.99, 7.101–7.114
nationality discrimination 7.116–7.118
public interest 7.100
standards of treatment 1.27
transparency 7.119–7.123
review of arbitral awards7.73
securityseefull protection and security standard
shareholders, nationality of 5.13–5.15, 5.88
sources of international law
BITs 1.11, 1.12, 2.05
customary international law 1.44–1.47
domestic law 2.64–2.65
general principles of international law 1.38–1.43, 1.45–1.47, 1.51
specialized treaty frameworks1.37
specific performance9.119–9.121
Sri Lanka model BIT1.36, 3.03–3.04
dispute resolution provisions 3.03–3.04
fair and equitable treatment 7.23
nationality 5.27, 5.35
territory 2.16
text App 9
stabilization clauses4.114–4.115
standards of treatment of investors7.01–7.193see alsofair and equitable treatment standard, full protection and security standard, legitimate expectations, national treatment standard, standards of treatment, treaty interpretation and
abuse of process 4.121–4.123, 4.127
abuse of rights 9.63–9.65
administrative action, review of 1.27
arbitrariness 7.13, 7.88, 7.116, 8.114
awards
modern application in arbitral 7.73–7.169
precedent 7.73–7.74
publication 7.73–7.74
reviews 7.73
common law 1.53–1.55
contested rights, approach to determination of 7.170–7.174
contingent standards 1.25, 1.29, 7.19–7.20, 7.31–7.36, 7.191–7.194
current structure of provisions 7.19–7.36
customary international law 1.26, 1.53–1.55, 7.38–7.44, 7.174
denial of justice 1.27–1.28, 7.46, 7.50
diplomatic protection 7.45–7.54, 7.174
direct rights 7.174
due process 7.13, 7.30, 7.86, 7.88, 7.99, 7.115, 7.122, 7.183
Energy Charter Treaty 7.21
environment 1.60
equity 1.25
evolution of standards 7.37–7.63, 7.177
exhaustion of local remedies 7.49
freedom to transfer funds 2.24–2.25
general principles of international law 7.176–7.177
good faith, principle of (bad faith) 7.128–7.129
ICSID arbitration 7.73
model BITs 7.20
contingent standards 7.31–7.36
non–contingent standards 7.22–7.24
multilateral consensus, failure of 7.54–7.59
NAFTA 7.21
end p.471
non–contingent standards 1.25–1.28, 7.19–7.30, 7.38, 7.41, 7.47, 7.52, 7.176–7.190
non–discrimination 1.25, 7.38
persons and property 7.48
public international law 7.172
public or governmental act, requirement of 4.73
review of administrative action 1.27
state practice 1.14
state responsibility 7.45–7.54, 7.174
subrogation 1.24–1.29
standards of treatment, treaty interpretation and1.47, 7.06, 7.64–7.72
customary international law 7.64, 7.69, 7.71
dictionaries 7.06, 7.66
fair and equitable treatment 7.71
international law, rules of 7.69–7.70
object and purpose 7.67
ordinary meaning 7.66
rules 7.64, 7.69–7.70
special meanings 7.71
subsequent agreements 7.68
travaux préparatoires7.06, 7.65, 7.72
US model BIT 7.70
Vienna Convention on the Law of Treaties 7.64
state aid7.137–7.138
state responsibilitysee alsoILC Draft Articles on State Responsibility
BITs 7.52–7.53
customary international law 7.52
delictual responsibility of states 7.51
denial of justice 7.46, 7.50
derivative rights 3.59–3.60
diplomatic protection 7.45–7.54
direct rights 3.59–3.60
exhaustion of local remedies 7.49
fair and equitable treatment 7.44, 7.48
forum selection clause 4.70
full protection and security standard 7.44, 7.143, 7.145
person and property 7.48
reparation 1.42
standards of treatment 7.45–7.53, 7.174
state to state disputes2.29–2.31
Stockholm Chamber of Commerce Arbitration Institute
cooling off period 2.57
Energy Charter Treaty 3.09
offer to arbitrate 3.21
structure of BITs2.09–2.32
admission 2.17–2.19
definitions 2.14–2.16
dispute settlement 2.26
duration 2.32
free transfer of payments 2.24–2.25
preambles 2.10–2.13
state to state disputes 2.29–2.31
subrogation 2.26–2.28
substantive rights 2.20
war or civil unrest, compensation for losses due to 2.21–2.23
subrogation2.27–2.28
subsidiaries, claims by6.71–6.79
substance, law applicable to theseeapplicable law
substantive rights1.10–1.11, 1.14
applicable law 3.51
compensation 1.31
Energy Charter Treaty 2.56
expropriation 1.30
list of 2.20, 2.56
NAFTA 2.39
standards of treatment 1.24–1.29
structure of BITs 2.20
successive claims3.09
territory, definition of2.15–2.16
third party participation3.43–3.48
amicus curiae3.45–3.47
ICSID arbitration 3.48–3.49
information, provision of 3.47
justification 3.48
NAFTA Free Trade Commission 3.48
public interest 3.45–3.47
UNCITRAL Arbitration Rules 3.48
US model BIT 3.49
timing issues
definition of investment 6.37–6.49
disputes arising before treaty takes effect 6.40–6.46
ended, when investment has 6.47–6.49
entry into force of treaties 6.37–6.46
meaning of 6.44
transparency1.19
awards, publication of 1.34, 3.42
confidentiality 3.40
dispute resolution provisions 3.40–3.50
ICSID arbitration 3.42–3.43
inconsistency 7.125
NAFTA 3.42, 7.120
review of administrative action 7.119–7.123
travaux préparatoires
NAFTA 7.72
standards of treatment 7.06, 7.65, 7.72
treaty interpretation 1.43, 1.47, 3.70
treaty claimsseebreach of treaty claims
treaty interpretation1.19, 3.66–3.103see alsostandards of treatment, treaty interpretation and
applicable law 3.66
end p.472
compensation 3.73
context 1.43, 3.68
customary international law 3.66, 5.78
definition of investment 6.01–6.35
dispute resolution provisions 3.66–3.103
domestic law, role of 3.79–3.82
Energy Charter Treaty 3.71
expropriation 8.05, 8.07, 8.10–8.21, 8.25–8.27, 8.39, 8.59–8.60, 8.68
extrinsic aids 1.43, 3.70, 3.75–3.77
‘fork in the road’ provisions 4.77, 4.82
full protection and security standard 7.145–7.146
general principles of public international law 1.38–1.43, 1.45–1.47, 3.69
good faith 3.67
guidance 1.38, 1.43, 3.70–3.72
ICSID arbitration 3.38–3.39, 3.73
identity of causes of action 4.132
key operative phrases, interpretation of 7.173
most–favoured nation treatment (MFN) 7.161–7.164
negative presumptions 1.38
object and purpose of treaty 3.68, 7.173
ordinary meaning 3.68
pacta sunt servanda4.44
positive presumptions 1.38
preambles 2.11–2.12
precedent 1.50, 2.07, 3.83–3.103
rules of interpretation 3.66–3.74
standard of treatment 3.80
standard provisions 2.07
state practice 1.47
state to state disputes 2.29–2.30
travaux préparatoires1.43, 1.47, 3.70
umbrella clauses 4.104
Vienna Convention on the Law of Treaties 3.66–3.74, 3.77, 4.37, 5.78, 5.80, 7.173
UK model BIT1.36
cooling off period 3.17
definition of investment 6.26
dispute resolution provisions 3.05
ICSID arbitration 3.05
most–favoured nation treatment (MFN) 7.31
national treatment standard 7.31, 7.34
nationality 5.25, 5.32
territory 2.16
text App 4
time limits 3.05
umbrella clauses 4.46
umbrella clauses
applicable law 4.95–4.97
breach of contract claims 4.93–4.112, 4.155, 4.157
breach of treaty claims 4.94, 4.97–4.112, 4.157
choice of law 4.113
conflict of jurisdiction 4.34, 4.38, 4.40–4.51
consent 4.96, 4.111
contracts 4.40–4.49
customary international law 4.41
Energy Charter Treaty 3.09, 4.50
fair and equitable treatment standard 4.113
forum selection clauses 4.104–4.109, 4.112, 4.116
France model BIT 4.47
ICSID arbitration 4.95–4.96, 4.100–4.101, 4.106, 4.109–4.111
applicable law 4.95–4.96
breach of contract claims 4.95–4.96
consent 4.96
internationalized contract claims 4.93–4.116
NAFTA 4.49
opt–out 3.09
origins 4.40–4.41
pacta sunt servanda4.44
parallel proceedings 1.21, 4.93–4.116, 4.157
reservations 4.51
sovereign authority, exercise of 4.116
stabilization clauses 4.114–4.115
substantive treaty standard, importing a 4.113–4.116
treaty interpretation 4.104
UK model BIT 4.46
US model BIT 4.48
UN Charter of Economic Rights and Duties of States9.06
UN Resolution on Permanent Sovereignty over Natural Resources9.06
UNCITRAL Arbitration Rules
ASEAN Agreement 3.10
costs 9.140, 9.142
NAFTA 2.43
New York Convention 3.65
offer to arbitrate 3.21, 3.29
parallel treaty arbitration 4.121, 4.124–4.125, 4.127–4.129, 4.158
third party participation 3.48
US model BIT 3.12
UNCTAD
collection of treaties kept by 1.35, 2.08
list of treaties held by 2.08
United StatesseeIran–US Claims Tribunal, NAFTA (North American Free Trade Agreement), US model BIT
Universal Declaration of Human Rights8.62
US model BIT1.36
admission 2.19
end p.473
claims, types of 3.11
compensation 1.40
consent 3.29
consolidation clause 3.12
customary international law 1.40
damages 3.14
definition of investment 6.28–6.31
dispute resolution provisions 3.11–3.15
environmental standards 1.59
expropriation 1.40, 1.59, 8.29–8.30, 8.34, 8.36
fair and equitable treatment 7.28–7.29
full protection and security standard 7.43
ICSID Additional Facility 3.12
ICSID arbitration 3.12, 3.15
injunctions 3.14
innovations 3.13–3.14
interim measures 3.14
investment agreement, definition of 3.11
investor–state arbitration 3.11
labour standards 1.59
living standards 2.13
merit on preliminary basis, dismissal of claims without 3.15
nationality 5.24, 5.26, 5.33, 5.39, 5.82
New York Convention 3.29
offer to arbitrate 3.29
performance requirements 2.19
preambles 2.13
public interests of state 1.59
public rights 2.13
remedies 9.119
standards of treatment 7.70
text App 5 , App 6
third party participation 3.49
time limits 3.14
treaty interpretation 7.70
tribunal rulings 2.07
umbrella clauses 4.48
UNCITRAL Arbitration Rules 3.12
waiver 3.12, 4.56
valuationsee alsodiscounted cash flow (DCF) method of assessing compensation
book value 9.19–9.23
comparable transactions valuation method 9.29
compensation 9.04, 9.07, 9.09–9.10, 9.12–9.13, 9.15–9.31, 9.146
expropriation 9.04, 9.07, 9.09–9.10, 9.12, 9.17–9.18, 9.25, 9.29
fair market value 9.07, 9.13, 9.30, 9.38, 9.49
genuine value 9.10, 9.49
Hull formula 9.04, 9.07, 9.09, 9.49
lost profits 9.03, 9.13, 9.22–9.23, 9.27, 9.31, 9.95–9.98
market value 9.10
option approach 9.29
reasonable equitable indemnification 9.55–9.56
replacement value 9.17–9.19