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Oxford University Press
Principles of International Investment Law / Edition 2

Principles of International Investment Law / Edition 2

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Product Details

ISBN-13: 9780199651795
Publisher: Oxford University Press
Publication date: 02/07/2013
Edition description: 2nd ed.
Pages: 530
Product dimensions: 6.40(w) x 9.20(h) x 1.30(d)

About the Author

Rudolf Dolzer is Professor and Director, Institute for International Law, at the University of Bonn, Germany Christoph Schreuer is Professor of International Law, University of Vienna, Austria

Table of Contents

Table of Cases     xvii
Table of Treaties, Conventions, Resolutions, and Rules     xxix
List of Abbreviations     xli
Nature, Evolution, and Context of International Investment Law     1
International Investment Law as a Field of Study     1
The Business Nature of a Foreign Investment: A Long-Term Risk     3
Host State Sovereignty and the Rules of Foreign Investment     7
Customary International Law: The Emergence of a Minimum Standard     11
Treaty Law: Evolution and Purpose     17
Current Trends in Treaty Practice     24
Regional Agreements: Energy Charter, NAFTA     27
Interpretation and Application of Investment Treaties     31
Interpreting Investment Treaties     31
Methods of Treaty Interpretation     31
Travaux Preparatoires     33
Interpretative Statements     34
The Authority of 'Precedents'     35
Towards a Greater Uniformity of Interpretation     37
Application of Investment Treaties in Time     38
Inter-Temporal Application of Treaties in General     38
Different Inter-Temporal Rules for Jurisdiction and Substance     39
The Date Relevant to Determine Jurisdiction     41
Relevant Dates under the ICSID Convention     41
Inter-Temporal Rules in Other Treaties     43
Investors and Investments     46
Investors: Individuals, Companies, Nationality, and Shareholders     46
Private Foreign Investors     46
Nationality of Individuals     47
Nationality of Corporations     49
Article 25(2)(b) of the ICSID Convention: Agreement to Treat a Local Company as a Foreign National because of Foreign Control     52
Nationality Planning and Denial of Benefits     54
Shareholders as Investors     56
Investment     60
The Concept of an Investment     60
Definitions in Investment Protection Treaties     62
Case Law     65
Investment Contracts     72
Types of Investment Contracts     72
Applicable Law     73
Stabilization Clauses     75
Renegotiation/Adaptation     77
Admission and Establishment     79
The Move towards Economic Liberalism     79
Treaty Models of Admission     80
Performance Requirements     82
Non-Compliance by Investor with Host State Law and International Public Policy     84
Expropriation      89
The Right to Expropriate     89
The Three Branches of the Law     90
The Legality of the Expropriation     90
Direct and Indirect Expropriation     92
Broad Formulae: Their Substance and Evolution     92
Judicial and Arbitral Practice: Some Illustrative Cases     96
Effect or Intention?     101
Legitimate Expectations     104
The Issue of Control: Partial Expropriation?     106
General Regulatory Measures     109
Duration of a Measure     112
Creeping Expropriation     114
Expropriation of Contractual Rights     115
Standards of Protection     119
Fair and Equitable Treatment     119
History of the Concept     119
Heterogeneity of Treaty Language     121
Nature and Function     122
Fair and Equitable Treatment and Customary International Law     124
The Evolution of the Fair and Equitable Treatment Standard     128
Attempts at Defining Fair and Equitable Treatment     130
Methodological Issues     133
Specific Applications of the Fair and Equitable Treatment Standard     133
Transparency, Stability, and the Protection of the Investor's Legitimate Expectations     133
Compliance with Contractual Obligations     140
Procedural Propriety and Due Process     142
Good Faith     144
Freedom from Coercion and Harassment     147
Conclusion     148
Full Protection and Security     149
Concept     149
Protection against Physical Violence and Harassment     150
Legal Protection     151
Relationship to Customary International Law     152
The Umbrella Clause     153
Access to Justice, Fair Procedure, and Denial of Justice     162
Emergency, Necessity, Armed Conflicts, and Force Majeure     166
Customary International Law     166
Treaty Law     167
The ILC Articles on State Responsibility     168
Necessity     168
Force Majeure     171
Preservation of Rights     172
Arbitrary or Discriminatory Measures     173
The Meaning of Arbitrary Measures     173
Relationship to Fair and Equitable Treatment and to Customary International Law     175
The Meaning of Discriminatory Measures     176
National Treatment     178
General Meaning      178
Application     179
The Basis of Comparison     180
The Existence of a Differentiation     181
Is there a Justification for the Differentiation?     181
The Relevance of Discriminatory Intent     183
The Relevance of WTO Case Law     184
Most-Favoured-Nation Treatment     186
Introduction     186
Variations of MFN Clauses     187
Method of Interpretation     188
Invoking Substantive Rights     188
Current State of the Law     190
Transfer of Funds     191
State Responsibility and Attribution     195
Organs, Provinces, and Municipalities     195
State Organs     196
Provinces and Municipalities     197
State Entities     198
The Role of State Entities     198
Structure, Function, and Control     200
Judicial Practice on Attribution     201
State Responsibility for Failure to Protect     204
Party Status for Constituent Subdivisions or Agencies under the ICSID Convention     205
Political Risk Insurance     207
Settling Investment Disputes     211
State v State Disputes      211
Diplomatic Protection     211
Direct Disputes between States     213
Investor v State Disputes     214
The Role of Domestic Courts     214
The Limited Usefulness of Domestic Courts     214
The Requirement to Resort to Domestic Courts     215
The Fork in the Road     216
Selection of Domestic Courts in Contracts     217
Arbitration and Conciliation     220
Arbitration Institutions and Regimes     222
ICSID     222
ICSID Additional Facility     224
Non-ICSID Investment Arbitration     225
The International Chamber of Commerce     227
The London Court of International Arbitration     227
UNCITRAL Rules     227
The Iran-United States Claims Tribunal     228
The Permanent Court of Arbitration     229
The Subject Matter of the Dispute (Jurisdiction Ratione Materiae)     230
The Dispute     230
The Legal Nature of the Dispute     230
The Directness of the Dispute in Relation to the Investment     231
The Investment     233
The Parties to the Dispute (Jurisdiction Ratione Personae)     233
The Host State      234
The Investor     235
The Investor's Nationality     236
The Significance of the Additional Facility     238
Consent to Arbitration     238
Consent by Direct Agreement     239
Consent through Host State Legislation     240
Consent through Bilateral Investment Treaties     242
Consent through Multilateral Treaties     243
The Scope of Consent     244
Procedural Conditions to Consent     247
The Interpretation of Consent     251
The Applicability of MFN Clauses to Dispute Settlement     253
Procedure     257
Provisional Measures     262
Applicable Law     265
Damages and Compensation     271
Costs     276
Challenge and Review of Decisions     277
Review in non-ICSID Arbitration     278
Annulment under the ICSID Convention     279
Excess of Powers     281
Serious Departure from a Fundamental Rule of Procedure     283
Failure to State Reasons     284
Resubmission to a New Tribunal     285
Supplementation and Rectification under the ICSID Convention     286
Interpretation under the ICSID Convention      286
Revision under the ICSID Convention     287
Enforcement of Awards     287
Annexes     291
Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) (March 1965)     291
Energy Charter Treaty (Parts I, III, V) (December 1994)     314
North American Free Trade Agreement (NAFTA), Chapter XI (December 1992)     330
Agreement between the People's Republic of China and the Government of [...] on the Promotion and Protection of Investments (Chinese Model BIT) (2003)     352
Accord entre le Gouvernement de la Republique Francaise et le Gouvernement de [...] sur l'Encouragement et la Protection Reciproques des Investissements (French Model BIT) (2006)     360
Treaty between the Federal Republic of Germany and [...] Concerning the Encouragement and Reciprocal Protection of Investments (German Model BIT) (2005)     368
Draft Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of [...] for the Promotion and Protection of Investments (UK Model BIT) (2005)     376
Treaty between the Government of the United States of America and the Government of [...] concerning the Encouragement and Reciprocal Protection of Investment (US Model BIT) (2004)     385
Index     421

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