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E-raamat: Principles of International Investment Law

(Of Counsel at Zeiler Floyd Zadkovich and Professor Emeritus, University of Vienna), (Professor Emeritus, University of Bonn), (Professor of Law, University of Vienna)
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  • Ilmumisaeg: 13-Jan-2022
  • Kirjastus: Oxford University Press
  • Keel: eng
  • ISBN-13: 9780192672407
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  • Formaat: PDF+DRM
  • Ilmumisaeg: 13-Jan-2022
  • Kirjastus: Oxford University Press
  • Keel: eng
  • ISBN-13: 9780192672407

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This book outlines the principles behind the international law of foreign investment. The main focus is on the law governed by bilateral and multilateral investment treaties. It traces the purpose, context, and evolution of the clauses and provisions characteristic of contemporary investment
treaties, and analyses the case law, interpreting the issues raised by standard clauses. Particular consideration is given to broad treaty-rules whose understanding in practice has mainly been shaped by their interpretation and application by international tribunals. In addition, the book introduces
the dispute settlement mechanisms for enforcing investment law, outlining the operation of Investor-State arbitration.

Combining a systematic analytical study of the texts and principles underlying investment law with a jurisprudential analysis of the case law arising in international tribunals, this book offers an ideal introduction to the principles of international investment law and arbitration, for students,
scholars, and practitioners alike.

Arvustused

Review from previous edition This book is an exceptional guide for practitioners and students alike and an essential reference tool for investment arbitration cases. * Crina Baltag, Queen Mary, University of London * The expansion of bilateral investment treaties (BITs) and regional agreements dealing with investment, and the increasing number of awards applying them in disputes between foreign investors and host States makes this book quite timely. Although there have been several efforts to present the subject-matter in a single volume, this is the first successful attempt to do so in clear and authoritative terms, maintaining an appropriate balance between conciseness and completeness...this work not only deals with "principles" as the title indicates, but systematically and meticulously covers all the issues that have presented themselves in this subsector of international law. * Giorgio Sacerdoti, Italian Yearbook of International Law, Vol XVIII * Clearly written and take[ s] a comprehensive approach to the major issues and principles of international investment law...a useful guide not only for novices in the field of investment law, but also for experienced practitioners since [ it] represent[ s] a powerful reference tool...[ The book is] equally useful for counsel representing investors and states, arbitrators and negotiators of investment treaties, as [ it] contain[ s] excellent information and references, as well as pertinent commentaries and stimulating ideas. * Crina Baltag, British Yearbook of International Law *

Foreword to the Third Edition xvii
Table of Cases
xix
List of Abbreviations
lxiii
I History, Sources, and Nature of International Investment Law
1(34)
1 The history of international investment law
2(13)
a Early developments
2(2)
b The emergence of an international minimum standard
4(2)
c Developments after the Second World War
6(2)
d The evolution of investment protection treaties
8(2)
e The quest for a multilateral framework
10(3)
f Recent developments
13(2)
2 The sources of international investment law
15(9)
a The ICSID Convention
16(1)
b Bilateral investment treaties
16(2)
c Sectoral and regional treaties
18(4)
d Customary international law
22(1)
e General principles of law
22(1)
f Unilateral statements
23(1)
g Case law
24(1)
3 The nature of international investment law
24(11)
a Investment law and trade law
25(1)
b Balancing duties and benefits
26(1)
c The investor's perspective: a long-term risk
27(1)
d The host State's perspective: attracting foreign investment
28(2)
e International investment law and sovereign regulation
30(1)
f International investment law and good governance
31(2)
g Obligations for investors
33(2)
II Interpretation and Intertemporal Application of Investment Treaties
35(23)
1 The interpretation of investment treaties
35(14)
a The general rule of treaty interpretation
36(3)
b Travauxpriparatoires
39(2)
c The relevance of other treaties
41(1)
d Interpretative statements
42(3)
e The authority of `precedents'
45(2)
f Towards a greater uniformity of interpretation
47(2)
2 Application of investment treaties in time
49(9)
a The date relevant to determine jurisdiction
49(1)
b The timing of investments, events, and disputes
50(2)
c Applicable law and jurisdiction
52(3)
d Relevant dates under the ICSID Convention
55(3)
III Investor
58(24)
1 Private foreign investors
58(2)
2 Nationality of individuals
60(3)
3 Nationality of corporations
63(4)
4 A local company as a foreign investor
67(4)
5 Nationality planning
71(3)
6 Denial of benefits
74(4)
7 An active investor?
78(4)
IV Investment
82(40)
1 Terminology and concept
83(2)
2 Definitions of investment
85(5)
a Investment contracts
85(1)
b Definitions in national laws
85(1)
c Definitions in treaties
86(4)
3 A general concept of investment?
90(6)
a `Investment' in Article 25 of the ICSID Convention
90(1)
b The Salini test
91(5)
4 Types of investments
96(3)
a Tangible assets
96(1)
b Contract rights
97(1)
c Shareholding
97(1)
d Financial instruments
98(1)
e Intellectual property rights
98(1)
f Arbitral awards
99(1)
5 The unity of an investment
99(3)
6 The origin of the investment
102(2)
7 Investments in the host State's territory
104(2)
a Financial instruments
104(1)
b Pre-shipment inspections
105(1)
c Transboundary harm
106(1)
8 Investment in accordance with host State law
106(8)
a Illegality in contract-based disputes
107(1)
b Illegality in disputes based on domestic legislation
107(1)
c Illegality in treaty-based disputes
107(3)
d Illegality in making the investment
110(1)
e The nature of the violated rules
111(1)
f Severity of the violation
112(1)
g Toleration of illegality by the host State
113(1)
h Illegalities committed by the host State
114(1)
9 Indirect investments
114(8)
a Customary international law
115(1)
b Shareholding as a form of investment
116(1)
c Minority shareholding
117(1)
d Indirect shareholding
117(3)
e The nature of the protected rights
120(2)
V Investment Contracts
122(10)
1 Types of investment contracts
122(2)
2 Applicable law
124(1)
3 Dispute settlement
125(1)
4 Stabilization clauses
126(3)
5 Renegotiation and adaptation
129(1)
6 Relationship to investment treaties
130(2)
VI Admission and Establishment
132(14)
1 The right to control admission and establishment
132(1)
2 The move towards economic liberalism
133(1)
3 Investment promotion
134(1)
4 The right to admission and the right of establishment
135(1)
5 Treaty models of admission
136(4)
a The admission clause model
136(1)
b The right of establishment model
137(3)
6 Performance requirements
140(2)
7 The inception of an investment
142(4)
a Pre-investment activities
143(1)
b The existence of investment activities
144(2)
VII Expropriation
146(40)
1 The object of an expropriation
147(4)
a Expropriation of contract rights
147(2)
b Partial expropriation
149(2)
2 Expropriation as an act of government
151(2)
3 Indirect expropriation
153(29)
a Broad formulae
153(4)
b Some illustrative cases
157(6)
c Severity of the deprivation
163(2)
d Duration of a measure
165(2)
e Loss of control
167(2)
f Effect or intention?
169(2)
g Legitimate expectations
171(3)
h Regulatory measures
174(6)
i Creeping expropriation
180(2)
4 The legality of an expropriation
182(4)
VIII Standards of Protection
186(110)
1 Fair and equitable treatment
186(44)
a Introduction
186(2)
b History
188(2)
c Textual variations
190(1)
d Definitions of fair and equitable treatment
191(4)
e Relationship of FET to other standards
195(3)
f Fair and equitable treatment and customary international law
198(7)
g Specific applications of the fair and equitable treatment standard
205(1)
aa Stability and consistency
205(3)
bb Legitimate expectations
208(4)
cc Transparency
212(2)
dd Compliance with contractual obligations
214(2)
ee Procedural propriety and due process
216(5)
ff Application of domestic law
221(2)
gg Freedom from coercion and harassment
223(2)
hh Good faith
225(3)
h Composite acts
228(2)
i Conclusion
230(1)
2 Full protection and security
230(9)
a Concept
231(1)
b The standard of liability
232(2)
c Protection against physical violence and harassment
234(1)
d Legal protection
235(3)
e Relationship to customary international law
238(1)
3 Arbitrary or discriminatory measures
239(13)
a Introduction
239(1)
b Textual variations
240(1)
c The meaning of `arbitrary'
241(1)
aa Rational decision-making
242(3)
bb Rule of law
245(1)
cc Adverse intention
246(1)
dd Due process
247(2)
d The meaning of `discriminatory'
249(1)
aa The basis of comparison
250(1)
bb Discriminatory intent
251(1)
4 National treatment
252(11)
a General meaning
253(1)
b The basis of comparison: like circumstances
254(2)
c Less favourable treatment
256(3)
d Is there a justification for the differentiation?
259(2)
e The relevance of discriminatory intent
261(1)
f The relevance of WTO case law
262(1)
g Burden of proof
263(1)
5 Most-favoured-nation treatment
263(8)
a Introduction
264(1)
b The ejusdem generis rule
265(1)
c The scope of MFN clauses
266(1)
d Variations of MFN clauses
267(2)
e MFN and substantive rights
269(2)
6 The umbrella clause
271(15)
a Meaning and origin
272(3)
b Effective application of umbrella clauses
275(3)
c Restrictive application of umbrella clauses
278(4)
d Umbrella clauses and privity of contract
282(3)
e Umbrella clauses and unilateral undertakings
285(1)
7 Effective means
286(4)
8 Transfer of funds
290(6)
a Monetary sovereignty
291(1)
b Types of covered transfers
292(2)
c Inward and outward transfers
294(1)
d Transfers in accordance with host State law
294(1)
e Currencies, exchange rates, and delay
294(1)
f Restrictions
295(1)
IX Emergency Situations and Armed Conflicts
296(17)
1 Competing policies
296(1)
2 Effects of violence under traditional international law
297(1)
3 The ILC Articles on State Responsibility
297(6)
a Necessity
298(4)
b Force majeure
302(1)
4 Treaty law
303(6)
a Emergencies and armed conflicts in the law of treaties
303(2)
b Treaty provisions dealing with emergencies and armed conflicts
305(1)
aa Compensation for losses clauses
305(2)
bb Extended war clauses
307(2)
cc Security clauses
309(4)
X Attribution
313(16)
1 Sources and principles
313(2)
2 Organs, provinces, and municipalities
315(7)
a State organs
316(1)
b Provinces and municipalities
317(1)
c The role of domestic law
317(1)
d Legal personality
318(1)
e State ownership
319(1)
f Defacto organs
319(2)
g Excess of authority
321(1)
3 Exercise of governmental authority
322(3)
a Governmental authority
322(2)
b Exercise of governmental authority in the particular instance
324(1)
4 Instruction, direction, or control
325(4)
a Effective and specific control
325(2)
b Degree of control
327(1)
c Ownership and control
327(2)
XI Political Risk Insurance
329(5)
1 History and purpose
329(1)
2 Different types of insurance
330(1)
3 Subrogation
331(1)
4 Risks covered
332(1)
5 Disputes between investors and insurers
333(1)
XII Settling Investment Disputes
334(117)
1 State v State disputes
334(5)
a Diplomatic protection
334(4)
b Disputes between States
338(1)
2 The limited usefulness of domestic courts
339(1)
3 Settlement of investor-State disputes by arbitration and conciliation
340(2)
4 Arbitration institutions and regimes
342(7)
a ICSID
342(2)
b ICSID Additional Facility
344(1)
c Non-ICSID investment arbitration
345(1)
aa The International Chamber of Commerce
346(1)
bb The London Court of International Arbitration
347(1)
cc The UNCITRAL Rules
347(1)
dd The Iran-United States Claims Tribunal
348(1)
ee The Permanent Court of Arbitration
348(1)
5 Investment disputes
349(5)
a The dispute
349(1)
b The legal nature of the dispute
350(1)
c The directness of the dispute in relation to the investment
351(2)
d The investment
353(1)
6 The parties to investment disputes
354(6)
a The host State
354(2)
b The investor
356(2)
c The investor's nationality
358(1)
d The significance of the Additional Facility
359(1)
7 Consent to investment arbitration
360(19)
a Consent by direct agreement
361(1)
b Consent through host State legislation
362(2)
c Consent through bilateral treaties
364(4)
d Consent through multilateral treaties
368(1)
e The irrevocability of consent
369(3)
f The scope of consent
372(4)
g The interpretation of consent
376(3)
8 Conditions for the institution of proceedings
379(8)
a Waiting periods for amicable settlement
379(2)
b The requirement to resort to domestic courts
381(3)
c The fork in the road
384(2)
d Waiver clauses
386(1)
9 MrN clauses and dispute settlement
387(5)
a The wording of MFN clauses
387(1)
b MFN treatment and conditions for the institution of proceedings
388(1)
c MFN treatment and consent
389(3)
d Cherry picking
392(1)
10 Treaty claims and contract claims
392(7)
a The selection of domestic courts in contracts
392(3)
b Jurisdiction of international tribunals over contract claims
395(2)
c Distinguishing treaty claims from contract claims
397(2)
11 Procedure
399(17)
a Arbitration rules
399(1)
b Institution of proceedings
400(1)
c Constitution and composition of the tribunal
401(3)
d Provisional measures
404(3)
e Expedited procedure
407(2)
f Written and oral procedure
409(2)
g Default
411(1)
h Settlement and discontinuance
411(1)
i The award
412(1)
j Transparency
413(2)
k Amicus curiae participation
415(1)
12 Applicable law
416(9)
a Choice of law
416(4)
b Host State law and international law
420(4)
c Special issues of applicable law
424(1)
13 Remedies
425(6)
a Satisfaction and restitution
425(1)
b Damages for an illegal act
426(2)
c Compensation for expropriation
428(2)
d Interest
430(1)
14 Costs
431(2)
15 Review of awards
433(13)
a Review in non-ICSID arbitration
434(1)
b Annulment of awards under the ICSID Convention
435(3)
aa Improper constitution of tribunal
438(1)
bb Excess of powers
439(2)
cc Corruption
441(1)
dd Serious departure from a fundamental rule of procedure
441(2)
ee Failure to state reasons
443(1)
c Supplementation and rectification under the ICSID Convention
444(1)
d Interpretation under the ICSID Convention
445(1)
e Revision under the ICSID Convention
445(1)
16 Enforcement of awards
446(5)
Index 451
Rudolf Dolzer (1944-2020) was Professor Emeritus at the University of Bonn



Ursula Kriebaum is Professor of Law at the University of Vienna

Christoph Schreuer is Of Counsel at Zeiler Floyd Zadkovich and Professor Emeritus at the University of Vienna