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Protecting foreign investment under international law : legal aspects of political risk / Paul E. Comeaux, N. Stephan Kinsella.

By: Contributor(s): Material type: TextTextPublication details: Dobbs Ferry, N.Y. : Oceana Publications, c1996.Description: xxix, 448 p. ; 26 cmISBN:
  • 0379213710 (alk. paper)
Subject(s): DDC classification:
  • 341.4846 23 COM
LOC classification:
  • K3832 .C66 1996
Contents:
SUMMARY OF CONTENTS Dedication..... About the Authors.... Summary of Contents Table of Contents.. Preface.... Introduction.... PARTI INTERNATIONAL LAW AND POLITICAL RISK Chapter 1: Political Risk. A. Overview of Political Risk B. Types of Political Risk..... C. Measuring Political Risk.... Chapter 2: International Law Related to Political Risk. A. International Law In General. B. Can a Sovereign Bind Its Future Actions?. C. State Responsibility. . . . . . . D. Remedies Under International Law For State Actions Against Investors. E. Exhaustion of Local Remedies. F. Nationality of Claims ... G. National Treatment.... H. Immunity of States from Jurisdiction.. Chapter 3: International Law of Expropriation. A. History and Sources of the Law of Expropriation. B. Current State of the Law of Expropriation... C. Breach of Contract .... Chapter 4: Treaty Provisions Regarding the Protection of Investment A. The Utility of an Investment Treaty to the Investor.. B. Bilateral Investment Treaties C. Multilateral Treaties PART II PRE-INVESTMENT DECISIONS TO REDUCE POLITICAL RISK Chapter 5: Structuring Transactions To Minimize Political Risk.. A. Types of Projects. B. Transaction Structures. C. Investor-State Contracts Chapter 6: Investment Insurance. A. OPIC.... . B. MIGA........ ....... C. Other National Insurance Programs. D. Private Insurance E. General Considerations.... PART III RESPONSES TO MANIFESTATIONS OF POLITICAL RISK Chapter 7: Arbitration .... A. Validity and Effect of an Arbitration Clause. B. Drafting the Arbitration Clause C. Arbitration Using the UNCITRAL Rules D. ICSID Arbitration.... E. Other Arbitration Institutions. ... F. Other Dispute Resolution Techniques Chapter 8: Action by the Investor's Home State and the International Community. A. Diplomacy and Settlement of Claims B. Economic Sanctions .... C. Claims Before International Tribunals.. D. Invalidation of Title ... E. Prohibitions Against the Use of Force... F. The Foreign Claims Settlement Act of the United States.. G. Recognition and Enforcement of Arbitration Awards Under the New York Convention... APPENDICES TABLE OF CASES.... TABLE OF AUTHORITIES. INDEX.... Preface.... Introduction.... PARTI INTERNATIONAL LAW AND POLITICAL RISK Chapter 1: Political Risk.. A. Overview of Political Risk. B. Types of Political Risk.... 1. Expropriation, Nationalization, and Confiscation. a. Definition and Examples .... b. Distinguish from Nationalization and Confiscation. 2. De facto Expropriation a. Definition...... b. Expropriation or Acceptable Regulation..... . c. Examples of De Facto Expropriations as Determined by International Tribunals 3. Currency Risk ...... 4. Risk of Political Violence 5. Breach of Contract. C. Measuring Political Risk.... 1. Factors Contributing to Risk. 2. Political Risk Services.. Chapter 2: International Law Related to Political Risk.. A. International Law In General.... B. Can a Sovereign Bind Its Future Actions? 1. In General. 2. State Promises in Investor-State Contracts. a. Internationalization of Investor-State Contracts. b. Arguments that Investor-State Contracts Cannot Be Internationalized C. State Responsibility...... 1. In General 2. Acts of State Agencies.. 3. For Injury to Investors.. D. Remedies Under International Law For State Actions Against Investors...... 1. Remedies Available to the State 2. Remedies Available to the Investor E. Exhaustion of Local Remedies... F. Nationality of Claims 1. Individuals... 2. Corporations 3. Partnerships. G. National Treatment H. Immunity of States from Jurisdiction. 1. The Doctrine of Restrictive Sovereign Immunity. 2. Sovereign Immunity in the United States... a. The Foreign Sovereign Immunities Act (1) The Waiver, of "Immunity" Exception. (2) The Commercial Activity, Exception (3) The Expropriation Exception.. 3. The Act of State Doctrine.... 4. Sovereign Immunity in Great Britain. a. The State Immunities Act..... b. Doctrine of Judicial Restraint and Abstention. Chapter 3: International Law of Expropriation A. History and Sources of the Law of Expropriation ... 58 1. Expropriation and Standard of Compensation Prior to World War II.. 58 2. Challenges to the Traditional Standard.. a. Latin American States... b. Nationalization in the 20th Century Resolutions Regarding Permanent Sovereignty. c. The Third World's Justifications for Expropriation and the UN 3. Arbitral Awards After World War II 4. Treaties As Evidence of Customary International Law 5. Negotiated Settlements ... B. Current State of the Law of Expropriation 1. Public Purpose and Non-Discrimination.. 2. Compensation .... a. Full Compensation as Standard under International Law. b. Justifications for Full Compensation... 3. The Requirements of Non-Discrimination and Public Purpose: Concepts of Limited Significance... 4. Valuation ... a. Methods for Determining Value b. Damages or Lost Profits?: An Irrelevant Question.. c. Arbitral Decisions (1) Tangible Property. (2) Business Enterprises-Going Concern (3) Business Enterprises-Not A Going Concern d. Equitable Considerations.. e. Conclusions. C. Breach of Contract.. Chapter 4: Treaty Provisions Regarding the Protection of Investment. A. The Utility of an Investment Treaty to the Investor. B. Bilateral Investment Treaties. 1. The U.S. Model BIT..... a. Definitions b. Standards of Treatment... c. Expropriation.... d. Currency Transfers ... e. Settlement of Investment Disputes f. Termination .... g. The U.S. BIT Program Today. 2. BITS of Other Developed States... a. Expropriation. . . . . . b. Standard of Treatment.. c. Settlement of Investment Disputes d. Special Provision in the China-Japan BIT C. Multilateral Treaties..... 1. North American Free Trade Agreements a. Expropriation.... b. Standard of Treatment. c. Transfer of Currency.. d. Settlement of Investment Disputes 3. Other Arrangements Between Investors and States... 2. The Energy Charter Treaty a. Expropriation.... b. Standard of Treatment.... c. Settlement of Investment Disputes. PART II PRE-INVESTMENT DECISIONS TO REDUCE POLITICAL RISK Chapter 5: Structuring Transactions To Minimize Political Risk....... A. Types of Projects.... 1. Petroleum Arrangements.... 2. Infrastructure Projects. B. Transaction Structures.... 1. Structures Prior to Investing.. 2. Modification of Structures When Interference is Threatened....... 132 C. Investor-State Contracts..... 1. Arbitration Clause. 2. Choice of Law Clause. 3. Stabilization Clause.. a. Structure.. b. Validity and Effect (1) Generally.... (2) Case Law.. (3) Suggested Clause. 4. Damages Clause. 5. No Requirement to Exhaust Local Remedies. 6. Waiver of Sovereign Immunity.... 7. Conversion of Currency Clause ... 8. Payment of Currency to Offshore Account (Service and Technical Assistance Contracts)..... 9. Interest Rate Clause.. 10. Force Majeure Clause 11. State As Party to the Contract. 12. State Interest and Project's Success hapter 6: Investment Insurance A. OPIC..... 1. Background.... 2. Risks Covered by OPIC insurance a. Currency Inconvertibility..... b. Expropriation.. . c. Political Violence.. d. Specialized Insurance (1) Financial Institutions and Leases (2) Oil and Gas and Other Natural Resources (3) Contractors and Exporters.. 3. Eligibility for OPIC Insurance.. a. Eligible Investors... b. Eligible Projects.. c. Eligible Countries d. Political Considerations. 4. Terms... a. Duration... b. Cost... c. Insurance Limits.. d. Coverage Multiples and Amount of Insurance. e. Application... B. MIGA... 1. Background... 2. Risks Covered by MIGA Insurance a. Currency Inconvertibility.. b. Expropriation.... c. Political Violence.. d. Breach of Contract. e. Other Coverage 3. Eligibility for MIGA Insurance. a. Eligible Investors.. b. Eligible Projects. c. Eligible Countries d. Political Considerations. 4. Terms .... a. Amount of Insurance b. Cost .. c. Duration.... d. Coinsurance. e. Disputes f. Application... C. Other National Insurance Programs. 1. Japan: EID/MITI ... ... .... 2. Germany: Treuarbeit. 3. Australia: Export Finance and Insurance Corporation 4. Other Countries. D. Private Insurance. 1. Background... 2. Risks Covered by Private Insurance 3. Terms.... E. General Considerations ... PART III RESPONSES TO MANIFESTATIONS OF POLITICAL Chapter 7: Arbitration... RISK A. Validity and Effect of an Arbitration Clause. B. Drafting the Arbitration Clause.... 1. Scope of Arbitration .... 2. Institutional or Ad Hoc Arbitration.... 3. Place of Arbitration.... 4. Consistency Among Arbitration Clauses C. Arbitration Using the UNCITRAL Rules .... 1. General....... 2. Selecting UNCITRAL Arbitration 3. Appointment of Arbitrators.. 4. Other Administrative Matters. 5. Substantive Proceedings. ). ICSID Arbitration 1. History..... 2. Jurisdiction of the ICSID Centre. a. Disputes Between Contracting States. b. Submission of Particular Disputes c. Arise out of an "Investment". d. Exclusive Remedy. 3. Administrative Issues b. Constituting the Arbitral Tribunal a. Submission of a Dispute for Arbitration. c. Other Administrative Matters 4. Governing Law 5. Substantive Proceedings 6. Recognition of ICSID Awards 7. Enforcement of ICSID Awards. . . . . 8. The Annulment Issue. 9. Additional Facility.. E. Other Arbitration Institutions.... F. Other Dispute Resolution Techniques..... Chapter 8: Action by the Investor's Home State and the International Community A. Diplomacy and Settlement of Claims. B. Economic Sanctions. C. Claims Before International Tribunals D. Invalidation of Title..... 1. General Rule.... 2. United Kingdom 3. United States 4. Other States... 5. Conclusions.... E. Prohibitions Against the Use of Force.. 1. The United Nations Prohibitions Against the Use of Force 2. Futility of Awards of Restitution.. F. The Foreign Claims Settlement Act of the United States 1. History and Purpose. 2. Adjudicatory Powers. 3. The Claims Process. G. Recognition and Enforcement of Arbitration Awards Under the New York Convention.. 1. General....... 2. Methods to Enforce Awards 3. Grounds for Refusing to Enforce Awards.. APPENDICES Appendix I: Economic Calculation Under Socialism Appendix II: World Bank
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Includes bibliographical references and index.

SUMMARY OF CONTENTS
Dedication.....
About the Authors....
Summary of Contents
Table of Contents..
Preface....
Introduction....
PARTI INTERNATIONAL LAW AND POLITICAL RISK
Chapter 1: Political Risk.
A. Overview of Political Risk
B. Types of Political Risk.....
C. Measuring Political Risk....
Chapter 2: International Law Related to Political Risk.
A. International Law In General.
B. Can a Sovereign Bind Its Future Actions?.
C. State Responsibility. . . . . . .
D. Remedies Under International Law For State Actions
Against Investors.
E. Exhaustion of Local Remedies.
F. Nationality of Claims ...
G. National Treatment....
H. Immunity of States from Jurisdiction..
Chapter 3: International Law of Expropriation.
A. History and Sources of the Law of Expropriation.
B. Current State of the Law of Expropriation...
C. Breach of Contract ....
Chapter 4: Treaty Provisions Regarding the Protection of Investment
A. The Utility of an Investment Treaty to the Investor..
B. Bilateral Investment Treaties
C. Multilateral Treaties
PART II PRE-INVESTMENT DECISIONS TO REDUCE POLITICAL RISK
Chapter 5: Structuring Transactions To Minimize Political Risk..
A. Types of Projects.
B. Transaction Structures.
C. Investor-State Contracts
Chapter 6: Investment Insurance.
A. OPIC....
.
B. MIGA........
.......
C. Other National Insurance Programs.
D. Private Insurance
E. General Considerations....
PART III RESPONSES TO MANIFESTATIONS OF POLITICAL RISK
Chapter 7: Arbitration ....
A. Validity and Effect of an Arbitration Clause.
B. Drafting the Arbitration Clause

C. Arbitration Using the UNCITRAL Rules

D. ICSID Arbitration....
E. Other Arbitration Institutions. ...
F. Other Dispute Resolution Techniques
Chapter 8: Action by the Investor's Home State and the International Community.
A. Diplomacy and Settlement of Claims
B. Economic Sanctions ....
C. Claims Before International Tribunals..
D. Invalidation of Title ...
E. Prohibitions Against the Use of Force...
F. The Foreign Claims Settlement Act of the United States..
G. Recognition and Enforcement of Arbitration Awards Under the
New York Convention...
APPENDICES
TABLE OF CASES....
TABLE OF AUTHORITIES.
INDEX....

Preface....
Introduction....
PARTI INTERNATIONAL LAW AND POLITICAL RISK
Chapter 1: Political Risk..
A. Overview of Political Risk.
B. Types of Political Risk....
1. Expropriation, Nationalization, and Confiscation.
a. Definition and Examples ....
b. Distinguish from Nationalization and Confiscation.
2. De facto Expropriation
a. Definition......
b. Expropriation or Acceptable Regulation.....
.
c. Examples of De Facto Expropriations as Determined by
International Tribunals
3. Currency Risk ......
4. Risk of Political Violence

5. Breach of Contract.

C. Measuring Political Risk....
1. Factors Contributing to Risk.
2. Political Risk Services..

Chapter 2: International Law Related to Political Risk..
A. International Law In General....

B. Can a Sovereign Bind Its Future Actions?
1. In General.
2. State Promises in Investor-State Contracts.
a. Internationalization of Investor-State Contracts.
b. Arguments that Investor-State Contracts Cannot
Be Internationalized
C. State Responsibility......
1. In General
2. Acts of State Agencies..

3. For Injury to Investors..
D. Remedies Under International Law For State Actions Against
Investors......
1. Remedies Available to the State
2. Remedies Available to the Investor
E. Exhaustion of Local Remedies...
F. Nationality of Claims
1. Individuals...
2. Corporations
3. Partnerships.
G. National Treatment
H. Immunity of States from Jurisdiction.
1. The Doctrine of Restrictive Sovereign Immunity. 2. Sovereign Immunity in the United States...
a. The Foreign Sovereign Immunities Act
(1) The Waiver, of "Immunity" Exception. (2) The Commercial Activity, Exception (3) The Expropriation Exception..
3. The Act of State Doctrine.... 4. Sovereign Immunity in Great Britain.
a. The State Immunities Act.....
b. Doctrine of Judicial Restraint and Abstention.
Chapter 3: International Law of Expropriation
A. History and Sources of the Law of Expropriation
... 58
1. Expropriation and Standard of Compensation Prior to World War II.. 58
2. Challenges to the Traditional Standard..
a. Latin American States...
b. Nationalization in the 20th Century
Resolutions Regarding Permanent Sovereignty.
c. The Third World's Justifications for Expropriation and the UN
3. Arbitral Awards After World War II
4. Treaties As Evidence of Customary International Law
5. Negotiated Settlements ...
B. Current State of the Law of Expropriation

1. Public Purpose and Non-Discrimination..
2. Compensation ....
a. Full Compensation as Standard under International Law. b. Justifications for Full Compensation...
3. The Requirements of Non-Discrimination and Public Purpose: Concepts
of Limited Significance...
4. Valuation ...
a. Methods for Determining Value
b. Damages or Lost Profits?: An Irrelevant Question..
c. Arbitral Decisions
(1) Tangible Property.
(2) Business Enterprises-Going Concern
(3) Business Enterprises-Not A Going Concern
d. Equitable Considerations..
e. Conclusions.
C. Breach of Contract..
Chapter 4: Treaty Provisions Regarding the Protection of Investment.
A. The Utility of an Investment Treaty to the Investor.
B. Bilateral Investment Treaties.
1. The U.S. Model BIT.....
a. Definitions

b. Standards of Treatment...
c. Expropriation....
d. Currency Transfers ...

e. Settlement of Investment Disputes

f. Termination ....
g. The U.S. BIT Program Today.
2. BITS of Other Developed States...
a. Expropriation. . . . . .
b. Standard of Treatment..
c. Settlement of Investment Disputes
d. Special Provision in the China-Japan BIT
C. Multilateral Treaties.....
1. North American Free Trade Agreements
a. Expropriation....
b. Standard of Treatment.
c. Transfer of Currency..
d. Settlement of Investment Disputes
3. Other Arrangements Between Investors and States...
2. The Energy Charter Treaty
a. Expropriation....
b. Standard of Treatment....
c. Settlement of Investment Disputes.
PART II PRE-INVESTMENT DECISIONS TO REDUCE POLITICAL RISK
Chapter 5: Structuring Transactions To Minimize Political Risk.......
A. Types of Projects....
1. Petroleum Arrangements....
2. Infrastructure Projects.
B. Transaction Structures....


1. Structures Prior to Investing..
2. Modification of Structures When Interference is Threatened....... 132
C. Investor-State Contracts.....
1. Arbitration Clause.
2. Choice of Law Clause.
3. Stabilization Clause..
a. Structure..
b. Validity and Effect
(1) Generally....
(2) Case Law..
(3) Suggested Clause.
4. Damages Clause.

5. No Requirement to Exhaust Local Remedies.
6. Waiver of Sovereign Immunity....
7. Conversion of Currency Clause ...
8. Payment of Currency to Offshore Account (Service and Technical
Assistance Contracts).....
9. Interest Rate Clause..
10. Force Majeure Clause
11. State As Party to the Contract.
12. State Interest and Project's Success

hapter 6: Investment Insurance
A. OPIC.....
1. Background....

2. Risks Covered by OPIC insurance a. Currency Inconvertibility.....
b. Expropriation..
.
c. Political Violence..
d. Specialized Insurance
(1) Financial Institutions and Leases
(2) Oil and Gas and Other Natural Resources (3) Contractors and Exporters.. 3. Eligibility for OPIC Insurance..
a. Eligible Investors...
b. Eligible Projects..
c. Eligible Countries
d. Political Considerations.
4. Terms...
a. Duration...
b. Cost...
c. Insurance Limits..
d. Coverage Multiples and Amount of Insurance.
e. Application...
B. MIGA...
1. Background...
2. Risks Covered by MIGA Insurance
a. Currency Inconvertibility..
b. Expropriation....
c. Political Violence..
d. Breach of Contract.
e. Other Coverage
3. Eligibility for MIGA Insurance.
a. Eligible Investors..
b. Eligible Projects.
c. Eligible Countries
d. Political Considerations.
4. Terms ....
a. Amount of Insurance
b. Cost ..
c. Duration....
d. Coinsurance.
e. Disputes
f. Application...
C. Other National Insurance Programs. 1. Japan: EID/MITI ... ... ....
2. Germany: Treuarbeit.
3. Australia: Export Finance and Insurance Corporation
4. Other Countries.
D. Private Insurance.
1. Background...
2. Risks Covered by Private Insurance
3. Terms....
E. General Considerations ...
PART III RESPONSES TO MANIFESTATIONS OF POLITICAL
Chapter 7: Arbitration...
RISK
A. Validity and Effect of an Arbitration Clause.
B. Drafting the Arbitration Clause....
1. Scope of Arbitration ....
2. Institutional or Ad Hoc Arbitration....
3. Place of Arbitration....
4. Consistency Among Arbitration Clauses
C. Arbitration Using the UNCITRAL Rules ....
1. General.......
2. Selecting UNCITRAL Arbitration
3. Appointment of Arbitrators..
4. Other Administrative Matters.
5. Substantive Proceedings.
). ICSID Arbitration
1. History.....
2. Jurisdiction of the ICSID Centre.
a. Disputes Between Contracting States.
b. Submission of Particular Disputes
c. Arise out of an "Investment".
d. Exclusive Remedy.
3. Administrative Issues
b. Constituting the Arbitral Tribunal
a. Submission of a Dispute for Arbitration.
c. Other Administrative Matters
4. Governing Law
5. Substantive Proceedings
6. Recognition of ICSID Awards
7. Enforcement of ICSID Awards. . . . .
8. The Annulment Issue.
9. Additional Facility..
E. Other Arbitration Institutions....
F. Other Dispute Resolution Techniques.....
Chapter 8: Action by the Investor's Home State and the
International Community
A. Diplomacy and Settlement of Claims.
B. Economic Sanctions.
C. Claims Before International Tribunals
D. Invalidation of Title.....
1. General Rule....
2. United Kingdom
3. United States
4. Other States...
5. Conclusions....

E. Prohibitions Against the Use of Force..
1. The United Nations Prohibitions Against the Use of Force
2. Futility of Awards of Restitution..
F. The Foreign Claims Settlement Act of the United States


1. History and Purpose.
2. Adjudicatory Powers.
3. The Claims Process.
G. Recognition and Enforcement of Arbitration Awards Under the
New York Convention..
1. General.......

2. Methods to Enforce Awards
3. Grounds for Refusing to Enforce Awards..
APPENDICES
Appendix I: Economic Calculation Under Socialism
Appendix II: World Bank

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