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Details
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.
New to this Edition:
- Fully revised and updated to reflect the evolution of treaty practice, jurisprudence, and doctrinal opinion
- Covers new treaties such as the CPTPP, USMCA, and CETA
- Case references have been expanded and each chapter is now introduced by a short bibliography
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I. History, Sources, and Nature of International Investment Law
1. The history of international investment law
2. The sources of international investment law
3. The nature of international investment law
II. Interpretation and Intertemporal Application of Investment Treaties
1. The interpretation of investment treaties
2. The application of investment treaties in time
III. Investor
1. Private foreign investors
2. Nationality of individuals
3. Nationality of corporations
4. A local company as a foreign investor
5. Nationality planning
6. Denial of benefits
7. An active investor?
IV. Investment
1. Terminology and concept
2. Definitions of investment
3. A general concept of investment?
4. Types of investments
5. The unity of an investment
6. The origin of the investment
7. Investments in the host State's territory
8. Investments in accordance with host State law
9. Indirect investments
V. Investment Contracts
1. Types of investment contracts
2. Applicable law
3. Dispute settlement
4. Stabilization clauses
5. Renegotiation and adaptation
VI. Admission and Establishment
1. The right to control admission and establishment
2. The move towards economic liberalism
3. Investment promotion
4. The right to admission and the right of establishment
5. Treaty models of admission
6. Performance requirements
7. The inception of an investment
VII. Expropriation
1. The object of an expropriation
2. Expropriation as an act of government
3. Indirect expropriation
4. The legality of the expropriation
VIII. Standards of Protection
1. Fair and equitable treatment
2. Full protection and security
3. Arbitrary or discriminatory measures
4. National treatment
5. Most-favoured-nation treatment
6. The umbrella clause
7. Effective means
8. Transfer of funds
IX. Emergency Situations and Armed Conflicts
1. Competing policies
2. Effects of violence under traditional international law
3. The ILC Articles on state responsibility
4. Treaty law
X. Attribution
1. Sources and principles
2. Organs, provinces, and municipalities
3. Exercise of governmental authority
4. Instruction, direction, or control
XI. Political Risk Insurance
1. History and purpose
2. Different types of insurance
3. Subrogation
4. Risks covered
XII. Settling Investment Disputes
1. State-to-State disputes
2. The limited usefulness of domestic courts
3. Settlement of Investor-State disputes by arbitration and conciliation
4. Arbitration institutions and regimes
5. Investment disputes
6. The parties to investment disputes
7. Consent to investment arbitration
8. Conditions for the institution of proceedings
9. MFN clauses and dispute settlement
10. Treaty claims and contract claims
11. Procedure
12. Applicable law
13. Remedies
14. Costs
15. Review of awards
16. Enforcement of award
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Rudolf Dolzer, Professor Emeritus, University of Bonn, Germany, and Christoph Schreuer, Of Counsel, Wolf Theiss Rechtsanwälte, Professor Emeritus, University of Vienna
Rudolf Dolzer has presented a new concept for a Framework Agreement on the Promotion of German-Russia Energy Relations in April 2011 in Omsk at the Annual Meeting of the German-Russian Raw Materials Forum. He has co-chaired the Forum's Working Group on International Relations since 2008. He was Vice Rector at the University of Mannheim and has taught at the Southern Methodist University in Texas, at the Massachusetts Institute of Technology, at the Michigan Law School, at the Chinese Academy of Social Sciences in Beijing, at the Yale Law School, at the Sorbonne in Paris and at the Instituto de Empresa in Madrid. From 1978 to 1992, he was a part-time journalist at the Frankfurter Allgemeine Zeitung, thereafter he was Director General at the Office of Federal Chancellor Kohl. He later served as a member of three Commissions of Inquiry of the German Parliament. From 1996 to 2009, he was Director of the Institute of International Law at the University of Bonn.
Professor Christoph Schreuer is a counsel at Wolf Theiss Rechtsanwälte, and Professor Emiterius at the University of Vienna.
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Review(s) from previous edition
"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
"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
"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
