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E-grāmata: International Investment Dispute Awards: Facilitating Enforcement [Taylor & Francis e-book]

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This book examines how international investment arbitral awards can be facilitated. It sets out to achieve a fuller conceptualisation and theorisation of awards through a discussion of relevant issues and themes, as well as demonstrating how they can be achieved through a comparative approach that has been conceived and developed with reference to existing deficiencies in the research literature. This contribution is particularly important given the worldwide emergence of investment arbitration as a powerful form of alternative dispute resolution (ADR).

The book ultimately seeks to explore and develop solutions that can be directed to an existing oversight and deficit within the international investment architecture. In considering the advantages and disadvantages of each solution, it will work towards an approach best-suited to upholding the interest of the victorious party at the enforcement stage. The enforcement of arbitral awards on a voluntary basis has proven to be insufficient, and this created a real and ongoing shortcoming that needs to be addressed. International Investment Dispute Awards: Facilitating Enforcement therefore seeks to directly influence existing practice on the part of international institutions, with the intention of helping to develop a more effective resolution.

The readerships for this book will include arbitration practitioners, policy-makers (including treaty drafters), academics and postgraduate students interested in the enforcement of investment arbitral awards.
Acknowledgements xi
Table of cases
xiii
Table of treaties, conventions, legislations
xvii
List of abbreviations
xix
Introduction 1(8)
0.1 General background
1(2)
0.2 Central research questions
3(1)
0.3 Originality and significance of the book
4(1)
0.4 Structure of the book
5(4)
Bibliography
6(3)
Chapter 1 Obstacles In Enforcement Of Icsid Awards
9(28)
1.1 Introduction
9(3)
1.2 The enforceability of ICSID awards
12(3)
1.2.1 Characteristics of ICSID awards
12(1)
1.2.1.1 Final and binding
12(1)
1.2.1.2 Additional Facility
13(1)
1.2.1.3 No precedent
14(1)
1.2.1.4 Post-award remedies
14(1)
1.3 Enforcement obstacles
15(17)
1.3.1 Stay of enforcement
17(2)
1.3.2 Sovereign immunity
19(2)
1.3.2.1 Jurisdictional immunity
21(1)
1.3.2.2 Immunity against execution
22(4)
1.3.2.2.1 LETCO v. Liberia (in the USA)
26(2)
1.3.2.2.2 AIG Capital Partners, Inc. v. Republic of Kazakhstan (in the UK)
28(2)
1.3.2.2.3 Sedelmayer v. Russian Federation
30(2)
1.4 Conclusion
32(5)
Bibliography
34(3)
Chapter 2 Obstacles In Enforcement Of Non-Icsid Awards
37(26)
2.1 Introduction: Enforceability of non-ICSID awards (the New York Convention)
37(2)
2.2 Benefits of the New York Convention
39(2)
2.3 Drawbacks of the New York Convention
41(8)
2.3.1 Public policy
43(2)
2.3.1.1 International public policy
45(2)
2.3.1.2 National public policy
47(2)
2.4 ICSID and non-ICSID awards: Enforceability in different jurisdictions
49(9)
2.5 Conclusion
58(5)
Bibliography
59(4)
Chapter 3 Potential Enforcement Obstacles In A Future Multilateral Investment Court (MIC)
63(20)
3.1 Introduction
63(1)
3.2 MIC enforcement mechanism
64(10)
3.2.1 The ICSID Convention
66(3)
3.2.2 New York Convention
69(3)
3.2.3 Creation of a new international convention
72(2)
3.3 Potential risk for enforcement of MIC awards in third states
74(3)
3.3.1 An alternative approach: Fund system of the MIC
75(2)
3.4 Evaluating the significance of the MIC in practice
77(2)
3.5 Conclusion
79(4)
Bibliography
80(3)
Chapter 4 Practical Remedies To Reduce Execution Issues In The Investment Dispute Settlement System
83(56)
4.1 Introduction
83(3)
4.2 The general progress of enforcement of an international arbitral award
86(6)
4.2.1 The Republic of Turkey
87(5)
4.3 Previous practical proposals to reduce enforcement issues
92(39)
4.3.1 Creating a uniform state sovereignty law
92(2)
4.3.1.1 States' consent to waive immunity from execution in their agreement
94(3)
4.3.1.2 Enter into force of the United Nations Convention on Jurisdictional Immunities of States and Their Property (UNCSI)
97(4)
4.3.2 Activating the World Bank
101(7)
4.3.3 Refusal of the next ICSID application of non-compliant states or investors (new proposal)
108(4)
4.3.4 Proposal to reform ICSID rules
112(3)
4.3.5 Securing compliance of ICSID awards with countermeasures under the law of state responsibility
115(11)
4.3.6 Securing compliance of ICSID awards with VCLT Article 60: Termination or suspension of the operation of a treaty as a consequence of its breach
126(1)
4.3.7 Securing compliance from losing investors
127(4)
4.4 Conclusion
131(8)
Bibliography
133(6)
Chapter 5 Conclusion
139(6)
5.1 Answering the central research questions
139(5)
5.2 Further research
144(1)
Index 145
Dr Esra Yldz Üstün is a lecturer at Atatürk University, Turkey. She is a registered lawyer in the Istanbul Bar Association, holds professional memberships in the fields of international investment arbitration, commercial arbitration and ADR (Alternative Dispute Resolution) and maintains associations with Young ICSID, LCIA, ISTAC and ICC. Esra consults on enforcement of international arbitral awards. She an active contributor to the Turkish Law Blog and Jus Mundi (Wiki Notes).