Foreword to the Second Edition |
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xv | |
Preface to the First Edition |
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xvi | |
Preface to the Second Edition |
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xvii | |
Acknowledgments |
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xxi | |
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Table of Treaties and Other International Instruments, National Legislation, and Awards |
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xxii | |
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lvii | |
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1 The Origins of Investment Protection and International Investment Law |
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1 | (36) |
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1 | (1) |
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2 | (1) |
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1 Diplomatic Espousal and Mixed or Similar Commissions |
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2 | (8) |
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2 | (2) |
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1.2 Diplomatic Espousal and Diplomatic Settlement |
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4 | (1) |
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1.3 Mixed International Commissions, National Commissions and Modern Claims Settlement |
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5 | (5) |
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2 Legal Uncertainty and the Conflicting Attempts to Restate the Law in the United Nations (1945-1970S) |
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10 | (12) |
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11 | (4) |
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2.2 Efforts at the United Nations |
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15 | (7) |
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3 The Creature of the `Internationalised' Contract |
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22 | (3) |
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4 Reaching for Treaty-Based Investor-State Arbitration |
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25 | (1) |
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5 ICSID, International Courts and Other Modern Institutions |
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26 | (5) |
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6 The Nature of Investment Treaty Arbitration and the Sources of the International Law on Foreign Investment |
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31 | (6) |
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35 | (1) |
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36 | (1) |
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Suggestions for Further Reading |
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36 | (1) |
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2 Investment Contracts and Internationalisation |
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37 | (20) |
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37 | (1) |
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37 | (2) |
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1 Key Awards on Internationalisation |
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39 | (11) |
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2 The Backlash against Internationalisation |
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50 | (2) |
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3 Types of Investment Contract |
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52 | (5) |
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3.1 Natural Resource Concessions |
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52 | (1) |
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3.2 Public Service Concessions |
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53 | (1) |
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3.3 Build-Operate-and-Transfer (BOT) Contracts |
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54 | (1) |
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3.4 Public-Private Partnerships (PPPs) |
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54 | (1) |
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55 | (1) |
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55 | (1) |
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Suggestions for Further Reading |
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56 | (1) |
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3 The Metamorphosis of Investment Treaties |
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57 | (30) |
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57 | (1) |
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57 | (2) |
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59 | (7) |
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1.1 The Earliest Investment Treaties |
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61 | (2) |
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63 | (1) |
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1.3 Draft Multilateral Investment Treaties |
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64 | (2) |
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2 Accelerated Growth: 1990S-2007 |
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66 | (7) |
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2.1 Partial Convergence in Treaty Content |
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67 | (3) |
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2.2 Claims against Host States and Jurisprudence (In)constante |
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70 | (3) |
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3 "Resistance and Change': 2007 and Beyond |
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73 | (14) |
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3.1 Cracks in the Investment Treaty Regime |
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73 | (5) |
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3.2 Changes in the Investment Treaty Regime |
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78 | (7) |
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85 | (1) |
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86 | (1) |
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Suggestions for Further Reading |
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86 | (1) |
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4 Investment Dispute Settlement |
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87 | (28) |
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87 | (1) |
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87 | (1) |
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1 Investment Arbitration as a Principal Means of Settlement Today |
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88 | (7) |
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1.1 An Unusual Feature in Investment Arbitration |
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88 | (1) |
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1.2 `Arbitration without Privity' |
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89 | (6) |
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2 Consent to Investment Arbitration |
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95 | (5) |
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2.1 Forms of Consent and Agreement to Investment Arbitration |
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95 | (2) |
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2.2 The Writing Requirement |
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97 | (3) |
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3 Electa una via (`Fork-in-the-Road') Clauses, `No U-Turn' Clauses and Other Procedural Preconditions |
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100 | (7) |
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3.1 Dispute Clauses and Procedural Preconditions |
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100 | (1) |
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3.2 Exhaustion of Local Remedies |
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101 | (3) |
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3.3 `Fork-in-the-Road' Clauses, `No U-Tum' Clauses and the Problem of Parallel Proceedings |
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104 | (3) |
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4 Contractual Forum Selection Clauses |
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107 | (1) |
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5 The Call for a Return to Adjudication, and Other Investment Dispute Settlement Bodies |
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108 | (1) |
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6 ICSID versus Ad Hoc Arbitration |
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109 | (6) |
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113 | (1) |
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114 | (1) |
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Suggestions for Further Reading |
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114 | (1) |
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5 Jurisdiction, Admissibility and Parallel Proceedings |
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115 | (38) |
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115 | (1) |
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115 | (2) |
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1 `Jurisdiction and Admissibility' |
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117 | (10) |
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2 Consequences of the Distinction |
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127 | (5) |
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127 | (1) |
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2.2 Consequence for Post-Request Developments |
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127 | (1) |
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2.3 Consequence for Handling Objections |
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128 | (2) |
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130 | (1) |
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2.5 Consequence for Challenges |
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130 | (2) |
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3 Procedure for Addressing Objections to Jurisdiction and Admissibility |
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132 | (6) |
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3.1 Bifurcation between Preliminary Objections and Merits |
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132 | (1) |
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3.2 Claims Manifestly without Legal Merit |
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133 | (5) |
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4 Objections to Jurisdiction and Admissibility |
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138 | (1) |
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136 | (1) |
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137 | (1) |
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137 | (1) |
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4.4 Consent and Other Issues |
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138 | (1) |
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139 | (14) |
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5.1 Consent by Disputing Parties |
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140 | (1) |
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141 | (1) |
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142 | (1) |
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5.4 Sequential Proceedings: Collateral Estoppel/i?es Judicata |
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143 | (1) |
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5.5 Parallel Proceedings: Abuse of Process |
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144 | (4) |
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148 | (2) |
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150 | (2) |
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152 | (1) |
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Suggestions for Further Reading |
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152 | (1) |
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153 | (20) |
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153 | (1) |
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153 | (1) |
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154 | (11) |
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154 | (4) |
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158 | (1) |
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1.2.1 Configuration 1 - Matching Each Head of Claim to Its Governing Law |
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159 | (1) |
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1.2.2 Configuration 2 - Renvoi to National Law |
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160 | (1) |
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1.2.3 Configuration 3 - Composite National-International Law |
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161 | (3) |
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1.3 Arbitral Mandate and Choice-of-Laws |
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164 | (1) |
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165 | (4) |
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169 | (4) |
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171 | (1) |
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171 | (1) |
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Suggestions for Further Reading |
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172 | (1) |
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173 | (60) |
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173 | (1) |
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173 | (1) |
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1 Who Are the Arbitrators? |
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174 | (5) |
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2 Appointment of Arbitrators |
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179 | (10) |
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180 | (5) |
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2.2 UNCrTRAL/Permanent Court of Arbitration |
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185 | (4) |
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3 Challenge Brought against Arbitrators: Procedure |
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189 | (10) |
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189 | (8) |
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197 | (2) |
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4 Challenge Brought against Arbitrators: Substance |
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199 | (9) |
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199 | (6) |
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205 | (3) |
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5 Challenge Brought against Arbitrators: Issues |
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208 | (25) |
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5.1 Arbitrators and Parties |
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208 | (9) |
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5.2 Arbitrators and Deja Vu |
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217 | (6) |
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5.3 Arbitrators and Double-Hatting |
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223 | (7) |
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230 | (1) |
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231 | (1) |
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Suggestions for Further Reading |
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232 | (1) |
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233 | (17) |
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233 | (1) |
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233 | (1) |
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234 | (8) |
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1.1 Onus Probandi Actori Incumbit |
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234 | (1) |
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1.2 The `Vanishing' Burden |
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235 | (1) |
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1.2.1 The RosInvestCo Arbitration |
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236 | (2) |
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1.2.2 The Hulley, Yukos and Veteran Petroleum Arbitrations |
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238 | (2) |
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1.3 The `Shifting' Burden |
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240 | (2) |
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242 | (8) |
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2.1 Balance of Probabilities |
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243 | (1) |
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2.2 Circumstantial Evidence |
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243 | (3) |
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246 | (2) |
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248 | (1) |
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249 | (1) |
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Suggestions for Further Reading |
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249 | (1) |
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250 | (26) |
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250 | (1) |
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251 | (1) |
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1 Interim Measures and Sovereign Respondents |
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252 | (3) |
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2 Recourse to National Courts and the Power of ICSID Tribunals |
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255 | (3) |
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258 | (5) |
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4 The Test Applied by Tribunals |
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263 | (13) |
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274 | (1) |
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275 | (1) |
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Suggestions for Further Reading |
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275 | (1) |
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276 | (23) |
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276 | (1) |
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276 | (1) |
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1 The Subjective Meaning of Protected Investments |
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277 | (7) |
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2 The Objective Meaning of Protected Investments |
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284 | (6) |
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285 | (3) |
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288 | (2) |
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3 The Dual Meaning of Protected Investments |
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290 | (9) |
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3.1 Binding Objective Criteria |
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290 | (3) |
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3.2 Illustrative Objective Criteria |
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293 | (3) |
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296 | (1) |
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297 | (1) |
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Suggestions for Further Reading |
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298 | (1) |
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299 | (31) |
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299 | (1) |
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299 | (2) |
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1 Nationality-Based Eligibility for Protection |
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301 | (5) |
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1.1 Form - Critical Date(s) of Nationality Possession |
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302 | (1) |
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1.2 Substance - Circumstances of Nationality Acquisition |
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303 | (1) |
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303 | (2) |
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1.2.2 Litigation-Oriented Nationality Acquisition |
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305 | (1) |
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306 | (9) |
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2.1 Authentication of Nationality |
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307 | (1) |
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2.2 Dual Nationality and Permanent Residents |
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308 | (7) |
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315 | (8) |
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3.1 Place of Incorporation |
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316 | (4) |
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320 | (3) |
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323 | (7) |
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327 | (1) |
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328 | (1) |
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Suggestions for Further Reading |
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329 | (1) |
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12 Fair and Equitable Treatment, and Full Protection and Security |
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330 | (37) |
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330 | (1) |
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330 | (1) |
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1 Relationship with an International Minimum Standard of Treatment |
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331 | (4) |
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1.1 The `Minimum Standard' of Treatment |
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331 | (1) |
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1.2 Fair and Equitable Treatment |
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332 | (2) |
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1.3 Full Protection and Security |
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334 | (1) |
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2 The Heads of Claim under FET and FPS, Their Evolution and Interrelationship |
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335 | (20) |
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2.1 Heads of Claim under FET |
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335 | (1) |
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2.1.1 Arbitrary and Discriminatory Treatment |
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335 | (2) |
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2.1.2 Violation of Due Process and Lack of Transparency |
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337 | (1) |
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2.1.3 Is There a Requirement of `Bad Faith' on the Part of the Host State? |
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338 | (2) |
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2.1.4 Recent Developments in the Scope of the FET Rule: Protecting Investors' Legitimate Expectations, and the Stability of the Business and Legal Environment Surrounding the Investment |
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340 | (10) |
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2.2 Full Protection and Security |
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350 | (3) |
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2.3 Interrelationship of FET and FPS beyond Physical Security |
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353 | (2) |
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3 `Narrowing Down' FET: Some Recent Examples of Treaty Clauses |
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355 | (2) |
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4 `Qualified' and `Unqualified' Treaty Clauses, and the Interaction of Treaty and Custom |
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357 | (10) |
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4.1 NAPTA and the `North American' Model of `Qualified' Treaty Clauses |
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357 | (3) |
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4.2 `Unqualified' FET Treaty Clauses and Their Relationship with International Custom |
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360 | (4) |
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364 | (2) |
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366 | (1) |
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Suggestions for Further Reading |
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366 | (1) |
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13 Contingent Standards: National Treatment and Most-Favoured-Nation Treatment |
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367 | (32) |
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367 | (1) |
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367 | (2) |
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1 Nine Lives of National Treatment |
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369 | (4) |
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369 | (1) |
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370 | (1) |
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1.3 Fair and Equitable Treatment |
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371 | (1) |
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372 | (1) |
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2 Interpretation and Application of National Treatment |
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373 | (11) |
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374 | (5) |
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2.2 Distinctions in Treatment |
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379 | (2) |
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381 | (3) |
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3 Most-Favoured-Nation Treatment and Primary Obligations |
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384 | (4) |
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4 Most-Favoured-Nation Treatment and International Dispute Settlement |
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388 | (11) |
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4.1 Applicable, with Public Policy Exceptions |
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390 | (2) |
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4.2 Inapplicable, Unless Explicitly Provided For |
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392 | (1) |
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4.3 Applicable to Admissibility, but Not to Jurisdiction |
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393 | (1) |
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4.4 Applicable to Objectively Unfavourable Treatment |
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393 | (1) |
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394 | (2) |
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396 | (1) |
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397 | (1) |
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Suggestions for Further Reading |
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398 | (1) |
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399 | (33) |
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399 | (1) |
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399 | (1) |
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1 The Object of Expropriation |
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400 | (10) |
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401 | (1) |
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402 | (1) |
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1.2.1 Contract as Property |
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403 | (2) |
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1.2.2 Sovereign Contractual Interference |
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405 | (3) |
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408 | (2) |
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2 The Existence of Expropriation |
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410 | (4) |
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411 | (1) |
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2.2 Indirect Expropriation |
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412 | (2) |
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3 The Legality of Expropriation |
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414 | (9) |
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414 | (1) |
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415 | (1) |
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3.2.1 The Rule of Compensation for Expropriation |
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416 | (2) |
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3.2.2 The First Exception to the Rule of Compensation for Expropriation: Investment Valued at Nil |
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418 | (1) |
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3.2.3 The Second Exception to the Rule of Compensation for Expropriation: Regulatory Taking |
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418 | (1) |
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419 | (1) |
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3.4 Circumstances Precluding Wrongfulness and Non-Precluded Measures |
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420 | (3) |
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423 | (9) |
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429 | (2) |
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431 | (1) |
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Suggestions for Further Reading |
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431 | (1) |
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432 | (26) |
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432 | (1) |
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432 | (1) |
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433 | (2) |
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435 | (18) |
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435 | (4) |
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439 | (1) |
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2.3 A Matter of Treaty Construction? |
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440 | (6) |
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2.4 The Spectre of `the Two SGS Arbitrations' Lurks |
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446 | (3) |
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2.5 Distinguishing Treaty Law from Contract Law |
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449 | (3) |
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2.6 Forum Selection Clauses |
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452 | (1) |
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3 Examples of Umbrella Clauses |
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453 | (5) |
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456 | (1) |
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457 | (1) |
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Suggestions for Further Reading |
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457 | (1) |
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458 | (32) |
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458 | (1) |
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458 | (2) |
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460 | (4) |
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2 Defences in Obligations |
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464 | (3) |
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467 | (10) |
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3.1 Non-Precluded-Measures Clause |
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467 | (6) |
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473 | (4) |
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4 Defences in Circumstances Precluding Wrongfulness |
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477 | (13) |
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478 | (2) |
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480 | (3) |
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483 | (3) |
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486 | (1) |
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487 | (1) |
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488 | (1) |
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Suggestions for Further Reading |
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488 | (2) |
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490 | (23) |
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490 | (1) |
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490 | (1) |
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1 The Principle of Full Reparation for Internationally Wrongful Acts |
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491 | (1) |
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2 Compensation and Restitution |
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492 | (6) |
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2.1 Compensation for Expropriation |
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493 | (2) |
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2.2 Compensation for Violations of Other Treaty Standards |
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495 | (2) |
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2.3 Moral and Punitive Damages |
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497 | (1) |
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498 | (12) |
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3.1 Discounted Cash Flow (DCF) |
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499 | (7) |
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3.2 Damnum Emergens Plus Lucrum Cessans (DELC) |
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506 | (4) |
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510 | (3) |
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511 | (1) |
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512 | (1) |
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Suggestions for Further Reading |
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512 | (1) |
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513 | (23) |
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513 | (1) |
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513 | (1) |
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1 The Question of Costs in the Context of Investment Arbitration |
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514 | (1) |
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515 | (3) |
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2.1 `Arbitration Costs' or `Costs of the Proceedings' |
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515 | (2) |
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2.2 `Legal' or `Party' Costs |
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517 | (1) |
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3 Cost Allocation by the Tribunal |
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518 | (4) |
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3.1 UNCITRAL and ICSID Rules |
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518 | (1) |
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3.2 Tribunal Considerations |
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519 | (3) |
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4 The `Loser-Pays' Principle, or `Costs after the Event' |
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522 | (7) |
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529 | (7) |
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533 | (2) |
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535 | (1) |
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Suggestions for Further Reading |
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535 | (1) |
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19 Challenging and Enforcing Awards, and the Question of Foreign State Immunities |
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536 | (39) |
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536 | (1) |
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536 | (1) |
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1 ICSID and `Non-ICSID' Awards |
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537 | (1) |
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2 `Non-ICSID' Arbitration |
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538 | (4) |
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542 | (14) |
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4 Foreign State Immunity, Act of State and Non-Justiciability |
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556 | (16) |
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4.1 Foreign State Immunity |
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556 | (7) |
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4.2 Pleas of Act of State and Non-Justiciability |
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563 | (9) |
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5 Attachment of Assets: The `Final Refuge' |
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572 | (3) |
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573 | (1) |
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574 | (1) |
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Suggestions for Further Reading |
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574 | (1) |
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20 New Directions in International Investment Law and Arbitration |
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575 | (42) |
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575 | (1) |
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575 | (2) |
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577 | (17) |
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1.1 The Backlash to NAFTA and in the United States, 2001-2004 |
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577 | (4) |
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1.2 The Global Backlash Begins in Earnest 2007 to Date |
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581 | (8) |
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1.3 The Treaty Terminations Begin |
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589 | (5) |
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594 | (10) |
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2.1 Reform of Treaty Substantive Rules in Recent Treaties |
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594 | (1) |
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2.1.1 Reform of the FET Rule |
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594 | (2) |
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2.1.2 Reform of the Expropriation Rule |
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596 | (2) |
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2.1.3 Other Innovations in Substantive Standards of Treaty Protection |
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598 | (1) |
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2.1.4 Enter the United States-Mexico-Canada Agreement |
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598 | (2) |
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2.2 Procedural Innovations |
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600 | (4) |
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3 The European Proposal for a Multilateral Investment Court |
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604 | (13) |
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615 | (1) |
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615 | (1) |
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Suggestions for Further Reading |
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|
616 | (1) |
Index |
|
617 | |