Arbitration and Renegotiation of International Investment Agreements:A Study with Particular Reference to Means of Conflict Avoidance Under Natural Resources Investment Agreements

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Kluwer Law International, Jun 8, 1995 - Law - 458 pages
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This book is a second, revised edition of the original 1986 publication. Since then, the issue of contract change has increasingly challenged the business community and legal practitioners. The world-wide recession may well have accelerated the need to secure contractual relationships by reasonable flexibility.

Successful foreign investment, a relentless challenge, is subject to many unpredictable errors. Of all these variables, however, successful investment is most dependent on the investor-host country relationship, which is the object of the present study. In particular, the pressure by host countries for contract change and its counterpart: the investor's defence of contract stability.

The book is essentially a reference handbook for legal practitioners. It analyzes a variety of increasingly important questions concerning international investment agreements that come under pressure for change by one of the contracting parties: either a transnational corporation or a host country government.

The seven case studies and the analytical chapters which follow are based on the author's research and the assistance of corporate and government officials, experts from the United Nations and other organizations, and members of academic research institutes.

 

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Contents

THE TRANSNATIONAL INVESTMENT AGREEMENT
5
Economic Aspects
16
CHAPTER
17
Affiliates
37
Legal Aspects Introductory Survey
43
CHAPTER 2
51
Case Study No 2 The Renegotiations of the SelebiPhikwe Project
59
Case Study No 3 Renegotiation ofFreeports Ertsberg Mining Agreement
67
CONTRACTUAL LEVERAGE
205
Stabilization Clauses
214
Framework
221
Adaptation Force Majeure and Renegotiation Clauses
231
b The Mission of the Third Person
257
Choice of Law Clauses
259
Arbitration Clauses
270
The Case of ICSID Arbitration
302

Case Study No 5 The Jamaican Bauxite Renegotiations
84
Case Study No 6 Aminoil Renegotiations Kuwait
90
Case Study No 7 Churchill Falls Canada
104
Case Study No 8 GhanaValco Renegotiations
108
Case Study No 9 DistrigazSonatrach Renegotiations
119
Some Conclusions from the Case Studies
125
Choice of Law by the Parties
131
Potentially Applicable Laws
142
Legal Systems
185
Summary and Conclusions of Chapter 3
201
CHAPTER 5
327
Investment Insurance
341
b Guarantee Contracts
365
Risk Management Economic Leverage
372
c The Various Sources of Finance The Lenders
381
f Project Finance and Conflict Avoidance
388
BIBLIOGRAPHY
409
INDEX
443
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