Fully revised and updated from the successful first edition, this
title analyses the practice of international courts and tribunals
with regard to the valuation of investment claims against states,
paying specific attention to the question of interest. This new
edition incorporates new jurisprudence, updates existing cases, and
includes a new section on immaterial damage. The new edition also
contains extensive annexes devoted to ICSID cases and non-ICSID
investment cases, as well as a table on methods of valuation in
international practice. This issue of valuation represents one of
the most important aspects of international investment disputes.
The parties involved have an obvious interest in an appropriate
solution to the question of the quantum of damages. The sums
involved are high and this is particularly true in the context of
private foreign investment. With the increase in international
investment both in the developing as well as the developed world,
there is a growing need for a stable and predictable approach to
quantum. This new edition meets the needs of foreign investors and
host states by setting the issue of valuation on more solid ground.
It provides an analysis of how international courts and tribunals
have handled cases until now. The emphasis lies on the correct
identification of the legal basis claim to inform the valuation
method. The author concludes with suggestions and proposals as to
how valuation should be handled by legal councils, experts, judges,
and arbitrators in international judicial proceedings.
General
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Review This Product
CORPORATE AND INTERNATIONAL LAWYERS WILL WELCOME THIS DEFINITIVE TEXT
Sun, 17 Sep 2017 | Review
by: Phillip T.
CORPORATE AND INTERNATIONAL LAWYERS WILL WELCOME THIS DEFINITIVE TEXT
ON COMPENSATION AND DAMAGES IN INTERNATIONAL INVESTMENT LAW – NOW IN A NEW EDITION
An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”
Published in a new second edition by the Oxford University Press, this is a major league text on a topic of vital importance to many an international lawyer and certainly to international arbitrators: that is, the award of compensation and damages largely in disputes between investors (overwhelmingly corporate investors) and nation states.
Money is of course the crux of the matter, whether it comes under the category of damages, or compensation or both. The ways and means by which the consequently vast sums are calculated will often present formidable jurisprudential and legal problems, the most illustrative of which (and there are a lot of these) are discussed and analysed in this book, with frequent reference to case law, including the most up-to-date developments that have emerged since the first edition was published in 2008.
The subject is wide-ranging, so it is useful that the book is a monograph, focusing in depth on this subject alone, as it has become in recent years, a specialist area. It is not surprising that this book is the first in the OUP’s respected Oxford International Arbitration Series to go into a second edition --and according to the general editor of the series, Loukas Mistelis, one of the first books in English specifically dedicated to this topic.
‘International investment,’ says author Professor Irmgard Marboe, ’has developed into an important area of international economic law, complemented by a system of dispute settlement and remedies.’ She comments further that international investment law is less state-centric than international trade law, with private companies being the key actors.
One example (of the many) of significant cases in this area is the matter of the Russian oil company Yukos against the Russian Federation. Also note the very useful diagrammatic tables of cases in the four appendices. There are over a hundred pages of them – plus the tables of cases and of legislation and instruments that precede the main text.
The amount of research that has gone into the writing of this book is beyond impressive. The bibliography alone takes up more than twenty pages – and to say that the footnoting is extensive is an understatement. What a wealth of references for researchers is presented here. This is an academic tour de force if there ever was one.
‘The overall goal of the arbitration process’, concludes Marboe, is ‘to ensure that the rule of law is observed.’ There is little doubt that this timely and authoritative new edition of her highly regarded text will almost certainly contribute to the achievement of this aim.
The law is stated as at January 2017.
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