Abstract
Umbrella clauses are commonly used in international investment arbitration. They are stipulated in the international investment treaties, especially in the Bilateral Investment Treaties (BITs). Since BIT is concluded between sovereign states and it has not a direct relationship with investment contract which concluded between an investor and state where the investment is made. The frequent use of umbrella clauses raises various legal problems. This article aims to discuss different approaches taken towards such clauses, namely restrictive and broad interpretation approaches, while concluding that a more flexible and workable solution may be available in order to deal with problems regarding umbrella clauses.
Keywords
References
- BORN, Gary B. “International Arbitration: Law and Practice”, 2nd edition, Kluwer Law International 2015. (Born, Law and Practice)
- BORN, Gary. “International Arbitration” Wolters Kluwer – Law & Business, 2011.
- ÇAL, Sedat. “Uluslararası Yatırım Tahkimi ve Kamu Hukuku İlişkisi, Seçkin 2009.
- CHAISSE, J./ BELLAK, C. “Navigating the Expanding Universe of International Treaties on Foreign Investment Creation and Use of a Critical Index”, Journal of International Economic Law, 2015, Vol. 18, No. 1, pp. 79–105.
- EGEMEN DEMİR, Işıl. “Uluslararası Tahkim Hukukunda Şemsiye Klozlar”, Yayımlanmamış Yüksek Lisans tezi, İstanbul 2007.
- FLEURY, Rau´l Pereira de Souza. “Recent Developments - Umbrella clauses: a trend towards its elimination”, Arbitration International, p. 679–691 Advance Access Publication, 2015
- GAILLARD, Emmanuel. “Investment Treaty Arbitration and Jurisdiction Over Contract Claims – the SGS Cases Considered” International Investment Law and Arbitration: Leading Cases from the ICSID, NAFTA, Bilateral Treaties and Customary International Law Edited by Todd Weiler, 325-346.
- HONLET Jean-Christophe/BORG, Guillaume “The Decision of the ICSID Ad Hoc Committee in CMS v. Argentina Regarding the Conditions of Application of an Umbrella Clause: SGS v. Philippines Revisited”. The Law and Practice of International Courts and Tribunals 7 (2008) 1–32.
- POTTS, Jonathan B. "Stabilizing the Role of Umbrella Clauses in Bilateral Investment Treaties: Intent, Reliance, and Internationalization." Virginia Journal of International Law 51.4 (2011): 1005-1045. Academic Search Complete, Web. 2 Sept. 2014
- SCHILL, Stephan W. “Enabling Private Ordering: Function, Scope and Effect of Umbrella Clauses in International Investment Treaties.” 18 Minn. J. Int'l L.1 (2009).
- SINCLAIR, ANTHON Y C. “The Origins of the Umbrella Clause in the International Law of Investment Protection”, Arbitration International, Vol. 20, No. 4, LCIA 2004, p. 411-434.
- WONG, Jarrod. “Umbrella Clauses in Bilateral Investment Treaties: Of Breaches of Contract, Treaty Violations, and the Divide between Developing and Developed Countries in Foreign Investment Disputes” 2006, p. 135 – 177. George. Mason L. Rev. [Vol. 14:1]
- YILMAZ, İlhan. “Uluslararası Yatırım Uyuşmazlıklarının Tahkim Yoluyla Çözümü ve ICSID”, Beta 2004.
Abstract
Şemsiye klozlar (umbrella clauses) uluslararası yatırım tahkiminde sıklıkla kullanılan standart hükümlerdir. Bu hükümler genellikle uluslararası yatırım sözleşmelerinde yer almakta, özellikle de iki taraflı yatırım antlaşmalarında (Bilateral Investment Treaties) sıklıkla kullanılmaktadır. İki taraflı yatırım anlaşması; iki devlet arasında yapıldığından dolayı, yatırımcı ile yatırım yapılan devlet arasında akdedilen yatırım anlaşması ile doğrudan bir ilgisi de olmamaktadır. Buna rağmen uygulamada şemsiye klozlarının sıklıkla kullanılması ve yatırımcının yatırım sözleşmesi ihlalinde devlete karşı çoğu zaman doğrudan ikili yatırım anlaşmasında yer alan bu özellikli hükümlere dayanması beraberinde birçok hukuki problemi de getirmektedir. Bu makalenin amacı, ICSID kararları ışığında şemsiye klozlarının yorumlanmasında artık yerleşmiş olan sınırlı ve geniş yorum metotları analiz ederken, aynı zamanda bu sorunun çözümü için daha kullanışlı ve uygulanabilir bir çözüm aramaktır.
Keywords
References
- BORN, Gary B. “International Arbitration: Law and Practice”, 2nd edition, Kluwer Law International 2015. (Born, Law and Practice)
- BORN, Gary. “International Arbitration” Wolters Kluwer – Law & Business, 2011.
- ÇAL, Sedat. “Uluslararası Yatırım Tahkimi ve Kamu Hukuku İlişkisi, Seçkin 2009.
- CHAISSE, J./ BELLAK, C. “Navigating the Expanding Universe of International Treaties on Foreign Investment Creation and Use of a Critical Index”, Journal of International Economic Law, 2015, Vol. 18, No. 1, pp. 79–105.
- EGEMEN DEMİR, Işıl. “Uluslararası Tahkim Hukukunda Şemsiye Klozlar”, Yayımlanmamış Yüksek Lisans tezi, İstanbul 2007.
- FLEURY, Rau´l Pereira de Souza. “Recent Developments - Umbrella clauses: a trend towards its elimination”, Arbitration International, p. 679–691 Advance Access Publication, 2015
- GAILLARD, Emmanuel. “Investment Treaty Arbitration and Jurisdiction Over Contract Claims – the SGS Cases Considered” International Investment Law and Arbitration: Leading Cases from the ICSID, NAFTA, Bilateral Treaties and Customary International Law Edited by Todd Weiler, 325-346.
- HONLET Jean-Christophe/BORG, Guillaume “The Decision of the ICSID Ad Hoc Committee in CMS v. Argentina Regarding the Conditions of Application of an Umbrella Clause: SGS v. Philippines Revisited”. The Law and Practice of International Courts and Tribunals 7 (2008) 1–32.
- POTTS, Jonathan B. "Stabilizing the Role of Umbrella Clauses in Bilateral Investment Treaties: Intent, Reliance, and Internationalization." Virginia Journal of International Law 51.4 (2011): 1005-1045. Academic Search Complete, Web. 2 Sept. 2014
- SCHILL, Stephan W. “Enabling Private Ordering: Function, Scope and Effect of Umbrella Clauses in International Investment Treaties.” 18 Minn. J. Int'l L.1 (2009).
- SINCLAIR, ANTHON Y C. “The Origins of the Umbrella Clause in the International Law of Investment Protection”, Arbitration International, Vol. 20, No. 4, LCIA 2004, p. 411-434.
- WONG, Jarrod. “Umbrella Clauses in Bilateral Investment Treaties: Of Breaches of Contract, Treaty Violations, and the Divide between Developing and Developed Countries in Foreign Investment Disputes” 2006, p. 135 – 177. George. Mason L. Rev. [Vol. 14:1]
- YILMAZ, İlhan. “Uluslararası Yatırım Uyuşmazlıklarının Tahkim Yoluyla Çözümü ve ICSID”, Beta 2004.
Details
| Subjects | Law in Context |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | December 15, 2017 |
| Published in Issue | Year 2017 Volume: 37 Issue: 2 |
