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Introduction toICSID Practice andProcedureCeleste Mowatt, ICSID Legal CounselSunday, October 29, 2017National University of Singapore 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.1
Part I: Introduction to ICSIDEstablishment of ICSID The ICSID Convention is aninternational treaty ICSID is 1 of the 5 WBGinstitutions and its only “nonfinancial” arm It is the premier facility forinvestment disputesettlement in the world – hasadministered 70% of allknown disputesSee Annex 1 – 50 Years of ICSID – Timeline withSignificant Milestones in ICSID’s History2
Comparing Commercial and Investment DisputeSettlementsInvestor-State Dispute SettlementCommercial Dispute Settlement Between a private party and aState/State entity Between two private parties(individuals or companies) Breach of international lawobligations Breach of (international)contractual obligations Cases are decided in accordancewith treaty provisions andInternational Law Cases are decided in accordancewith the applicable law as agreedby the parties, usually in theircontract Increasingly transparent proceedings Proceedings are confidentialwith options for confidentiality3
Structure of ICSIDADMINISTRATIVE COUNCILSECRETARIAT One representative of each MemberState Secretary-General One vote per State Deputy Secretaries-General Chairman is President of the WorldBank (no vote) Staff (70 people)FUNCTIONSFUNCTIONS Adopt ICSID arbitration andconciliation rules Support proceedings Adopt annual budget and approveannual report Publications Training and technical assistance Select SG and DSG(s) Designate persons to Panels ofArbitrators and ConciliatorsSee Annex 2 – ICSID in the World BankGroup4
Mandate of ICSID ICSID offers facilities and procedures toresolve investment disputes betweenStates and foreign investors Availability of ICSID contributes to:o attracting and retaining private investmento creating stable investment climateso rules-based international trade andinvestment5
Link to the WBG Part of comprehensive WBG approach:– encourage private investment– grievance preventionmechanisms (IGM/SIRM)– political risk insurance– arbitration andconciliation6
International Membership: 153 StatesSee Annex 3 – List of ICSID Member States (ICSID/3)7
Membership Benefits IBRD members join ICSID at no cost – benefits arenumerous:o Complements Domestic Economic Policy: promotesincreased FDI, protects investors in foreign host Stateo Leadership in ISDS: join premier global investment disputeresolution facility - active governance role for States in ISDSrule amendment and roster of arbitratorso Impartial Dispute Settlement: cost-effective rules, impartialinternational Centre, global facilities, expertise of Centreo Technical assistance: regular training and specializedpublications8
Special Features of ICSID Impartial and delocalized facility Cost-effective fee structure Only institution that can administer ISDS underthe three main set of rules (ICSID Convention,ICSID Additional Facility and UNCITRAL) Full-time Secretariat with experienced legalcounsel and support team ICSID is the ISDS Court Secretariat under CETA Access to hearing facilities internationally9
ICSID ProceedingsConventionBoth disputingparties from ICSIDMember StatesAdditional FacilityOne disputing partyfrom Member onFact-finding 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.OtherNeed not be fromMember StateCase administrationunder other Rules orTreaties (e.g.:UNCITRAL or otherinvestment cases; FTA& State-to-Statecases)Other functions onconsent of parties(e.g.: AppointingAuthority, Mediation,Registry)Acting as Secretariatfor Regional TradeAgreements (e.g.:CETA Ch. 8)10
ICSID Convention & Rules ICSID Convention – the treatybetween States (pp. 9-33) Administrative & FinancialRegulations – costs of cases& role of the Centre (pp. 5371) Institution Rules – how toinitiate a case (pp. 75-79) Arbitration Rules –procedure after case isregistered (pp. 101-128) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.11
ICSID CaseloadCases Registered – 30 September 2016to September 30, 201702403230501131224113024411ICSID Convention Arbitration CasesICSID Convention Conciliation CasesICSID Additional Facility Arbitration CasesICSID Additional Facility Conciliation Cases 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.12
Global Context Increase in FDI & IIAsGrowth in IIAs & FDI20004000Cumulative Number of 00FDI Flows - in Thousands of 1220132014201520160YearGLOBAL FDICUMULATIVE # OF IIASSources: UNCTAD, FDI database (www.unctad.org/fdistatistics)& IIA database (http://investmentpolicyhub.unctad.org/IIA) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.13
Part II: ICSID Jurisdiction 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.14
Conditions for ICSID Jurisdiction Article 25(1) of the ICSID Convention Legal DisputeArising Directly out of an InvestmentBetween a Member State, andA National of Another Member StateConsent in WritingSee Annex 4 – ICSID Convention, Article 25 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.15
(1) What is a “Legal Dispute”? Concerns the existence or scope of alegal right or obligation Cannot be a mere conflict of interest 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.16
(2) What is an “Investment”?ObjectiveAn economic activity must: Satisfy the requirementfor an investmentestablished on the basisof “objective” criteria.andSubjectiveCompliance with thedefinition of investment inthe instrument of consent compliance with therequirement for an“investment” in Article 25. Satisfy the definition ofinvestment in theinstrument of consent. 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.17
Investment: Objective CriteriaAn investment has certain inherent features:1.2.3.4.5.Contribution (in money or assets) made by investorDuration of the activities / performanceParticipation in the risk of the transactionRegularity of profits expectedContribution to the economic development of the HostState [?] 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.18
(3) Between A Member State Must have ratified the ICSID Convention A subdivision or agency of a Member Statemay be a party if:o It has been designated to ICSID (ICSIDConvention Article 25(1)), ando The State has approved its consent toarbitration (ICSID Convention Article 25(3)) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.19
(4) And a National of Another MemberStateArticle 25 (2)Individual Person(25(2)(a)) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.Juridical Person(25(2)(b))-e.g.: company,partnership, etc.20
A National of Another Member State Article 25(2)(a) of the ICSID Convention An individual:o must be a national of another Member State at thetime of consent and at the date of registration ofthe Request, ando cannot have the same nationality as the host State 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.21
A National of Another Member State Article 25(2)(b) of the ICSID Convention A company must be a national of anotherMember State at the date of consent Exception: a company may have the samenationality as the host State if:o it is under foreign control, ando the parties agree to treat it as a foreignnational 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.22
(5) Consent in WritingSources of Consent: Contracts Investment Laws Bilateral or Multilateral InvestmentTreaties 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.23
Basis to Commence Cases at ICSID Submitted voluntarily: need State and investor consent in writingConsent is usually found in investment treaty, contract or investment law 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.24
Scope of Consent Parties may limit the scope of consent – e.g.:o Requirement to exhaust local remedieso Types of dispute coveredo Investors coveredo Time limitations But Parties cannot derogate from theConvention by consentSee Annex 5 – Measures Taken by States (ICSID/8) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.25
Philip Morris v. Uruguay(ICSID Case No. ARB/10/7) Challenge to “SinglePresentation Requirement”and 80% label requirement ofUruguaySee Annex 6 – PMI v. Uruguay - Case Details, Materials,Procedural Details (ICSID Website)See Annex 7– PMI v. Uruguay - Decision on JurisdictionSee Annex 8 – PMI v. Uruguay - AwardSee Annex 9 – Switzerland – Uruguay BIT (1988) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.26
Example of ICSID JurisdictionPhilip Morris Brands Sàrl, Phillip Morris Products S.A., and AbalHermanos S.A. v. Uruguay (ICSID Case No. ARB/10/7)The dispute concerned an alleged substantial decreaseLegal Dispute in sales and deprivation of intellectual property rightsdue to Uruguay’s investor’s breach of BITInvestmentThe Claimants’ investment included: a localmanufacturing facility; shares in Abal; rights to royaltypayments; trademarks and goodwillMember StateRespondent was the Oriental Republic of Uruguay – anICSID member since 2000National ofClaimants were 2 Swiss tobacco companies and aAnotherUruguayan company under foreign controlMember StateConsentConsent to ICSID arbitration was found in theSwitzerland-Uruguay BIT 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.27
Part III:Institution of ArbitrationProceedings 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.28
Procedural FrameworkProvisions of the applicable investmenttreaty, contract or lawProvisions of the ICSIDConventionICSID Arbitration Rulesin effect at the time ofconsent to arbitrationProceduralOrders 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.
Conduct of an ICSID Arbitration 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.See Annex 10– Practice Notes for RespondentsSee Annex 11 – Detailed Flow Chart30
The Request for Arbitration The process of filing a request is governed bythe Institution Rules Filed by the Claimant – usually the investor;could be the State (or in some circumstances, asubdivision or agency of a State) Claimant pays a non-refundable lodging fee of25,000 USD – helps prevent frivolous claimsSee Annex 12 – How to file a Request for Arbitration 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.31
Review of the Request ICSID reviews the request in lightof the Convention and theinstrument of consent The request is registeredunless it is “manifestlyoutside the jurisdiction ofthe Centre” (Article 36(3) ICSIDConvention) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.32
Registration of a Request The Secretary-General must issue a notice ofregistration or refuse to register Registration process now takes 16 days onaverage No appeal against the registration decisionSee Annex 13– Notice of Registration 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.33
Part IV:Constitution of the TribunalRelevant Provisions: ICSID Convention,Articles 12-16, 37- 40,56-58 ICSID ArbitrationRules 1-12 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.34
Constitution of the Tribunal - ProcessStep 1(HOW) Determine the number of arbitratorsand the method of their appointmentStep 2(WHO) Selection and appointment ofTribunal membersStep 3(FINAL STEPS) Acceptance of appointment andconstitution of the Tribunal 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.35
Number ofArbitratorson aTribunal A sole arbitrator or any uneven number ofarbitrators if the parties so agree (Art. 37) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.36
Method of Appointment of TribunalAgreement exists at the time ofrequest (see treaty, law or contract)Parties agree on a methodOR(Art. 37(2)(a))Subsequent agreement of partiesParties do not agreeon a method(Art. 37(2)(b))If parties agree on a ballotcandidate, the appointment ismade by agreement of the partiesBallot (ICSID proposes5 or more candidates)ORIf ballot fails, must select fromICSID Panel of Arbitrators (Art. 38) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.37
Tribunal Selection and Appointment Parties can select anyone who meets qualifications in Article 14: High moral character Recognized competence Independent judgment Majority shall be nationals of Statesother than the State party to dispute(Art. 39, Rule 1(3))and the State of investors’nationality (unless parties otherwiseagree)Nationality: 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.See Annex 14 – What Makes a Good Arbitrator? (video)See Annex 15 – List of Arbitrator Videos38
Requirements for AppointeesQualifications:(Art. 14) High moral character Recognized competence Independent judgmentNationality: Majority shall be nationals of Statesother than the State party to dispute(Art. 39, Rule 1(3))and the State of investors’nationality If the Tribunal consists of 3members, a national of either Statemay not be appointed by adisputing party without theagreement of the other 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.39
Appointment by Chairman – ConventionArticle 38 If no appointment in 90 days a party can askChairman to appoint the missing arbitrator Process: ballot of 5 persons sent to parties – ifno consensus, Chairman appoints Chairman must appoint from ICSID Panel ofArbitrators (Panel consists of 4 personsdesignated by each State and 10 persons byChairman)See Annex 16– Panel of Arbitrators (ICSID 10)See Annex 17– Sample Ballot 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.40
Acceptance of Appointment &Declaration – Constitution of the Tribunal ICSID seeks acceptance from appointees (Arbitration Rule5(2)) Declaration of Arbitrator (Arbitration Rule 6):o To keep information confidentialo To judge fairly as between the partieso Statement of relationship with parties or othercircumstance if neededo Continuing obligation to disclose any such relationshipor circumstance that arises subsequentlySee Annex 18 – Declaration – Arb. Rule 6(2) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.41
Constitution of TribunalThe Tribunal is constituted when allarbitrators have accepted theirappointments. 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.42
Disqualification of ArbitratorsRelevant Provisions ICSID Convention Articles 57-58ICSID Arbitration Rules 8-12 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.43
Grounds for Disqualification - Article 57 Manifest lack of the qualities in Article 14(1)o High moral charactero Recognized competence in law, commerce,industry or financeo Reliability to exercise independent judgment Nationality requirements not met Objective test from perspective of reasonable thirdperson Burden of proof on applicantSee Annex 19 – List of Decisions on Disqualification 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.44
Challenge – ProcedureTRIBUNAL IS CONSTITUTEDPROPOSAL TO DISQUALIFY FILED PROMPTLY WITH ICSID S-GPROCEEDING SUSPENDEDPARTIES AND CHALLENGED ARBITRATOR(S) SUBMIT OBSERVATIONSDECISION TAKEN- By other Tribunal members in challenge to a minority of the Tribunal- By Chairman of ICSID Administrative Council if Tribunal members are equally divided,or if challenge is to a sole arbitrator or majority of TribunalREJECT PROPOSAL- Resume proceeding immediately 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.DISQUALIFY ARBITRATOR(S)- Vacancy filled by same method asoriginal appointment- Resume proceeding after newarbitrator(s) accept their appointment45
Part V:Commencement of Proceedings, First Sessionand Procedural Order No. 1 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.46
Commencement of ArbitrationICSID notifiesparties ofarbitrators’acceptanceTribunal isconstitutedandproceedingbegins 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.Once Tribunal is constituted:First advancepaymentFirst Session heldwithin 60 days30-day limit to filePreliminary Objectionunder Rule 41(5)47
Request for Advances Advance payments requested periodicallyo Initial advance payment to be paid beforethe First Session Each party normally pays ½ of each advance(Admin. & Fin. Reg. 14 (3)(d)) Put in a separate case fund Used to pay the arbitrators fees andexpenses, ICSID administrative fee, and otherdisbursements 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.48
Non-Payment of AdvancesAdmin. & Fin. Reg. 14 (3)(d)Either party shouldmake required paymentwithin 30 days afterrequestAfter 15 more days:Secretary-General maymove that Tribunal staythe proceeding6 months after stay:Secretary-General maymove that Tribunaldiscontinue theproceeding 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.49
First Session of the Tribunal Practical ConsiderationsTo be held within 60 days from Tribunalconstitution (unless otherwise agreed)Date fixed by Tribunal in consultation withthe parties and Secretary-GeneralHeld in any venue agreed by parties –(Washington, D.C. as default)ICSID encourages parties to consider video orteleconference to reduce costs 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.50
Procedural Order No. 1 Contains the parties’ agreements andthe Tribunal’s decisions Point of reference throughout theproceeding Can be amended or supplementedSee Annex 20 – Sample Procedural Order No. 1 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.51
Part VI:Other Procedures 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.52
Expedited Preliminary Objections Manifest Lack of Legal MeritRelevant ProvisionsICSID Arbitration Rule 41(5) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.53
Manifest Lack of Legal Merit Allows early dismissal of claims thatmanifestly lack legal merit Applies to absence of jurisdiction andmerits Standard is high – the lack of legal meritmust be obviousSee Annex 21 – List of Decisions on Rule 41(5) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.54
Procedure – Rule 41(5)Tribunal is ConstitutedObjection that a Claim isManifestly Without Legal Merit30 DaysWritten [and Oral]Submissions on the ObjectionTribunal Decides at the FirstSession or Shortly ThereafterDecision Rejecting Objectionor Partially UpholdingObjection60 days or OtherPeriod Agreed bythe PartiesAward- Case is Dismissed forManifest Lack of Legal MeritProceeding Continues to HearClaims That Were NotDismissed 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.55
Preliminary ObjectionsRelevant Provisions ICSID Convention Article 41 ICSID Arbitration Rule 41 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.56
Preliminary Objections Usually an objection to the jurisdiction of the Tribunal Must be made as early as possible, but in any eventbefore filing the Respondent’s Counter-Memorial Can be made even if the same objection was dismissedunder Arbitration Rule 41(5) If the Tribunal finds that there is no jurisdiction, itrenders an award 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.57
BifurcationRelevant Provisions ICSID Convention, Article 41ICSID Arbitration Rule 41(3) 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.58
Bifurcation of Proceedings allows tribunal to hear discrete aspects of thecase in different stages (often for jurisdiction) criteria:o does the objection have substance (notfrivolous)o would bifurcation materially reduce time andcosto is bifurcation impractical because jurisdictionand merits are so intertwined 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.See Annex 22 – Possible Sequences59
Provisional MeasuresRelevant Provisions ICSID Convention Article 47 ICSID Arbitration Rule 39 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.60
What Measures Can Be Requested? Measures to preserve the rights of a party Conditions for granting measures:o Urgencyo Necessity – Irreparable harmo Rights are in dispute (can be proceduralrights) Requested from Tribunal at any time, by eitherparty 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.61
Production ofDocumentsRelevant Provisions ICSID ArbitrationRule 34 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.62
Timing The Parties can request documents from eachothero Tribunal decides on contested requests fordocuments Timing usually decided in Procedural Order No. 1 The Tribunal may ask the parties to producedocuments or other evidence at any stage of thecase 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.63
How to Request Documents The requests include:o description of documents or categories ofdocuments requestedo relevance and materiality to the caseo indication that the requesting party doesnot possess the documents requestedo the basis on which to assert that theother party has the documentsSee Annex 23 – Model Redfern Schedule 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.64
Examples of Objections toProduction of Documents The category of documents sought is toobroad Document is not relevant to the dispute Document is protected by attorney-clientprivilege Document is in possession of third partySee Annex 24 – IBA Rules on Taking of Evidence 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.65
Written Pleadings(ICSID Convention Art. 43-44; Arbitration Rules 29-38) Normally two rounds of pleadings:Claimant’s MemorialRespondent’s Counter-memorialClaimant’s ReplyRespondent’s Rejoinder Same structure for jurisdiction, merits andquantum phases 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.66
Memorial Statement of the relevant factsStatement of the lawArgumentAll evidence a party plans to rely upon:o Exhibitso Legal Authorities 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.67
TransparencyRelevant Provisions ICSID Arbitration Rules6(2), 15, 32(2), 37(2),48(4) Administrative andFinancial Regulations22-23 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.68
Transparency (cont.)Access toHearingsAccess toDocumentsAmicusCuriaeSee Annex 25 – NDP Decisions 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.69
Part VII:Oral ProcessRelevant Provisions: ICSID Convention,Articles 62,63 ICSID ArbitrationRules 32-37 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.70
Before the Hearing Pre-hearing organizational meeting deals with e.g.:o Daily Schedule, Order of proceedings and allocation oftimeo Procedure for open hearingso Sequestration of witnesses and experts Checklist of Preparation for Hearing, e.g.o Request interpretationo Request travel certificate from ICSID in support of visaapplicationso Prepare hearing bundlesSee Annex 26 – Checklist for Hearing PreparationSee Annex 27 – List of Institutions with which ICSID has Facilities Agreements 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.71
The HearingOpening by movingpartyOpening by respondingpartyMoving party leads itswitnessesResponding party leadsits witnessesExamination ofwitnesses and experts:- Direct- Cross- Re-directClosing by moving partyClosing by respondingparty 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.72
Spence International et al. v. Republic of Costa Rica(UNCT/13/2), Hearing on Merits (CAFTA), April 2015Tribunal’s Opening Remarks 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.73
Spence International et al. v. Republic of Costa Rica(UNCT/13/2), Hearing on Merits (CAFTA), April 2015Claimant’s Opening 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.74
Spence International et al. v. Republic of Costa Rica(UNCT/13/2), Hearing on Merits (CAFTA), April 2015Cross-Examination of Claimant’s Witness 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.75
Spence International et al. v. Republic of Costa Rica(UNCT/13/2), Hearing on Merits (CAFTA), April 2015Respondent’s Closing 2017 by International Centre for Settlement of Investment Disputes.Content may be reproduced for educational use with acknowledgement.76
Part VIII:The Award orTermination of the ProceedingsSettlement/Discontinuance 2017 by International Centre for Settlement of Investment D
payments; trademarks and goodwill. Member State . Respondent was the Oriental Republic of Uruguay - an ICSID member since 2000. National of Another Member State. Claimants were 2 Swiss tobacco companies and a Uruguayan company under foreign control . Consent. Consent to ICSID arbitration was found in the Switzerland-Uruguay BIT . 27
