Lighthouses Arbitration between France and Greece. Claim No. 26.

Abstract

State Responsibility — Damages — Measure of Damages — Adoption of “Normal Working” Profits as Measure of Compensation for Loss Caused to Concessionaire by Devaluation of Currency.

Treaties — Interpretation of — Principles and Rules of — Principle of Good Faith

Arbitration — Procedure — Competence of Arbitral Tribunal — Distinction between Claim Based on Article in Treaty Providing for Reference of Difference to Experts and Claim Within Terms of Compromis.

State Responsibility — For Breaches of Contractual Obligations — Breach of Obligation under Concessionary Contract — Failure to Increase Tariffs to Allow for Devaluation of Currency as Breach of Obligation — Principle of Good Faith — Adequacy of Increases — Irrelevance of Principles of Municipal Law — Irrelevance of Principles of Private International Law — Relevance of International Character of Turkish Lighthouses Concession — Rejection of “Gold Tariff” as Basis of Claim — Rejection of Similar Increases in Tariffs Elsewhere as Basis of Quantum — Adoption of “Normal Working” Profits as Measure of Compensation.