Arbitration — Resubmitted case — Award — Contract — Series of contracts between parties — Joint venture — Cancellation or termination of contracts — Vices of consent — Whether fraudulent actions and disloyal behaviour — Whether failure to disclose information — Whether decisive on consent — Violation of contractual rights — Whether incompetent, negligent and dishonest contracting party — Unilateral imposition of prices — Whether supervening circumstances outside control of party — Responsibility for failure of project — Allocation of responsibility to each party — Award of arbitration tribunal — Damages — Payment of outstanding balance due — Interest — Costs

Annulment — Challenge to Award of arbitration tribunal — Reference to ad hoc Committee — Powers of Committee — Whether total or partial annulment of Award

Annulment — Admissibility — Indication of ground — Whether mention sufficient — “State in detail” requirement — Committee’s competence to determine whether ground within Article 52 of ICSID Convention and Arbitration Rule 50

Annulment — Grounds for annulment of Award — Serious departure from fundamental rule of procedure — Former arbitrator as counsel in later stage of same proceedings — Whether violation of right of defence — Whether reversal of burden of proof — ICSID Convention, Article 52(1)(d)

Annulment — Grounds for annulment of Award — Failure to state reasons — Whether absence or contradiction of reasons — Allocation of responsibilities — Vices of consent — Unilateral imposition of prices — ICSID Convention, Article 52(1)(e)

Annulment — Grounds for annulment of Award — Manifest excess of powers — Whether wrong application of the law constituting excess of powers — Allocation of responsibilities — Vices of consent — Unilateral imposition of prices — ICSID Convention, Article 52(1)(b)

Annulment — Multiple requests for annulment — Coexistence of requests — Concurrence of requests — Whether agreement of parties in annulment request leading to automatic annulment

Arbitration — Award — Economic crises in Argentina — Expropriation claim — Article IV(1) of Argentina — US Bilateral Investment Treaty, 1991 (“BIT”) — Whether Respondent failing to accord Claimant fair and equitable treatment — Article II(2)(a) of the Argentina — US BIT — Whether Respondent discriminating against Claimant — Umbrella clause — Defence of necessity — Remedies — Respondent requesting continued stay of enforcement of Award — Respondent applying for annulment of Award

Expropriation — Article IV(1) of the Argentina–US BIT — Interpretation — Indirect and creeping expropriation

Fair and equitable treatment — Article II(2)(a) of the Argentina–US BIT — Customary international law — Interpretation

Discrimination — Arbitrariness — Article II(2)(b) of the Argentina–US BIT — Interpretation — Applicable standards

Treaties — Bilateral Investment Treaty — Article II(2)(c) of the Argentina–US BIT — Umbrella clause — Treaty claims — Standards of protection

State responsibility — Defence of necessity — Customary international law — International Law Commission’s Articles on State Responsibility, Article 25 — Essential interest of State — Grave and imminent peril — Alternatives available — Respondent’s contribution to crisis

Treaties — Defence of necessity — Article XI of Argentina–US BIT — Emergency clause — Essential security interest — Whether self-judging

Remedies — International law — Restitution — Compensation — Most applicable remedy — Applicable standard — Valuation method — Interest — Costs

Award — Stay of enforcement — ICSID Convention, Article 52(5) — ICSID Arbitration Rule 54 — Interpretation — Adequate assurances — Respondent applying for annulment of Award

Annulment — Grounds for annulment of Award — Manifest excess of power by arbitral tribunal — ICSID Convention, Article 25 — Argentina–US BIT, Article I(1) — Jurisdiction — Shareholder claiming for its rights in a foreign company independent from the latter’s rights — Definition of investment

Annulment — Grounds for annulment of Award — Manifest excess of power by arbitral tribunal — Failure to state reasons — Argentina–US BIT, Article II(2)(a) — Standard of fair and equitable treatment — Stable legal and business environment

Annulment — Grounds for annulment of Award — Failure to state reasons — Argentina–US BIT, Article II(2)(c) — Umbrella clause — Shareholder’s claim for its rights in a foreign company independent from the latter’s rights — Interpretation

Annulment — Grounds for annulment of Award — Manifest excess of power by arbitral tribunal — Failure to state reasons — Relationship between Article 25 of International Law Commission’s Articles on State Responsibility and Article XI of Argentina–US BIT — Necessity

Annulment — Grounds for annulment of Award — Manifest excess of power by arbitral tribunal — Failure to state reasons — Relationship between Article 27 of International Law Commission’s Articles on State Responsibility and Article XI of Argentina–US BIT — Compensation — Interpretation

Compensation — Standard of compensation — Fair market value — Discounted market value — No expropriation — Failure to state reasons

Jurisdiction — International Centre for Settlement of Investment Disputes — Article 25 of ICSID Convention — Whether legal dispute — Whether dispute arising directly out of an investment — Economic crisis in Argentina — Measures taken by Argentine Government — Whether Centre having jurisdiction over questions of general economic policy — Whether Centre having jurisdiction to determine whether measures of general economic policy violating specific legally binding commitments given to investor covered by Argentina-Spain Bilateral Investment Treaty, 1991 (“BIT”) — Articles III, IV and V of BIT — Meaning and scope of Argentina’s obligations under BIT

Jurisdiction — Consent to ICSID jurisdiction — Whether Respondent’s consent to arbitration limited by Article X of BIT — Whether Claimant required to resort to national courts as condition precedent to commencing international arbitration — Whether Claimant entitled to rely on most-favoured-nation clause — Article IV(2) of BIT

Foreign investment — Claimant indirect investor — Whether investment within meaning of Article I(2) of BIT — Whether investment dispute within meaning of Article X of BIT — Whether Claimant having standing to bring a claim under the ICSID Arbitration Rules and the BIT

Jurisdiction — Italy-Jordan Bilateral Investment Treaty (“BIT”) — Contract between Claimants and Respondent — Disagreement between parties as to amount owed under Contract — Claimants claiming Respondent breaching Article 2(3) and (4) of BIT — Whether Tribunal having jurisdiction over Claimants’ claim — Whether Article 9(2) of BIT excluding jurisdiction of Tribunal wholly or partly — Article 9(2) of BIT — Interpretation and application — Vienna Convention on the Law of Treaties — Whether Jordan Valley Authority an entity of Kingdom of Jordan within meaning of Article 9(2) of BIT — Whether claims of contractual character “a dispute concerning an investment” within meaning of Article 9(1) of BIT — Articles 2(4) and (5) and 11(2) of BIT — Umbrella clause — Whether giving Tribunal jurisdiction over contractual claims against Respondent — Article 3(1) of BIT — Most-favoured-nation clause — Whether giving jurisdiction to Tribunal in particular with respect to contractual claims — Whether tribunal having jurisdiction ratione temporis

Arbitration — ICSID — Italy-Jordan BIT — Article 9(3)(b) of BIT — Respondent refusing to allow dispute with Claimants to be referred to arbitration pursuant to clause 67.3 of Contract — Whether Respondent failing to honour Contract — Whether Respondent breaching Article 2(3) and (4) of BIT — International oral agreements — Whether binding — Burden of proof on Claimants — Whether Claimants proving existence of oral agreement between parties

Costs — Allocation between parties — Discretion of Tribunal — Article 61(2) of ICSID Convention

State responsibility — Responsibility of Respondent for actions and omissions of its political subdivision, the Province — Privatization of water supply and sewerage services of Province — Whether political subdivision of Respondent acting in exercise of public authority or as party to contract

Treaties — Bilateral investment treaty — 1991 Argentina-US Bilateral Investment Treaty (“BIT”) — Whether Respondent breaching standards in BIT — Whether established facts of dispute evidencing action on part of Province in exercise of public authority or as party to contract — Whether Respondent breaching Articles IV(1), II(2)(a), II(2)(b), II(2)(c) and II(7) of BIT

Expropriation — Whether impact on Claimant’s investment attributable to Province’s actions to extent that actions amount to expropriation — Whether legitimate measure serving public purpose giving rise to compensation claim — Whether time limit under international law for measures constituting creeping expropriation — Contractual breaches — Sovereign authority — Whether Respondent breaching Article IV(1) of BIT

Fair and equitable treatment — Interpretation — Customary international law — Bad faith or malicious intention — Province’s termination of Concession Agreement — Whether breach of fair and equitable treatment standard — Whether Respondent breaching Article II(2)(a) of BIT — Whether Respondent also breaching standard of full protection and security under Article II(2)(a) of BIT

Bilateral investment treaty — Duty to publish regulations — Duty to observe obligations with regard to investments — Contractual claims — Claimant not party to Concession Agreement — Whether Respondent breaching Articles II(7) and II(2)(c) of BIT

Arbitrary measures — Whether Respondent taking arbitrary measures impairing Claimant’s use and enjoyment of investment — Whether Respondent breaching Article II(2)(b) of BIT

Compensation — Fair market value — Actual investment — Book value — Independent and well-informed third party — Contractual claims — Amount owed to subsidiary not recoverable — Consequential damages — Interest — Costs

Treaties — Bilateral Investment Treaty between Egypt and United States (“BIT”) — Liberalization of Egyptian cotton industry — Claimants shareholders of privately owned cotton company — Claimants alleging actions of Egyptian authorities violating BIT provisions — Non-discrimination violations — International principle of transparency — Whether Egypt violating Articles II(2)(a) and II(4) of BIT

Discrimination — Non-discrimination principle of BIT — BIT prohibiting discrimination based on nationality — BIT requiring Respondent to treat equally investments in like situations — Prima facie in similar situations — Compensation relating to debts incurred prior to Claimants’ incorporation — Participation in scheme prerequisite to compensation — Whether Respondent breaching Article II(2)(a) of BIT

Transparency — Whether lack of transparency — Burden of proof — Laws and decrees public and available — Foreknowledge of rules and regulations governing investment — Whether Respondent breaching Article II(4) of BIT

Expropriation — Whether State incurring international responsibility — Public authority — Whether Respondent acting in use of State powers or as contracting party — Right of review before domestic courts — Creeping expropriation — Composite act — Whether contract could be expropriated when subject to Argentine law — Whether Decree expropriatory act — Whether expropriation in accordance with Germany-Argentina Bilateral Investment Treaty, 1991 (“BIT”) — Whether Respondent breaching Article 4(2) of BIT

Fair and equitable treatment — Full protection and legal security — Scope of standard — Purpose of BIT — Relevance of bad faith — Whether lack of transparency — Whether Respondent breaching Articles 2(1) and 4(1) of BIT

Arbitrary measures — Definition of arbitrary — ELSI case — Wilful disregard of law — Whether actions of Respondent arbitrary — Whether actions of Respondent discriminatory — Whether Respondent breaching Article 2(3) of BIT

Compensation — Draft Articles on State Responsibility — Definition of value — Time at which value assessed — Sums invested in the project — Currency of compensation — Book value — Loans by subsidiaries — Tax credits — Contractual risks — Loss of profits — Post-expropriation costs — Calculation of interest — Costs