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31 Tex. Int'l L. J. 215 (1996)
Stabilizing International Investment Commitments: International Law Versus Contract Interpretation

handle is hein.journals/tilj31 and id is 227 raw text is: Stabilizing International Investment Commitments: International Law Versus Contract Interpretation THOMAS W. WAELDEt & GEORGE NDbtt SUMMARY I. INTRODUCTION ............................................... 216 11. NEGOTIATING CONTE T OF STABILIZATION CLAUSES ................... 220 A. Controlling the Future: Playing God With the Stabilization Clause ..... 220 B. The Governmental Dimension of Stabilization Guarantees ........... 221 C. Money in the Dynamics of Government/Investor Interaction .......... 223 D. The Special Emphasis on Tax Stabilization by Energy/Mineral Investors ............................................. 226 E. Negotiating the Stabilization Clause Under the Shadow of Financiers ... 228 F. Non-Financial Stability Concerns ............................ 230 III. STABILIZATION CLAUSES: AN ITEM ON THE MENU OF POLITICAL RISK MANAGEMENT .................................. 231 A. Context and Major Strategies of Political Risk Management ......... 231 B. Contract with Government as a Method of Political Risk Management . . 234 C. Cooperative Risk Management Between Investor and Government ...... 237 IV. CRITERIA FOR APPLICATION AND INTERPRETATION OF STABILIZATION CLAUSES ..................................... 238 A. - Stabilization Clauses Under National Law ...................... 238 B. Stabilization Clauses Under International Law ................... 241 1. Applicability of International Law ......................... 241 2. Main Concepts: Sanctity of Contract Versus State Sovereignty ...... 242 3. Doctrinal Writings ................................... 243 4. Arbitral Practice ..................................... 245 V. IMPACT OF ENERGY CHARTER TiEATY OF 1994 ...................... 246 VI. PRELIMINARY ASSESSMENT: FUNCTIONAL VALUE OF THE STABILIZATION CLAUSE ................................... 247 VII. CHOICE AND CONFLICT OF LAW . f .............................. 248 A. Interpretation Criteria for Stabilization Clauses .................. 250 1. Application of Standard Methods of Contract Interpretation ........ 250 t Professor of International Investment and Petroleum/Mineral Law & Executive Director, Centre for Petroleum/Mineral Law & Policy (CPMLP), University of Dundee, Scotland; EC Jean-Monnet Chair of European Economic and Energy Law (1995-1998); Law Degree (Frankfurt); LL.M. (Harvard); Dr.iur. (Frankfurt); Member of the Frankfurt Bar; previously U.N. Interregional Adviser on International Investment & Petroleum/Mineral Legislation. t Licence en Droit, Universit6 de Yaounde; Diploma, LL.M., Ph.D. (CPMLP/Dundee); Lecturer in Law, University of Huddersfield, England.

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