A crucial legal issue in relation to international construction contracts over the past decade has concerned the manner in which decisions of the Engineer made under Clause 67 of the FIDIC Conditions of Contract for Works of Civil Engineering Construction, fourth edition, 1987, and, since the Engineer was replaced by the Dispute Adjudication Board (“DAB”) in the 1999 edition of the FIDIC Conditions […]
Senegal Wins Arbitration Reflecting Rising Resource Nationalism In Africa
In a partial award, the arbitrators Elie Kleiman, Pierre Mayer, and Nicolas Molfessis ruled that a USD 2.2 billion deal it signed with ArcelorMittal could be terminated on the ground of a material breach by ArcelorMittal. ArcelorMittal’s counterclaim for the renegotiation of the contracts also failed. Senegal is now seeking USD 750 million in damages from […]
Why Investors Should Attempt To Negotiate Waivers Of Sovereign Immunity With Respect To Specific Assets Or Classes Of Assets
Although NML Ltd won an investment arbitration against Argentina many years ago, it has yet to succeed in enforcing its award against the country. The latest judicial decisions in NML Ltd’s attempts to enforce the award were rendered recently by the French Cour de Cassation, which elaborated on the French conception of sovereign immunity from […]
UK Supreme Court Again Considers Anti-Suit Injunctions
UK SUPREME COURT AGAIN CONSIDERS ANTI-SUIT INJUNCTIONS Ust-Kamenogorsk Hydropower Plant JSC v AES Ust-Kamenogorsk Hydropower Plant LLP [2013] UKSC 35 In a decision in Ust-Kamenogorsk Hydropower Plant JSC v AES Ust-Kamenogorsk Hydropower Plant LLP [2013] UKSC 35, handed down on 12 June 2013, the Supreme Court considered whether the English courts had jurisdiction to issue […]
Myanmar becomes the 149th State party to the New York Convention
I am pleased to inform you that the Myanmar, which has been gradually re-entering the international community, has deposited its instrument of accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. With an accession made without any reservation, Myanmar becomes the 149th State party to the Convention, which spans all major […]