The following Arbitration practice note produced in partnership with Ben Sanderson provides comprehensive and up to date legal information covering:
An umbrella clause (known also as an umbrella agreement or an observance of undertakings clause) is a provision in a bilateral investment treaty (BIT) by which a state agrees to comply with all of its obligations owed to foreign investors. An umbrella clause can be highly advantageous to investors as it may allow the investor to argue that issues ordinarily governed by local law and jurisdiction (ie a breach by the state of its contractual obligations owed to the investor) can also be characterised as a breach of an investment treaty obligation by virtue of the umbrella clause. Therefore, the investor may be able to elevate all of its disputes with the state to the international forum under the protective umbrella of the BIT.
However, whether in fact a clause elevates domestic law obligations in this way (and if so, which obligations are elevated), is a matter of interpretation of the clause. Interpretation of umbrella clauses has proved controversial and this Practice Note will examine some of the key decisions on this issue.
Article 2(2) of the UK-Argentina BIT reads:
'Investments of investors of each Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy protection and constant security in the territory of the other Contracting Party. Neither Contracting Party shall in any way
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
This Practice Note looks at CE-File electronic working in the courts under CPR PD 51O, in the context of case management. It provides guidance on how to file a document electronically, deal with rejected electronic filings, issue a claim electronically, file electronic bundles (eBundles) for case
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.