State Consent Offer in CIADI Arbitration Proceeding
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Abstract
he main feature of arbitration is its conventional nature. The parties, acting according to their free will make free decisions to comply with this alternative mechanism for solving controversies. The Washington Agreement acknowledges that CIADI jurisdiction is grounded on an arbitration commitment of contractual nature closed between the State and a foreign investor. However, the dynamic indicates that these arbitration clauses can be included in an investment treaty and even in internal regulation of the receiving State, and a consent 'offer' can be constituted by the receiving State, only waiting for future acceptance of the investor for relevant execution. Innumerable difficulties have arisen in arbitral practice at the time of checking existence of the consent granted by the State in advance through a treaty or an internal law. Today, unilateral offer of investment included in internal regulations and investment agreements is a protective warranty for foreign investments.
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How to Cite
Pérez Pacheco, Y. (2011). State Consent Offer in CIADI Arbitration Proceeding. Ciencias Sociales Y Educación, 2(3), 33-63. https://revistas.udem.edu.co/index.php/Ciencias_Sociales/article/view/802