Nargiz Bakhshali Zeynalli
Baku State University
SIGNIFICANCE OF UMBRELLA CLAUSES IN INTERNATIONAL INVESTMENT LAW
A large number of investment treaties contain provisions, often referred to as ‘umbrella clauses’, that require host states to respect non-treaty commitments and obligations made to foreign investment covered by the treaty. This article examines the general nature of umbrella clauses, their historical background, the various forms that they can take, and their application by arbitral tribunals. In view of the unsettled state of the jurisprudence on umbrella clauses, the article concludes with a suggested framework of analysis for applying umbrella clauses to specific investments, setting out a number of questions which persons applying umbrella clauses should seek to address.
Key words: arbitration, umbrella clauses, international treaty obligations, foreign investment, bilateral investment treaties, contractual obligations
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