June 04, 2019
The International Centre for the Settlement of Investment Disputes’ (ICSID) proposed changes could save time and money in investor-state disputes. Senior associate Myriam Seers spoke with Law Times on the proposed changes, saying cases involving the ICSID can take up to five years to resolve.
The article addresses where the ICSID currently is in its amendment process, how the proposed changes could speed up the dispute resolution process, and when the amendments could potentially be implemented.
Myriam explained how there are “different mechanisms [for resolving investor-state disputes], but ICSID is probably the one used the most frequently.”
Myriam said disputes are most often seen with oil and gas and mining companies, although it’s not uncommon to affect telecommunications and hospitality industries.
"Often the only available remedy for that investor is to bring a claim pursuant to investment protection treaties," she said.
"Fundamentally, an investor-state claim is a claim that a treaty has been breached. It's an international law breach of obligations pursuant to a treaty which is a different thing than breach of a contract," she adds.
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