Jurisdiction — Of arbitration tribunal — icsid arbitration clauses in agreements between government and company — Whether superseded by later agreement — Jurisdiction ratione materiae — Time and manner of expression of consent — Written submissions — Whether sufficient evidence of acceptance of tribunal’s jurisdiction

Parties — To icsid proceedings — Company incorporated by Contracting Party to conduct investment — Whether company under foreign control for purposes of participation in proceedings — Loss of majority control by non-State party — Whether depriving company of standing to participate as party in proceedings

Applicable law — Absence of agreed choice of law — Law of Contracting State — Inclusion of Contracting State’s conflict of law rules — Geographical location of project — Whether French civil law or English common law applicable

Compensation — For breach of contract — Effect of non-disclosure of circumstances adversely affecting profitability of project — Deductions from claim as result of failure to adequately perform contractual obligations — Exceptio non adimpleti contractus — Release of one party from obligations by virtue of other’s total or partial failure to perform — Whether principle of international law — Fertilizer plant and components supplied by company performing inadequately — Payment received by company representing percentage of performance of plant and components — Whether company entitled to payment of remainder of contract price

Counterclaim — For damages — Claim by State for losses attributable to participation in failed joint venture project — Capital contribution to joint venture company, government guaranteed loans and non-financial damages — Effect of denial of company’s claim for contract price on counterclaim

Annulment — Challenge to award of arbitration tribunal — Reference to ad hoc Committee — Powers of Committee — Whether limited to annulment for manifest excess of jurisdiction — Whether error of law constituting manifest excess of jurisdiction — Consequences of annulment — Whether partial or whole award annulled

Annulment — Grounds for annulment — Alleged absence of deliberation and other irregularities — Alleged lack of impartiality — Whether constituting failure of tribunal to adhere to fundamental rules of procedure Contradiction of reasons, dubious or hypothetical reasons — Whether constituting failure to state reasons — Sufficiently relevant reasons — Tribunal failing to deal with questions submitted to it

Annulment — Grounds for annulment — Excess of jurisdiction — Requirement that excess must be manifest — Effect of possible alternative interpretations of arbitration clauses — Uncertainty to be resolved in favorem validitatis sententiae — Applicable law — Distinction between non-application of applicable law and mistaken application of applicable law

Treaties — Interpretation — Annulment provisions of icsid Convention — Interpretation of provisions relating to applicable law — Whether interpreted in accordance with general principles of treaty interpretation

Jurisdiction — Of arbitration tribunal — Consent to arbitrate — Requirement of written consent — icsid arbitration clause in agreement between company and State — Agreement relating to one part of overall project provided for in two earlier agreements — Whether dispute arising under later agreement — icsid Convention, Article 25 — Whether State enjoys preferential position

Parties — To icsid proceedings — Party incorporated under law of a Contracting State — Party controlled by company of a non-Contracting State — Effect of icsid arbitration clause stating that nationality requirements of icsid Convention are deemed fulfilled — Whether party a “national of another Contracting State” — Relevance of deeming provision — Relevance of indirect control by national of a Contracting State — icsid Convention, Article 25

Nationality — Of company — Whether determined by reference to location of head office — Effect of immediate and effective control being vested in nationals of a third State — Whether effective but indirect control appropriate basis for determination of nationality of company

Arbitration — Agreement to arbitrate — Rules of interpretation — Whether strict or liberal interpretation — Applicability of principle of good faith — Interpretation to take into account consequences that parties must reasonably and legitimately have envisaged

State responsibility — For breach of contract — Unilateral decision by State to terminate — Termination not preceded by notice — Alleged breaches of co-contracting party — Whether State liable to compensate for failure to give notice prior to termination — Whether State liable to compensate for termination in absence of breach by co-contracting party — The law of Senegal

Municipal law — Effect of breach by State of internal public order — Effect of failure to incorporate agreement in a decree — Whether international tribunal has power to require compliance with State’s internal law by releasing Government from contractual obligations which it has itself recognized

Compensation — In relation to contract — Unilateral termination of contract without notice — Distinction between compensation for real, ascertainable and quantifiable damage and “full compensation” — Relevance of actual losses, lost profits and general damage suffered — Relevance of parties’ conduct — Whether conduct of investor mitigates or cancels Government’s liability for termination of contract — Nature of damage — Past or future damage compensable as long as ascertainable and direct — Definitions of “ascertainable” and “direct” — Identification of lost profits in terms of probability of lost opportunity — General damages for loss of goodwill too remote

Interest — Distinction between pre- and post-judgment interest — Whether pre-judgment interest may be treated as part of loss flowing from original termination of contract — Nature of post-judgment interest — Determination of date when interest begins to run

Recognition and enforcement — icsid arbitral award — Award of compensation against State in favour of foreign company — Order granting company recognition and enforcement of award — Whether order constituting measure of execution — Whether icsid Convention constituting autonomous regime for recognition and enforcement excluding application of domestic law remedies — icsid Convention, Articles 53 and 54

State immunity — Appeal by State from order granting foreign company recognition and enforcement of icsid award — Award subject of enforcement proceedings in State — Whether State immune from enforcement proceedings in other State — Whether icsid Convention excluding application of domestic law of State immunity

Parties — To enforcement proceedings — Appeal by State from order granting foreign company recognition and enforcement of icsid arbitral award — Named respondents including liquidator and counsel of company — Counsel not having acted as liquidator or director of company — Whether counsel proper party to appeal — The law of France

Expropriation — Taking of property — Repudiation by State of its contractual obligations — Confiscation of property without proper notice — Proper law of agreement — Law of Contracting State to be supplemented by international law

Non-appearance — Procedure in default of appearance by State — No lack of notification — Tribunal required to examine substantive merits of both parties’ assertions — Non-appearance of one party not entitling other to award as matter of right

Nationality — Of party to dispute — Company incorporated in Contracting State party wholly owned and controlled by nationals of another Contracting State — Whether company national of other Contracting State for purposes of icsid jurisdiction — Relevance of ownership and control — Relevance of evidence indicating company to be treated as national of other Contracting State

Jurisdiction — Of arbitration tribunal — Legal dispute ansmg from an investment — Meaning of “investment” — Whether amounts paid and undertakings carried out under concession agreement an investment — Nationality of parties — Whether company incorporated in one Contracting State a national of another Contracting State — Relevance of nationality of controlling stock holders

Compensation — For expropriation — Measure of damages — Damnum emergens and lucrum cessans — Amounts invested and lost due to confiscation — Loss of profits — Costs and expenses incurred

Execution — State immunity — Waiver of immunity — Property of foreign States used for commercial purposes — Whether tonnage fees, registration fees and other taxes collected by agents of State from shipowners in foreign country where attachment sought immune

Recognition and enforcement — Enforcement through proceedings in national courts — The law of the United States

Execution — State immunity — Property of foreign State used for commercial purposes — Whether bank accounts used for expenses of diplomatic mission immune — Mixed fund in use for commercial and public purposes — Waiver of immunity from enforcement not applicable to embassy bank accounts — Vienna Convention on Diplomatic Relations, 1961

State immunity — Embassy property — Bank account — Whether liable to attachment — The law of the United States