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He identically argued as a counsel for the same claimant in SGS v Pakistan ( SGS I ) (2003) and SGS v Philippines ( SGS II ) (2004) that the effect of umbrella clause was to convert a contractual claim into a treaty claim. This illustrates the possibility of an arbitrator getting influenced by his counsel role in other cases.
In recent years, many States have signed investment treaties containing this type of clause based on the US Model BIT (2004), which itself reflects NAFTA case law following the FTC 2001 Note of Interpretation , which clarified that tribunals must apply the MST and no other standard. But these few isolated decisions remain outliers.
Framing: Directive 2004/18/EC, Directive 2014/24/EU, or it does not matter? One preliminary issue worth highlighting is that the timeline of the case created the issue whether the 2004 or the 2014 procurement Directive applied. In this post, I will focus on issues 1 and 2.
will eventually ease monetary conditions to influence a lowering of interest rates. [15] And, if bond investors will only purchase Government debt at elevated interest rates, that will influence the interest rates across the wider economy—working against any moves that the Fed. treasuries. [13] 13] , [14] Think of it this way.
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