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Umbrella Clauses In The Icsid Arbitration, Ilyas Golcuklu

ILYAS GOLCUKLU

This article aims to discuss two main approaches, namely broad interpretation and restrictive interpretation, adopted by various arbitral tribunals to deal with umbrella clause claims brought in international investment disputes, especially under the ICSID[1] arbitration.

The first section of the article tries to give readers a general idea about the BITs and the definition of umbrella clauses by heavily emphasizing the importance of such clauses in international investment arbitration. This section also gives a brief historical background with regard to emergence of umbrella clauses and analyzes the rationale behind this emergence while giving some actual wording of such clauses …