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Compensation and Damages in International Law

The Limits of "Fair Market Value"

Irmgard MARBOE

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Irmgard Marboe

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Irmgard Marboe

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Irmgard Marboe

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Irmgard Marboe

The issue of compensation and damages plays a prominent role in any legal system. This article explores to what extent the guiding principles of compensation and damages under international law could be of interest for the valuation of claims for expropriated Armenian property in the context of acts and omissions by the Ottoman Empire in 1915 and the years following. It addresses various bases of claims, in particular the legal rules on expropriation. The discussion includes the difference between lawful and unlawful expropriation and underlines the importance of the valuation date. Furthermore, various methods for the valuation of assets are introduced as far as they are relevant for the valuation of expropriated property. Finally, the issue of interest, by which the passing of time is usually compensated, is briefly addressed.

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Nordzucker AG v The Republic of Poland

ad hoc Arbitration (UNCITRAL), Partial Award, 10 December 2008; Second Partial Award, 28 January 2009; Third Partial and Final Award, 23 November 2009 (Vera Van Houtte, Andreas Bucher, Maciej Tomaszewski)

Irmgard Marboe

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Damages in Investor-State Arbitration

Current Issues and Challenges

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Irmgard Marboe

Damages in Investor-State Arbitration: Current Issues and Challenges addresses specificities of the assessment of damages in investor-state disputes, reflecting the tensions between the sovereignty and self-determination of states and their legal obligations towards foreign investors. These tensions are primarily present in the context of compensation for expropriation, but other commitments of host states undertaken in bilateral investment treaties and contracts with foreign investors may also be in conflict with changing political and economic circumstances. With this background, the calculation of damages becomes a complex endeavor in each case. The lack of valuation principles that are uniformly accepted and implemented leads to uncertainty and unpredictability in practice. The present analysis tries to identify the most important issues and challenges, such as the choice of the valuation date, appropriate valuation methods, moral damages, and the awarding of interest.