Overview

In Contractual Renegotiations and International Investment Arbitration, Aikaterini Florou explores the sensitive issues of renegotiating state contracts and the relationship between those contracts and the overarching international investment treaties. By introducing novel insights from economics, the author deconstructs the contract-treaty interaction, demonstrating that it is not only treaties that impact the underlying contracts, but also that those contracts have an effect on the way the open-textured treaty standards are interpreted. The originality of the argument is combined with an innovative interpretative methodology based on relational contract theory and transaction cost economics. Departing from the traditional emphasis of international lawyers on the text of investment contracts, Florou shows instead that such contracts are first and foremost “economic animals” and the theory of obsolescing bargaining does not paint a full picture of the contract-treaty interaction.

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9789004407466

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Reviews

Contractual Renegotiations and International Investment Arbitration is a strong addition to the burgeoning literature on international law and economics. The book offers a fresh perspective in the analysis of international investment law that was long overdue! The key innovation the book offers is a novel analytical framework that marries relational contract theory with transaction cost economics. Dr Florou's work shows a deep understanding of the economics of investor-state contracts under the lens of relational contract theory. It then combines this analysis with the examination of the role of law in addressing international investor-state economic disputes broadening tour reading of the Treaties beyond the positivist approach. The combined analysis opens up new interpretation possibilities of the Treaties which could be useful in a number of investor-state disputes. Academics, investment arbitration practitioners and post-graduate students with an interest in International arbitration will find this book an enlightening read! - Professor Emilios Avgouleas (https://www.law.ed.ac.uk/people/professor-emilios-avgouleas) The book is a timely and innovative addition to the scholarship on international investment law and an interesting perspective from which to observe the changing approach to investment protection. The interactions with concession agreements in investment protection are increasingly important as an element of energy law. This subject matter is well-chosen for its ability to reveal the instability in the system; there are significant changes as a result of laws on renewable energy and changing environmental regulations. However, it also represents an essential element of the public interest element to foreign investments. Emily Sipiorski, Tilburg School of Law, Department of Public Law and Governance, published in Transnational Dispute Management (2021)

Contractual Renegotiations and International Investment Arbitration is a strong addition to the burgeoning literature on international law and economics. The book offers a fresh perspective in the analysis of international investment law that was long overdue! The key innovation the book offers is a novel analytical framework that marries relational contract theory with transaction cost economics. Dr Florou's work shows a deep understanding of the economics of investor-state contracts under the lens of relational contract theory. It then combines this analysis with the examination of the role of law in addressing international investor-state economic disputes broadening tour reading of the Treaties beyond the positivist approach. The combined analysis opens up new interpretation possibilities of the Treaties which could be useful in a number of investor-state disputes. Academics, investment arbitration practitioners and post-graduate students with an interest in International arbitration will find this book an enlightening read! - Professor Emilios Avgouleas (https://www.law.ed.ac.uk/people/professor-emilios-avgouleas)

Author Information

Aikaterini Florou obtained her PhD from Sciences Po Law School in 2017. She is currently a visiting scholar and visiting lecturer at Bologna Law School. Previously, she worked for several years as a legal and policy officer with the European Commission in the fields of international energy and investment law.

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