El Arbitraje Comercial Internacional y la Denuncia de Venezuela del Convenio Sobre Arreglos de Diferencias Relativas a Inversiones entre Estados Nacionales.
The arbitration is a mechanism of conflict resolution that offers legal security to the investors, contributes to the increase of international economic relationships between Venezuelan and foreigner investors, and brings as a consequence the growth and development of international business.One of t...
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2015
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| Online Access: | http://hdl.handle.net/10872/12252 |
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| Summary: | The arbitration is a mechanism of conflict resolution that offers legal security to the investors, contributes to the increase of international economic relationships between Venezuelan and foreigner investors, and brings as a consequence the growth and development of international business.One of the more usual forms agreed upon by the investors and the States, or by the companies to settle their differences, is to submit them to an arbitration court which decides on an expedited manner that is also in accordance to the law any given controversy. After a long journey, both from the legislative standpoint as well as from the practice of the arbitration mechanism, different national and international organizations and institutions have been created in order to settle controversies that may arise from businessmen in order to protect their investments, interests and ultimately the good relationships in the commercial world. In this institutional framework we find the International Center for the Settlement of Differences Relative to Investments (hereinafter referred to as “CIADI” by its Spanish abbreviation) one of the most relevant organizations, widely accepted and reputable between the investors. CIADI was created by the Agreement on Settlement of Disputes related to Investments between States and Nationals of the other States (hereinafter referred to as the “Washington Agreement”), to which Venezuela decided to adhere and submit to its jursdiction for the settlement of disputes in 1995. The CIADI is a mechanism for commercial conflicts resolution generally accepted, and which recognizes the importance of the international investments of economic character, and which intent is to further the development of the international relationships, as well as the growth of commerce and foreign investments. Any differences that may arise out of the investment between a Contracting State and the nationals of another contracting State (Member of the Convention) may be submitted before the jurisdiction of the aforesaid Center, provided that the parties have agreed in |
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