Jurisdiction — Consent — Consent in domestic law in absence of a bilateral investment treaty — Consent in contracts between host State and developer

Jurisdiction — Estoppel by conduct — Whether significant delay caused by Respondent waiving right to argue objections to jurisdiction

Interpretation — ICSID Convention — Interpretation of “investment” — Strict construction — Whether development costs in the absence of a signed agreement can be considered an “investment” under the ICSID Convention

Costs — Arbitration costs — Applicable rules — Apportionment — Exercise of discretion

Applicable law — Guarantee of legal stability — Inapplicability of subsequent legislative changes — Different meaning of export licences and export applications

Interpretation — Conflicting provisions — Principle of useful effect of all contract stipulations — Prevalence of general exemption from all duties imposed on export operations over a positive obligation to pay stamp duties in general

Interpretation — Object of stamp duty — Conformity with legislative purposes and international framework

Jurisdiction — Mexico — Spain, Agreement on the Reciprocal Promotion and Protection of Investments (“BIT”) — Conduct pre-dating entry into force of BIT — Whether BIT applying to conduct pre-dating BIT — Most — favoured-nation clause — Application to temporal limits

Expropriation — Refusal to renew operating permit for landfill — Whether indirect expropriation — Whether breach of obligation to provide full security and protection — Whether breach of obligation to treat fairly and equitably

Damages — Calculation of damages — Fair market value — Restitution in kind — Interest — Costs

Jurisdiction — Whether tribunal competent to hear claim — Whether claim subject to investor — State dispute settlement — Whether diplomatic protection necessary

Interpretation — NAFTA — Whether claim characterized as investment dispute or dispute under financial services chapter — Dispute settlement procedures

Interpretation — NAFTA — Interpretation of “financial institution” — Whether financial holding companies “financial institutions” — Status of financial groups in Mexican law

Interpretation — NAFTA — Interpretation of “regulatory capital” — Whether debentures issued “regulatory capital” within NAFTA

Municipal law — Law relating to regulation of financial groups in Mexico

Arbitration — International Centre for Settlement of Investment Disputes — US–Ukraine Bilateral Investment Treaty (“BIT”) — Investment in Ukraine by a US company — Alleged expropriation of rights

Jurisdiction — Objection to jurisdiction — Preliminary issues joined to merits

Jurisdiction — Jurisdiction ratione materiae limited to Article VI(1)(c) of the US–Ukraine BIT — Jurisdiction ratione personae — Jurisdiction ratione temporis limited to acts after enforcement of BIT

Treaties — Bilateral investment treaty — Definition of investment — Article I(1)(a) of US–Ukraine BIT — Vehicle company incorporated in Ukraine — Investment characterized for purposes of Article I(1)(a) of BIT — Absence of factual evidence of investment

Expropriation — Article III of US–Ukraine BIT — Expropriation claims rejected

Costs — Arbitration costs — Costs of legal representation and assistance

Applicable law — Choice of law — Whether choice of law exclusive — ICSID Convention, Article 42(1)

Contract — Breach of contract — Force majeure — Whether force majeure valid excuse for non-performance — Whether force majeure event unforeseeable

Contract — Breach of contract — Termination — Whether party entitled to terminate contract

Damages — Calculation of damages — Recovery of expenses — Whether all expenses recoverable — Interest on expenses — Whether pre-Award and post-Award interest recoverable

Damages — Calculation of damages — Loss of profits — Whether loss of profits speculative — Whether loss of profits recoverable — Whether loss of profits precluded by Claimant’s breach — Whether Claimant’s breach material

Interest — Rate of interest — Whether agreed rate of interest applied — Compound interest — Costs

Jurisdiction — Whether tribunal having jurisdiction over individual claimants and corporate claimants — Whether tribunal having jurisdiction over corporate claimants — Dual nationals — Dual national shareholders — Incorporation — Substantial interest of nationals — Parallel proceedings

Nationality — Jus sanguinis — Rule of real and effective nationality — Dual nationals — ICSID Convention — Vienna Convention on the Law of Treaties, 1969 — Assumed nationality

Arbitration — ICSID Convention, Article 41 — Duty of tribunal to judge its own competence — Consent by parties to jurisdiction of ICSID

Treaties — Bilateral investment treaty — 1991 Argentina–United States Treaty concerning the Reciprocal Encouragement and Protection of Investment (“BIT”) — Whether Argentina breached its obligations to claimant under BIT

Settlement — Attempt to reach amicable settlement — Within first six months after dispute arising — Article VII(3) of BIT — Consultation — Negotiation

Jurisdiction — International Centre for the Settlement of Investment Disputes — Competence of tribunal — Article 25 of ICSID Convention — Article VII of BIT

Legal dispute — Dispute arising directly out of investment — Contractual dispute — Concession Agreement — Investment dispute — Mere reference to interpretation or analysis of facts related to performance under Concession Agreement cannot per se transform dispute under BIT into a contractual dispute

Jurisdiction — Waiver of jurisdiction — Exclusive jurisdiction — Objection to jurisdiction — Whether jurisdiction of tribunal can be excluded by waiver clause in Concession Agreement, Bidding Terms, Commitment Letters or Clarifying Circulars — Scope of jurisdiction clauses in Contract Documents — Identity of parties to whom commitments made

Jurisdiction — “Fork-in-the-road” choice — Whether submission of dispute before local courts ousting jurisdiction of ICSID Tribunal — Differentiation of claims and parties

Jurisdiction — Forum selection clause — Difference in subject-matter of proceedings before domestic courts and tribunal — Forum selection or waiver clause not having impact on tribunal’s jurisdiction

Jurisdiction — Jus standi — Indirect investment — Rights of investors — Direct right of action of shareholders

Procedure — Proceedings on merits — Proceedings on jurisdiction suspending proceedings on merits

Award — Request for supplementary decisions — ICSID (Additional Facility) Rules, Article 58 — Whether dismissal of all claims on the merits necessarily disposed of particular claim

Award — Binding nature — ICSID Additional Facility (AF) Rules, Articles 42 and 52 — Interpretation — When Award final — Whether requests for supplemental decisions rendering Award non-final until Tribunal decided on supplemental decision

Award — Review by domestic courts — United States Federal Arbitration Act — Three-month period for serving notice of motion to vacate — Award final from issuance if arbitrators manifesting intent to decide all issues referred to arbitration