Digest of International Investment Jurisprudence - Compañía de Aguas del Aconquija, S.A. and Compagnie Générale des Eaux v. Argentina, Award, 21 November 2000

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Compañía de Aguas del Aconquija, S.A. and Compagnie Générale des Eaux v. Argentina

Type of decision	Award
Date of decision	21 November 2000
Tribunal	Francisco Rezek (President) Peter D. Trooboff Thomas Buergenthal
Legal instrument	BIT between Argentina and France (1991)
Related decision(s)	Decision on Annulment, 3 July 2002 Decision on the request for supplementation and rectification, 28 May 2003 Decision on the Argentine Republic's Request for a Continued Stay of Enforcement of the Award, 4 November 2008
Further information	Case details at unctad.org Full text of decision at italaw.com

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International Investment Treaties (IITs)

Protection of Investors under IITs

Dispute Settlement Clauses

Exhaustion of Local Remedies Clauses

When a concession contract establishes an exclusive jurisdiction of national courts for its interpretation and application, and it is impossible to separate potential breaches of contract claims from treaty violations without interpreting and applying the contract, the investor has to pursue local remedies and cannot claim a treaty violation beside denial of justice

Fork in the Road Clauses

An clause establishing the exclusive jurisdiction of a local court for the interpretation and application of a concession contract is not a waiver of the right to file a claim based on a treaty provision

ICSID Convention

Jurisdiction of the Centre (Articles 25-27)

Article 25

Further Problems

Article 25 (3) ICSID Convention does not restrict the tribunal’s jurisdiction in a dispute between a party to an IIT and an investor; the article allows agencies and subdivisions to be a party in their own right to an ICSID proceeding

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