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Foreign investments in disputed maritime zones : Maritime zonal disputes as events of force majeure between international law and international contracts.
Sovereign rights in Exclusive economic zones and Continental shelves are functionally limited to the economic exploitation of these zones. Moreover, in the case of disputed maritime zones these sovereign rights are neither exclusive nor necessarily constant. Nevertheless, states are still expected t...
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| Format: | Thesis |
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AUC Knowledge Fountain
2019
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| Summary: | Sovereign rights in Exclusive economic zones and Continental shelves are functionally limited to the economic exploitation of these zones. Moreover, in the case of disputed maritime zones these sovereign rights are neither exclusive nor necessarily constant. Nevertheless, states are still expected to provide the investments established in these zones the same treatment they should provide in their territories where they exercise full and constant sovereignty. If a host state agrees to the establishment of an investment in a maritime zone that become later contested, do the occurrence of the contestation and the hazards arising from such contestation relief the host state from its contractual and treaty obligations toward the investment by virtue of the force majeure concept. This thesis argues that a traditional interpretation of the force majeure concept in respect of investment agreements and contracts, hampers states ability to de-escalate their maritime disputes, diminishes its capacity to conclude delimitation agreements and reduces the promotion of the UNCLOS III as well as its mechanisms for disputes settlement. It proposes a contextualist interpretation of the force majeure concept that is adapted to the exploitation of disputed maritime zones and states obligations under the international law of the sea. First, it examines the concept of force majeure as a doctrinal hypothesis and its applications in international contracts and international investment agreements. Second, it analyzes the legal act of maritime contestation as a force majeure event according to the possible interpretations of the concept of “force majeureâ€. Finally, it examines the most recurrent legal hazards susceptible of arising out of a contestation; provisional orders and unfavorable delimitation. |
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