ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
2018
№
2
♦
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
92
олиш
,
илмий
ва
техникавий
ижод
эркинлигига
оид
ҳуқуқларини
ҳимоя
қилиш
бўйича
ишларнинг
аҳволини
доимий
равишда
ва
комплекс
мониторинг
қилиш
,
уларнинг
оилада
,
жамиятда
ҳамда
жамоат
ва
давлат
ишларини
бошқаришдаги
ролини
ошириш
;
учинчидан
,
аёлларнинг
бандлигини
таъминлаш
бўйича
самарали
чоралар
қабул
қилиш
ва
амалга
ошириш
,
уларни
ишга
жойлаштириш
учун
ҳар
томонлама
ёрдам
кўрсатиш
,
аёллар
орасида
,
айниқса
,
қишлоқ
жойларида
тадбиркорликнинг
турли
шаклларини
ривожлантириш
;
тўртинчидан
,
аёлларнинг
ижтимоий
-
сиёсий
ва
ижтимоий
-
ҳуқуқий
фаоллигини
оширишга
қаратилган
тадбирларни
ишлаб
чиқиш
ва
амалга
ошириш
,
аёллар
нодавлат
нотижорат
ташкилотларининг
мамлакатнинг
ижтимоий
ва
сиёсий
ҳаётида
фаол
иштирок
этиши
учун
кўмаклашиш
.
Ўзбекистонда
оналик
ва
болаликни
муҳофаза
қилиш
,
аёлларнинг
жамиятдаги
мавқеини
ошириш
,
оилани
мустаҳкамлаш
ва
турли
имтиёзлар
бериш
борасида
бир
қатор
муҳим
қонунлар
ва
бошқа
ҳужжатлар
қабул
қилинганлиги
бежиз
эмас
.
Хулоса
қилиб
айтганда
,
мамлакатимизда
оналик
муҳофазасини
таъминлаш
ташкилий
-
ҳуқуқий
механизмларни
ва
уларни
амалиётда
амалга
ошириш
тартиботларини
янада
кучайтириш
,
давлат
ташкилотлари
ва
фуқаролик
жамияти
институтларининг
бу
борадаги
саъй
-
ҳаракатларини
бирлаштириш
,
аёллар
ҳуқуқларини
ҳимоя
қилиш
масалалари
бўйича
аҳолининг
ҳуқуқий
маданиятини
оширишга
боғлиқ
.
Ўзбекистонда
оналикни
муҳофаза
қилиш
соҳасидаги
асосий
мақсад
–
хотин
-
қизларни
ҳар
томонлама
қўллаб
-
қувватлаш
,
уларнинг
ҳуқуқларини
ва
қонуний
манфаатларини
ҳимоя
қилиш
,
ижтимоий
-
сиёсий
ва
меҳнат
фаоллигини
ошириш
,
хотин
-
қизларнинг
ижтимоий
-
иқтисодий
,
маиший
аҳволини
янада
яхшилаш
ва
истеъдодини
юзага
чиқариш
бўйича
пухта
ва
самарали
фаолиятни
таъминлаш
,
оилада
маънавий
-
ахлоқий
муҳитни
шакллантиришда
аёлларнинг
ролини
кучайтиришдир
.
Адабиётлар
рўйхати
1.
Охрана
материнства
в
контексте
урегулирова
-
ния
трудовых
и
семейных
отношений
для
мужчин
и
женщин
.
Сравнительный
анализ
систем
охраны
мате
-
ринства
в
трех
европейских
странах
.
МОТ
/
ПРООН
,
2011. – 101
с
.;
Умаржонов
М
.
Оналик
ва
болалик
муҳофазасининг
ҳуқуқий
-
қиёсий
таҳлили
.//
Демократлаштириш
ва
инсон
ҳуқуқлари
./ –
Т
., 2016. –
Б
. – 18.
2. “
Международны
e
Конвенции
по
защит
e
прав
человека
и
борьбе
с
преступностью
”.
Сб
.
международ
-
ных
соглаш
.
и
рекомендаций
–
Т
.,
ИПК
«
Шарк
», 1995. –
С
. 21-26.
3.
Халқаро
меҳнат
ташкилотининг
расмий
сайти
:
http://www.ilo.org/wcmsp5/groups/public/---ed_norm/---
normes/documents/normativeinstrument/wcms_c103_ru.ht
m
M.Yakubova
Lawyer of Art and culture development foundation
under the Ministry of culture of the Republic of Uzbekistan
THE ROLE OF THE STABILIZATION CLAUSE IN
INVESTMENT CONTRACTS
Annotation:
This thesis describes the stabilization
clause as a device in which hosting countries can estab-
lish consistent and coherent legal regulations that provide
investors with a sense of security for their investments.
Also, as the stabilization clause can result in restrictions
that limit the States’ sovereignty in enacting any new addi-
tional law on investment, the thesis defines the validity of
the application of the stabilization clause in state invest-
ment contracts under the domestic law.
Key words:
stabilization clause. State investment con-
tracts (agreement). Foreign investment (investors).
Foreign direct investment provides a national economy
with several advantages as the capital inflow; extra em-
ployment, new technologies and promotion of the national
market and intercountry relationships. In order to attract
foreign investment, a host country needs to ensure legal
confidence so that investors will do business in the coun-
try. When investing in a country, a foreign investor analyz-
es the different legal aspects such as the investment cli-
mate and the friendliness of the government administra-
tion toward investment. Meanwhile, the most important
consideration of the state should be to maintain a stable
legal environment to do business [1]. Hence, the stabiliza-
tion clause has the function to govern the scope of appli-
cation of the law newly established after the investment
contract has been concluded [2].
The stabilization clause is one of the instruments that
can guarantee foreign investors with some sense of stabil-
ity of law in a host country by protecting them from ad-
verse changes in legislation. When included in an invest-
ment contract, the stabilization clause can provide foreign
investors with the opportunity to plan their businesses in
advance. Stabilization clause provides the mechanism to
freeze the contract provisions or renegotiate it within the
contracting parties [2]. A host state can grant a stabiliza-
tion clause to accommodate investors’ interests and at-
tract future investment by providing a high level of legal
warranty [3]. The host country establishes how changes in
a law that follows the host government agreement (HGA)
or other international investment agreement can be
changed or modified in terms of the rights and obligations
of the foreign investors. However, a stabilization clause is
a means for foreign investors to mitigate or manage the
political risks associated with their project [4].
Historically, political risk has excluded expropriation,
nationalization or other political condition changes that
adversely affect the profitability of business project [5].
Therefore, a “stabilization clause” is an extremely im-
portant measures that can be included into investment
contracts to give a foreign investors a sense of confidence
and security.
2. The actual necessity of stabilization clause
Nevertheless, it should be noted that the stabilization
clause in fact cannot protect the contract as whole, alt-
hough in international investment contracts it can be a
device to provide a certain stability of agreement provi-
sions during the life of the investment project [6]. Both
parties of a contract are concern to include the stabiliza-
tion clause, although they have different incentives and
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
2018
№
2
♦
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
93
interest of it. In international investment law such con-
trasting interest and actual incentives of the parties led to
debates on the real necessity of stabilization clause in
investment contracts.
Consequently, it is not clear whether such device as
“stabilization clause” does indeed impose a blanket prohi-
bition on the host state to change its domestic legislation
under international law; or whether they only bind the host
government to compensate the investor from deviating
from the stabilization provisions. Considering this ambigui-
ty treatment of stabilization clauses in international in-
vestment law the issue relates to the question of validity of
stabilization provisions in investment contracts with devel-
oping countries. These countries present us the situation
where with the purpose of further development and for
public interest the frequent updates of legislation are una-
voidable [7].
3. Validity of Stabilization Clause under domestic law
The validity of stabilization clause under the domestic
law is diverse within the law systems. If the stabilization
clause is indeed unconstitutional under the domestic law
the implication of it may lead to difficulties, when the host
State cannot plead the domestic regulation to avoid the
c
о
mmitment for the breach of the contract. So the key
point regarding to validity of stabilization clauses is its le-
gal effect when the contract provisions are violated. The
violation can be outright expropriation or legislative
changes that breach the freezing stabilization clause; and
in case of economic equilibrium clause parties are under
the obligation to negotiate the doubtful provision[8]. In
Revere Copper v.OPIC
case the arbitration h
е
ld – “under
international law the commitments made in favor of foreign
nationals are binding notwithstanding the p
о
wer of
Parliam
е
nt and other g
о
vernmental
о
rgans under the
d
о
mestic C
о
nstitution to override or nullify such c
о
mmit-
ments”.
In Niger Delta Development Commission (NDDC) v.
Nigeria Delta LNG Company Limited case the Federal
High Court, agreeing with the submission of NDDC held
that the stabilization provision is unconstitutional because
it fetters the power of legislator, which is National Assem-
bly, to make laws [9]. At this point
Peter Cameron
states
“the stabilization clause given by the host country govern-
ment must be given in the form that is consistent with the
countries’ legal and constitutional framework” [10].
The case of
Israel State
and
Nobel Energy, 2016
the
Israel High Court of Justice blocked an agreement on the
“Lefifian” (the project roughly equal to the amount of nearly
500 billion cubic meters) and the “Tamar” projects (300
billion cubic meters – the best field in 2008). The court did
not accept the provisions of stabilization clause on tax
benefits given for the consortium included into the agree-
ment [11]. The stability clause supposed to allow Israel
government not to change legal condition for a period of
ten years [12]. On this point Deputy of the High Court
president Elyakim Rubinstein wrote:
The stability clause in this chapter plan, in which the
government undertakes for a decade to not only not legis-
late but also fight any legislation against the plan provi-
sions, was determined without authority – and as such
rejected. It was determined in contrast to the general prin-
cipals of administrative law regarding to the prohibition of
shaking the authority’s’ ability to judge. The government
does not have the power to decide and not to decide not
to act” [12].
As a result, majority of High court refused the suit be-
cause the stabilization clause was unconstitutional and the
arguments about the public interest and stated provisions
about the extent of state authority’s power the Supreme
court, four of the five justices made a decision that the
stability clause was illegal [12].
Hence, from the cases above exemplify that the actual
efficiency of stabilization clause and its negative or posi-
tive effect also depends on the legality of long term law
freezing promises under the domestic law.
Thus,
it can be seen that regardless to the reasona-
bleness of stabilization clause there are still theoretical
and practical debates on its actual need and efficiency. In
sum, the focus for this thesis can be divided into two
points with regard to the position of the host country: 1)
the perspective of the state in terms of protecting its own
sovereignty when making investment agreement with for-
eign nationals; and 2) the amount of consideration that the
host country must provide in formulating agreements that
would attract foreign investors into their economy.
Reference
1. Rodriguez-Yong and Martinez-Mu
ñ
oz, “The Andean
Approach to Stabilisation Clauses.”
2. Sam Halabi, “Efficient Contracting Between Foreign
Investors and Host States: Evidence from Stabilization
Clauses” // http://papers.ssrn.com /abstract=1799556.
3.“Gehne, Katja, and Romulo Brillo. Stabilization
Clauses in International Investment Law: Beyond Balanc-
ing and Fair and Equitable Treatment” http://www.nccr-
trade.org/fileadmin/user_upload/nccr-
trade.ch/wp2/Stab_clauses_final_final.pdf.
4. “Loncle, Jean-Marc, and Damien Philibert-Pollez.
‘Stabilisation Clauses in Investments Contracts.’ Int’l Bus.
LJ (2009): 267” us.practicallaw.com%2F1-501-6477.
5.
Practice Law Company, A Thomson Reuters Legal
Solution, Practical Law: “Stabilization Clause” (2016),
http://us.practicallaw.com/1-501-6477
6.“Political Risk,”
Wikipedia, the Free Encyclopedia
,
March 4, 2016, https://en.wikipedia.org/w/index.php?title=
Political_risk&oldid=708315783.
7. “Gehne, Katja, and Romulo Brillo. Stabilization
Clauses in International Investment Law: Beyond Balanc-
ing and Fair and Equitable Treatment. No. 2013/46. Work-
ing Paper, 2014.”
8. Kali
š
, Roman. ‘Current Issues of Investing in Devel-
oping Countries.’ http://sauron.law.muni.cz/sborniky/ co-
fola2009/files/contributions/Roman%20Kalis.pdf.
9. OECD,
Cotula, Lorenzo. “Regulatory Takings, Stabi-
lization Clauses and Sustainable development.” OECD
Investment Policy Perspectives 2008 (2009): 69.
10. Edward Elgar
“Natural Recource Investment and
Africa’s Development”
Edited by Francis N.Bochway. //
New Horizons in Environmental and Natural Law.
p.224.par 2.
11. Francis N. Botchway,
Botchway, Francis N., Ed.
Natural Resource Investment and Africa’s Development.
Edward Elgar Publishing, 2011.
12.
Ошибка
!
Источник
ссылки
не
найден
.
13. Simon Henderson, “Natural Gas Judgement Casts
Shadow
Over
Israel’s
Energy
Plans,”
http://www.washingtoninstitute.org/policy-analysis/view/
natural-gas-judgement-casts-shadow-over-israels-energy-
plans.
