Data
- Date:
- 07-10-2003
- Country:
- International Centre for Settlement of Investment Disputes (ICSID)
- Number:
- Court:
- International Centre for Settlement of Investment Disputes (ICSID)
- Parties:
- AIG Capital Partner & CJSC Tema Real Estate v Kazakhstan
Keywords
DISPUTE BETWEEN A UNITED STATES INVESTOR AND THE KAZAKH GOVERNMENT – REFERENCE TO UNIDROIT PRINCIPLES IN SUPPORT OF APPLICABLE DOMESTIC LAW (KAZAKH LAW)
MITIGATION OF HARM – REFERENCE TO ART. 77 OF THE CISG AND TO ART. 7.4.8 UNIDROIT PRINCIPLES
Abstract
In a dispute between a US investor and the Government of Kazakhstan over an alleged expropriation by the latter of an investment of the former in a real estate development project, one of the issues addressed by the Arbitral Tribunal was whether, as argued by the Government of Kazakhstan, in accordance with the general principle of mitigation of damages the US investor should have accepted the offer made by the Government of Kazakhstan to provide an alternative piece of land for the real estate development. In excluding that the US investor was obliged to accept the offer made by the Government the Arbitral Tribunal pointed out that in the case at hand the application of the principle of mitigation of damages was excluded by the mere fact that both the taking of the originally agreed site and the offer of an alternative site were unlawful under the applicable Kazakhstan legislation, and in support of its decision the Tribunal referred, among others, to Art. 77 of the CISG and to Art. 7.4.8 of the UNIDROIT Principles.
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