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Trans-Pacific Partnership 'Trade Agreement' - Investment

Trans-Pacific Partnership 'Trade Agreement' - Investment

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Published by: SNSR on Jun 14, 2012
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07/29/2013

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INVESTMENTArticle12.2:Definitions
ForpurposesofthisChapter:
Centre
meanstheInternationalCentreforSettlementofInvestmentDisputes("ICSID")establishedbytheICSIDConvention;
claimant
meansaninvestorofaPartythatisapartytoaninvestmentdisputewithanotherParty;
coveredinvestment
means,withrespecttoaParty,aninvestmentinitsterritoryofaninvestorofanotherPartyinexistenceasofthedateofentryintoforceofthisAgreementorestablished,acquired,orexpandedthereafter[whichhasbeenlegallyconstitutedinaccordancewithitslawsandregulations,providedthatsuchformalitiesdonotmateriallyimpairtheprotectionsaffordedbythePartytotheinvestorsofanotherPartyorcoveredinvestmentsunderthisChapter];
disputingparties
meanstheclaimantandtherespondent;
disputingparty
meanseithertheclaimantortherespondent;
enterprise
meansanyentityconstitutedororganizedunderapplicablelaw,whetherornotforprofit,andwhetherprivatelyorgovernmentallyownedorcontrolled,includinganycorporation,trust,partnership,soleproprietorship,joinventure,association,orsimilarorganizationandabranchofenterprise;
enterpriseofaParty
meansanenterpriseconstitutedororganizedunderthelawofaParty,[andabranchlocatedintheterritoryofaParty]andcarryingoutbusinessactivitiesthere;
freelyusablecurrency
means"freelyusablecurrency"asdeterminedbytheInternationalMonetaryFundunderits
ArticlesofAgreement;
ICSIDAdditionalFacilityRules
meansthe
RulesGoverningtheAdditionalFacilityfortheAdministrationofProceedingsbytheSecretariatoftheInternationalCentreforSettlementofInvestmentDisputes;
ICSIDConvention
meansthe
ConventionontheSettlementofInternationalInvestmentDisputesbetweenStatesandNationalsofotherStates,
doneatWashington,March18,1965;
[Inter-AmericanConvention
meansthe
Inter-AmericanConventiononInternationalCommercialArbitration,
doneatPanama,January30,1975;]
investment
meanseveryassetthataninvestorownsorcontrols,directlyorindirectly,thathasthecharacteristicsofaninvestment,includingsuchcharacteristicsasthecommitmentofcapitalorotherresources,theexpectation.ofgainorprofit,ortheassumptionofrisk.Formsthataninvestmentmaytakeinclude:
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(a)anenterprise;(b)shares,stock,andotherformsofequityparticipationinanenterprise;
[
(c)bonds,debentures,[otherdebtinstruments,]andloans
e]
[butdoesnotincludeadebtinstrumentofaPartyorofastateenterprise];]
[
(c)debtsecuritiesandloans,asfollows:(i)adebtsecurityofanenterprise:(A)wheretheenterpriseisanaffiliateoftheinvestor,or(B)wheretheoriginalmaturityofthedebtsecurityisatleastthreeyears,(ii)aloantoanenterprise/:(A)wheretheenterpriseisanaffiliateoftheinvestor,or(B)wheretheoriginalmaturityofthedebtsecurityisatleastthreeyears;](d)futures,optionsandotherderivatives;(e)turnkey,construction,management,production,concession,revenue-sharingandothersimilarcontracts;(g)intellectualpropertyrights[whichareconferredpursuanttodomesticlawsofeachParty];(h)licenses,authorizations,permitsandsimilarrightsconferredpursuanttodomesticlaw,
:3
and
[I
Someformsofdebt,suchasbonds,debentures,andlong-termnotes,aremorelikelytohavethecharacteristicsofaninvestment,whileotherformsofdebt,suchasclaimstopaymentthatareimmediatelydueandresultfromthesaleofgoodsorservices,arelesslikelytohavesuchcharacteristics.]
e
Forgreatercertainty,loansissuedbyonePartytoanotherPartyarenotinvestments.]
3
Whetheraparticulartypeoflicense,authorizationpermitorsimilarinstrument(includingaconcession,totheextentthatithasthenatureofsuchaninstrument)hasthecharacteristicsofaninvestmentdependsonsuchfactorsasthenatureandextentoftherightsthattheholderhasunderthelawoftheParty.Amongsuchinstrumentsthatdonothavethecharacteristicsofaninvestmentarethosethatdonotcreateanyrightsprotectedunderdomesticlaw.Forgreatercertainty,theforegoingiswithoutprejudicetowhetheranyassetassociatedwithsuchinstrumentshasthecharacteristicsofaninvestment.
2
 
(i)othertangibleorintangible,movableorimmovableproperty,andrelatedpropertyrights,suchasleases,mortgages,liensandpledges;butinvestmentdoesnotmean
[
(a)claimstomoneythatarisesolelyfrom(i)commercialcontractsforthesaleofgoodsorservicesbyanationalenterprise
in
theterritoryofaPartytoanenterpriseintheterritoryoftheotherParty,or(ii)theextensionofacreditinconnectionwithacommercialtransaction,suchastradefinancing,otherthanaloancoveredbysubparagraph(c);and(b)]anorderorjudgmententeredinajudicialoradministrativeaction.
[investmentagreement
meansawrittenagreement"betweenanationalauthority'ofaPartyandacoveredinvestmentoraninvestorofanotherParty,onwhichthecoveredinvestmentortheinvestorreliesinestablishingoracquiringacoveredinvestmentotherthanthewrittenagreementitself,thatgrantsrightstothecoveredinvestmentorinvestor:(a)withrespecttonaturalresourcesthatanationalauthoritycontrols,suchasfortheirexploration,extraction,refining,transportation,distribution,orsale;(b)tosupplyservicestothepubliconbehalfoftheParty,suchaspowergenerationordistribution,watertreatmentordistribution,ortelecommunications;or(c)toundertakeinfrastructureprojects,suchastheconstructionofroads,bridges,canals,dams,orpipelines,thatarenotfortheexclusiveorpredominantuseandbenefitofthegovernment;]
[investment
authorizatlon"meansanauthorizationthattheforeigninvestmentauthorityofaPartygrantstoacoveredinvestmentoraninvestorofanotherParty;]
[4
"Writtenagreement"referstoanagreementinwriting,executedbybothparties,whetherinasingleinstrumentorinmultipleinstruments,thatcreatesanexchangeofrightsandobligations,bindingonbothpartiesunderthelawapplicableunderArticle12.24(2).Forgreatercertainty,(a)aunilateralactofanadministrativeorjudicialauthoritysuchasapermit,license,orauthorizationissuedbyaPartysolelyinitsregulatorycapacity,oradecree,order,orjudgment,standingalone;and(b)anadministrativeorjudicialconsentdecreeororder,shallnotbeconsideredawrittenagreement.][5Forpurposesofthisdefinition,"nationalauthority"means(a)fortheUnitedStates,anauthorityatthecentrallevelofgovernment;and(b)for[Country],[].]
[6
Forgreatercertainty,actionstakenbyaPartytoenforcelawsofgeneralapplication,suchascompetitionlaws,arenotencompassedwithinthisdefinition.]
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