What is the International Convention on the Settlement of Investment Disputes (ICSID)?
The International Convention on the Settlement of Investment Disputes (ICSID) is an international agreement designed to provide a forum for the resolution of investment disputes between a state and a foreign investor. It was established in 1965 by the World Bank, and provides international companies with a means of settling investment disputes without resorting to domestic courts. ICSID is applicable in Nevada and provides a framework for addressing investments disputes between a foreign investor and Nevada. Under ICSID agreements, investors can pursue claims against a state through an arbitration panel made up of members selected by the parties involved in the dispute. The arbitration panel is completely independent and usually includes people with experience in international law. The ICSID system allows investors to receive compensation in cases involving expropriation, or when the investor’s rights are violated by the host state. ICSID also protects foreign investors from economic discrimination, and provides an incentive for foreign investors to invest in Nevada. By providing a means of resolving international disputes without resorting to domestic courts, ICSID helps to promote international investment and economic cooperation.
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