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15 Dispute Resolution in Project Finance Transactions »

Michael Nolan, Tom Canning, Erin Culbertson, Emma Hogwood, Paul Kinninmont
From: International Project Finance: Law and Practice (2nd Edition)
Edited By: John Dewar
Dispute resolution mechanisms in the project finance context are a means of enforcing the allocation of risksamong a project’s many participants. Swift, flexible, final, and enforceabledispute resolution mechanisms allow a project’s intended risk allocations to be maintained. This chapter identifies various dispute resolution mechanisms available to project participants. Much of the chapter is devoted to exploring the advantages and disadvantages of two dispute resolution regimes—litigation and international arbitration—including looking at enforcement. It considers how investment treaties provide additional protection against political risk factors faced by cross-border projects and describes typical dispute resolution fora(such as ICSID)for investor–state disputes. The chapter also provides a ‘toolkit’ for drafting dispute resolution provisions designed to achieve participants’ goals.

16 Dispute Resolution in Project Finance Transactions »

Michael Nolan, Tom Canning, Erin Culbertson, Paul Kinninmont
From: International Project Finance (3rd Edition)
Edited By: John Dewar
In the project finance context, dispute resolution mechanisms are a means of enforcing the allocation of risks among a project’s many participants—sponsors, lenders, contractors and subcontractors, service providers, offtake purchasers, and others. To the extent that a dispute resolution mechanism is swift, flexible, reliable, final, and enforceable, the project’s intended allocation of risks can be maintained. This chapter identifies various dispute resolution mechanisms that are available to project participants and discusses their suitability for the maintenance of a project’s intended risk allocation. It first addresses the options for the resolution of disputes about commercial risks. It then considers options for resolving disputes about political risks. Finally, it discusses the enforcement of arbitral awards and domestic judgments.