Professor Sands’ declaration does not evidence prejudice against all claims or claimants supported by third-party funding

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Challenge was timely; state declined to let proceedings continue in the background

ICSID Arbitration Rules do not set blanket protection of private information

Comparison of procedural calendars under different scenarios provides good benchmark for decision on procedural efficiency of bifurcation

Tribunal majority considers that preliminary objections do not meet high standard set for bifurcation

Argentina’s reservation of right to raise further preliminary objections impacts standard for bifurcation

Evidence Preservation Protocol obliges Colombia to record critical evidence

Uncertainty as to the scope of Colombia’s mission requires establishment of a protocol to preserve and record archaeological finds by the state

Test for measures aimed at preserving evidence differs from general test for provisional measures

Tribunal holds that bifurcation of ratione materiae objection would see only limited factual submissions on discrete issues and should also be bifurcated

Arbitrators find that ratione temporis objection raises pure question of law, and its bifurcation would enhance procedural efficiency

1976 UNCITRAL Rules create presumption in favor of bifurcation, but tribunal retains discretion to overrule this presumption

Tribunal rejects claimant’s request for revision aimed at holding document production phase before decision on bifurcation

Award in TC Energy v. USA (2) case was not part of the record

Background: USA requests bifurcation in UNCITRAL NAFTA legacy arbitration

Background: claimants made two 2011 investments in Spanish CSP plants

No ground to grant security for costs

Time-bar does not apply in circumstances where claimant had no reason to doubt existence of its rights

Treaty only covers acts or measures that followed its entry into force, but this does not bar claims relating to pre-existing dispute

Tribunal is unconvinced that assignment of rights and assets required state approval

Conduct of claimant and its predecessors evidences that they expected profit; “treasure searching” business is inherently risky

TPA’s definition of “investment” requires alleged investment to reflect a “commitment”, but no requirement of an active act of investing by claimant

Tribunal is empowered to resolve factual issues that won’t impact the merits of the case in expedited proceedings

Amicus curiae mechanism cannot be used by private third-party to settle scores

Spain does not address issues in dispute in the arbitration, thus its submission is unlikely to assist the tribunal

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