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Paraguay had urged arbitrators to stay their hand
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Tribunal expressly rejects narrow approach to similar clause in Pakistan case
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Umbrella clause appears unlimited, so several claims possible
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Tribunal nixes Paraguay’s suggestion that it was not acting as a “sovereign”
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Contract’s dispute clause does not bar the door to treaty claim at ICSID
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Non-payment capable of constituting “unfair” treatment
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Tribunal distinguishes between two levels of proof at jurisdictional stage
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Correctness or persuasiveness of tribunal’s reasons are irrelevant, as long as reader can follow facts and law applied by tribunal
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An annulment is not an appeal – and the committee will not review analysis for correctness
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Committee finds that arbitrators chose between several available options and did not manifestly exceed powers in accepting jurisdiction over the contract claim
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The tribunal did not manifestly exceed its powers in deciding the case on the merits
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Definition of ICSID investments is not a matter of box-ticking
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