Özet:

The purpose of this article is to discover the meaning of the umbrella clause, the root of the idea of this clause and formulation of umbrella clauses. Moreover, the legal consequences of this clause. Next, explore how international arbitration tribunals interpret the “umbrella clause”. This article has employed descriptive and comparative methods. The following materials are referenced as part of this article: books, journal articles, cases, reports, legislations. This article has found that Umbrella clauses seem very significant in international investment field, by attracting foreign investors since give them more protection under treaty claims. Moreover, this article has discovered that, the international tribunals follow three main approaches with regard to interpret this clause, which include: First, a narrow scope of the interpretation as adopted in SGS v. Islamic Republic of Pakistan. Secondly, the wider scope, for example in Enron Corp. v. Argentina based on this method the umbrella clause means what is says. Thirdly, a balance scope of the interpretation in which the tribunal considered umbrella cause applies as to a contract in which state as a sovereign not as a merchant, for instance, in El Paso v. Argentina. Finally, this article has found that there is no constancy with regard to formulation the umbrella clause. This article contributes to increase the understanding of the umbrella clause and discover the main approaches with regard to interpret this clause. Keywords: Umbrella Clause, the international investment law, bilateral investment treaties, BITs, ICSID, OECD, VCLT, UNCTAD, UK.

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