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- W2330825433 abstract "A watershed decision was issued by the International Centre for Settlement of Investment Disputes (‘ICSID’) Tribunal in RSM Production Corporation v Saint Lucia on 13 August 2014. This Decision is the first instance in which an ICSID tribunal has ordered a claimant to pay security for costs. A majority of the Tribunal4 held that RSM Production Corporation (RSM) must post a guarantee in the amount of US $750,000 to cover the potential legal costs of Saint Lucia. The case raised a number of novel issues in connection with the ICSID provisional measures regime, most notably in what circumstances will security for costs be granted and what is the relevance of third party funders in this determination. The origins of the case date back to a contractual dispute between RSM and the Caribbean nation of Saint Lucia. RSM alleged that Saint Lucia breached the Agreement between the Government of Saint Lucia and RSM Production Corporation entered into on 29 March 2000, which related to the exploration by RSM of Saint Lucia’s maritime resources for oil. An ICSID Tribunal was constituted to hear this dispute on 6 August 2013. One month later, Saint Lucia filed a request for provisional measures, requesting the Tribunal to order RSM to bear all outstanding advances of ICSID fees and expenses and post security for costs. According to Saint Lucia, there was a material risk that RSM would not be able or willing to comply with a costs award if the State prevailed on the merits and if the Tribunal granted reimbursement of its costs. On 12 December 2013, the Tribunal issued its decision on the first part of the two-fold request, ordering RSM to bear all further advances and refund Saint Lucia the portion it had already paid." @default.
- W2330825433 created "2016-06-24" @default.
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- W2330825433 date "2015-01-05" @default.
- W2330825433 modified "2023-10-16" @default.
- W2330825433 title "RSM Production Corporation v Saint Lucia: Security for Costs--A New Frontier?" @default.
- W2330825433 doi "https://doi.org/10.1093/icsidreview/siu034" @default.
- W2330825433 hasPublicationYear "2015" @default.
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