ALCA FTAA ZLEA - Investment: Expropriation - Brazil/Venezuela

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Brazil and Venezuela
4 July 1995

Subject: V. Expropriation

A. Definition

1. Covered Expropriatory Measures Expropriation, nationalization or measures which have a similar effect. (Article 4 (1)).

B. Conditions

1. Public Purpose and Non-Discrimination
Yes. "Public use or social interest." (Article 4 (1)).

2. Due Process of Law and Judicial Review
Yes. Article 4 (1). The BIT does not include an independent requirement that expropriations be subject to judicial review. However, it has been argued that the international standard of due process includes such a requirement.

4. Compensation: Standard; Form and Time of Payment
"Just, prompt and adequate compensation" Compensation shall: .be based on the market value of the investment immediately before the expropriation became public knowledge. (Article 4 (1)).


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