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Tag Archives: French case law

French Cassation Court: Waiver of Immunity from Enforcement must Specify Categories of Assets Covered

Sovereign immunity from enforcement is a major concern for investors. This international law principle implies that a State’s asset cannot be seized without its consent to enforce a judicial or arbitral decision, including international investment arbitration awards. Dispute resolution clauses in many contracts concluded with States contain therefore an express waiver of immunity from, among other things, enforcement. But this might not be sufficient: in NML Capital Ltd v Argentina┬áthe French Cassation Court has tightened the previous test for such waivers to be effective. French case law has traditionally restricted