What is Locus Standi?

Locus Standi is a platform for the dispute-resolution world. It brings together arbitration, mediation and adjudication events, jobs and internships, and landmark arbitral awards explained in plain English, alongside the qualifications and pathways into the field. It was established in London at LIDW26 by the alumni of Queen Mary University of London.

Can Locus Standi help me understand a dispute?

Yes. Locus Standi offers free dispute help: paste your contract's dispute-resolution clause and a short note on what happened, and it works out the type of dispute, the governing law, your options, the right forum to file in, and drafts a basic document to start from, all in plain English.

What is the agentic AI case officer?

Locus Standi's workspace includes an AI case officer that helps practitioners run their matters: tracking stages and deadlines, raising alerts, organising to-dos and documents, and drafting. It is built for arbitrators, mediators and the institutions that administer disputes.

Where can I find arbitration events and internships?

Locus Standi keeps a live calendar of arbitration, mediation and adjudication events with one-tap calendar export, and a board of arbitration jobs and internships from institutions including the PCA, ICC, LCIA, SCC, SIAC and AIAC.

ICS Inspection and Control Services Limited v. Argentine Republic (II) (PCA)

Why it matters

This case is significant for its substantial interest award (USD 150 million) on a relatively small principal (USD 9.7 million), highlighting the potential for large compounded interest in investment treaty arbitration. It also underscores the importance of the UK-Argentina BIT and the use of UNCITRAL rules with PCA registry.

Summary

ICS Inspection and Control Services Limited, a UK subsidiary of Agility Group, filed a notice of arbitration against the Argentine Republic on July 21, 2014, under the bilateral investment treaty between the United Kingdom and Argentina. The dispute arose from an agreement entered into on March 11, 1998, between ICS and Argentina's Ministry of Economy and Public Finance (MECON) for pre-shipment inspection services of goods destined for import into Argentina. ICS alleged that Argentina breached its obligations under Article 2 of the BIT, which covers fair and equitable treatment and protection against expropriation. The arbitration was conducted under the UNCITRAL Arbitration Rules with the Permanent Court of Arbitration serving as registry. On April 29, 2024, the tribunal issued its decision, awarding ICS compensation of USD 159.7 million, comprising USD 9.7 million in principal and USD 150 million in interest. The award is final and binding. The case is notable for the extremely high interest component relative to the principal, reflecting a lengthy arbitration period and potentially compound interest.

The detail

Parties: ICS Inspection and Control Services Limited v. Argentine Republic (II)

Case number: PCA Case No. 2015-12

Outcome: The tribunal awarded compensation to the Claimant in the amount of USD 159.7 million (USD 9.7 million principal plus USD 150 million interest).

Quantum: USD 159.7 million

Applicable law: UNCITRAL Arbitration Rules; bilateral investment treaty between the United Kingdom and Argentina

Issues in play: The case involved the interpretation and application of Article 2 of the UK-Argentina bilateral investment treaty, concerning fair and equitable treatment and protection against expropriation.

Read the full decision at italaw ↗

Locus Standi links to the source decision and publishes its own plain-language summary. It does not reproduce the text of the award.

Back to the awards board