Introduction

The growing participation of States (sovereigns) in the global marketplace means that private parties are increasingly facing sovereign counterparts that claim a special legal position under municipal and/or international law. Private parties will need to address this special position upfront in any contract, lest they find themselves with empty hands in the event of a dispute with their sovereign counterpart. When dealing with sovereign parties - which may include the State or the Government, a municipality, a State organ, a State agency, or a State-owned company - , ...