In accordance with the established investment practice all investment agreements provide for state guarantees for the stability of Uzbek laws. Investment Agreements usually have their “own” contractual stabilization (or “grand-father”) clause which basically reiterates the above statement. A major reason is that this contractual provision cannot be easily and unilaterally revoked by Government at any time.
The legal status of investment agreements concluded between the Government of Uzbekistan and a foreign investor is not clear under Uzbekistani laws. Investment agreements of the Republic of Uzbekistan are theoretically regarded as “international agreements”[1] and, hence, shall have a prevailing power over the local l...