Legal Framework for OversightOf Public Property Investment Contracts
Keywords:
Keywords : Legal framework investment contracts public property Iraqi lawAbstract
Summary:
The legal regulation that encourages investment is not merely represented by increasing the advantages it gives to investors, but rather by reducing the potential for risks, and providing security and trust in investments relations. If capital is by nature aimed at achieving profit, then it works to achieve aforesaid goal in an environment of security and guarantee, because no matter how much the host country lavishes foreign investment with exemptions and advantages, this is of no benefits as long as there no real guarantee against government procedures that strip the foreign investor of their ownership, especially government procedures deprive the ownership, such as confiscation and nationalization. Investment laws have included many guarantees that stipulate that investors` money shall not be seized except in accordance with what is stipulated by the rules of international law. This means that legal protection is not primarily represented in the extent to which the laws provide objective guarantees to protect foreign investments, but in the extent of the effectiveness of laws when disputes arise between them and the host country. Also, specifying the rules for objective protection is not sufficient to reassure the foreign investor, but rather, for this reassurance to be sufficient there must be procedural means to settle disputes. Between them and the host country, and in this research we will study the nature of the investment contract and the mechanism of oversight of investment projects and study the legal effects of the investment contract in public property and we will address the types of oversight and their effects on investment projects and also the alternative and judicial means to settle disputes over public works contracts within the alternative means to settle disputes over public works contracts and the role of the national judiciary of the state and the Arab Investment Court and we have reached the conclusion that all the facilities, exemptions, advantages and guarantees proposed by the legislators must, from my point of view, be focused on and addressed if there are disputes or disagreements over investment contracts, especially disputes arising from Investment operations and their place in the Iraqi Investment Law, as the legislator imposed a series of obligations on foreign investors with the aim of regulating the foreign investment process in Iraq. There is no incentive for foreign investors and any obstacles to invest in the country, and we call for the acceleration of the issuance of regulations and directives to facilitate the implementation of Law No. 13 of 2006, which details the advantages and guarantees granted to foreign investors, as well as the obligations, that foreign investors must comply with.
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