Umbrella clause in modern investment agreements
Energy Charter Treaty Article 10(1):
“Each Contracting Party shall observe any obligations it has entered into with an Investor or an Investment of an Investor of any other Contracting Party”
Approximately 40% of BITS contain an umbrella clause. Switzerland, the Netherlands, the United Kingdom and Germany often include umbrella clauses in their bilateral investment treaties. France, Australia and Japan rarely do so. Canada, never.