Abstract
This chapter explains the concept of the Revere Copper Arbitral Award. In Revere Copper and Brass, Inc. versus Overseas Private Investment Corporation (OPIC), the liability of the defendant under an investment insurance contract concluded between the parties was at issue. The dispute concerned an enterprise set up by Revere Copper and Brass Corporation, Jamaica, a subsidiary wholly owned by the plaintiff. In 1970, the plaintiff insured its investment against political risks in a contract with the defendant, an agency established and controlled by the government of the United States. In analyzing the role of the contract between Jamaica and Revere, the Tribunal found that the contract had been governed by international law even though it contained no explicit clause on the choice of law. With regard to the method of valuation of Revere's enterprise, the Tribunal largely rejected the plaintiff's assumptions and awarded about one million dollars instead of 80 million dollars that had been claimed.
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