Page 348 - Regional Comprehensive Economic Partnership (RCEP)

(ii) bonds, debentures, loans, and other debt
4
instruments of a juridical person and rights derived
therefrom;
5

(iii) rights under contracts, including turnkey,
construction, management, production, or revenue-
sharing contracts;

(iv) intellectual property rights and goodwill, which are
recognised pursuant to the laws and regulations of
the host Party;

(v) claims to money or to any contractual performance
related to a business and having financial value;
6

(vi) rights conferred pursuant to the laws and
regulations of the host Party or contracts, such as
concessions, licences, authorisations, and permits,
including those for the exploration and exploitation
of natural resources; and

(vii) movable and immovable property, and other
property rights, such as leases, mortgages, liens, or
7
pledges.

The term “investment” does not include an order or
judgment entered in a judicial or administrative action or an
arbitral proceeding.

4 A loan issued by a Party to another Party is not an investment.

5 Some forms of debt, such as bonds, debentures, and long-term notes, are more likely
to have the characteristics of an investment, while other forms of debt, such as claims
to payment that are immediately due and result from the sale of goods or services, are
less likely to have such characteristics.

6 For greater certainty, investment does not mean claims to money that arise solely
from:

(a) commercial contracts for the sale of goods or services; or

(b) the extension of credit in connection with such commercial contracts.

7 For greater certainty, market share, market access, expected gains, and opportunities
for profit-making are not, by themselves, investments.

10-2