ABSTRACT: Provided in certain investment treaties, denial of benefits clause raises many problems of interpretation before arbitral tribunals. In this article, the author analyzes the clause in the light of the recent arbitral jurisprudence rendred under Article 17 of Energy Charter Treaty. Studying mainly Amto and Yikos decisions, he examines the arbitrability of the denial of benefits and the requirements a state must meet to exercise its rights under this clause.

SUMMARY: I – L’arbitrabilité de l’exclusion des avantages; II – Les conditions de forme à l’exclusion des avantages; II.a) L’existence d’une condition de forme; II.b) Les modalités du formalisme; III – Les conditions de fond à l’exclusion des avantages; III.a) La nature des exigences de fond; III.b) La signification des exigences de fond; III.c) La preuve des exigences de fond.