The Hay–Pauncefote Treaty is a treaty signed by the United States and Great Britain on 18 November 1901, as a legal preliminary to the U.S. building of the Panama Canal. It nullified the Clayton–Bulwer Treaty of 1850 and gave the United States the right to create and control a canal across the Central American isthmus to connect the Pacific Ocean and the Atlantic Ocean. In the Clayton–Bulwer Treaty, both nations had renounced building such a canal under the sole control of one nation.