Introduction

When allocating costs, investment arbitration tribunals have traditionally avoided the "loser pays" principle applied in many domestic jurisdictions and favoured by tribunals deciding commercial disputes.[1] They have preferred instead to allocate the arbitration costs equally, whilst requiring parties to bear their own legal costs and other expenses. Where tribunals have departed from the equal allocation of costs they have been more willing to take into account other factors, such as the parties' conduct or the bringing of spurious claims, rather than the success of the ...