Introduction

The investor's expectations constitute the rationale of every investment decision. The choice to invest or not to invest, to invest in one specific project rather than in another, or the choice of the investment's host-state will all ultimately depend on the benefit the investor expects from the investment. Thus, it is not surprising that the investor's expectations are also present in the legal analysis of international investment disputes. The expectations of the investor play a role in nearly every aspect of the contemporary law of foreign investment and investment tribunals ...