Abstract

Decisions by arbitral tribunals in investment treaty cases do not have formal precedential status. Yet certain issues recur, and prior decisions at the least provide guidance to later tribunals. The content of the most frequently invoked substantive treaty provisions - the obligations to accord national treatment and fair and equitable treatment to foreign investors, and to expropriate the property of foreign investors only in accordance with international law and on payment of due compensation - is far from clear. Furthermore, procedural matters, such as decisions regarding the ...