Abstract

Certainty and clarity in the law is critical. Unfortunately, most International Investment Agreements (IIAs) were drafted with vague language that allows for multiple reasonable interpretations of their provisions. The textual interpretative process is usually triggered by investors requesting Investor-State Dispute Settlement (ISDS). The case brought before the Permanent Court of Arbitration between Ecuador and the United States in which Ecuador requested the interpretation of a clause in the Ecuador-US BIT through state-to-state arbitration highlights the possibility of yet ...