Introduction

One of the chief complaints of investment arbitration is that it has become a slow and expensive process. It often requires States to expend huge sums defending frivolous claims and, even when it has won a case, a respondent State may consider it to be something of a pyrrhic victory after the vast legal fees and the huge administrative burden have been taken into account. Equally, claimants that have been unfairly treated by governments have no option but to spend millions in legal fees (and wait many years) to obtain a remedy, often in face of a State party that seeks delay at every ...