Abstract

This article approaches arbitral decision-making from a methodological perspective. It analyses the interpretation practices of arbitral tribunals and the investment arbitration case law in order to reveal the culture of arbitral decision-making. Treaty interpretation is only one of the arbitrator's interpretive tasks which is intertwined with the interpretation of precedent, policies, customary international law and general principles of law. Whilst the VCLT constitutes a starting point in the reasoning of arbitral awards, tribunals have been confronted with the need to fill in treaty ...