Investment arbitration has become the primary means of settling disputes between states and foreign investors. The majority of those arbitration proceedings take place before tribunals of the International Centre for the Settlement of Investment Disputes (ICSID). This book provides the reader with a reliable reference guide containing concise summaries of the facts and holdings of ICSID Tribunals in the years 1974-2002. This period saw some of the most controversial and interesting ICSID awards and decisions, such as those in the Tradex, Metalclad, and Salini cases. This jurisprudence has significantly influenced the application of the ICSID Convention and been the subject of much scholarly debate. The summaries provide quick access to the details of the case, removing the need to read the full text of the award or decision until its relevance is known. Extensive cross-references and footnotes allow easy navigation and facilitate in-depth research by giving a valuable starting point. The book also includes analytical chapters tracing the development of procedural and substantive issues and assessing the 'precedent' value of the decisions. By analysing the awards and decisions in the light of subsequent developments, the authors also identify those which have withstood the test of time.

The topic of transparency in international investment arbitration is gaining increasing attention. This in-depth commentary analyses the UNCITRAL Rules on Transparency in Treaty-Based Investor-State Arbitration, one of the most recent and innovative developments in international law. Focusing on the application of these rules, contributors analyse the issue of transparency in investment law more broadly and provide in-depth guidance on how to apply the UNCITRAL transparency rules. Chapters encompass all treaty-based disputes between investors and state, examining the perspectives of disputing parties, third parties, non-disputing state parties and arbitral tribunals. The contributors each have a strong background in investment arbitration, in both professional practice and academia. This commentary will be of interest to all actors involved in investment arbitrations, especially practitioners, counsels, NGOs and scholars in the fields of international law, commercial arbitration and investor-state arbitration.

Mediation provides an attractive alternative to resolving disputes through court proceedings. Mediation promises just results in the interest of all parties concerned, a reduction of the court caseload, and cost savings for the parties involved as well as for the treasury. The European Directive on Mediation has given mediation in Europe new momentum by establishing a common framework for cross-border mediation. Beyond Europe, many states have tried in recent years to answer the question whether, and if so, how mediation should be regulated at a national and international level. The aim of this book is to promote the understanding and discussion of regulatory issues by presenting comparative research on mediation. It describes and analyses the law and practice of mediation in twenty-two countries. Europe is represented by chapters on mediation in Austria, Bulgaria, England, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Portugal and Spain. The world beyond Europe is analysed in chapters on mediation in Australia, Canada, China, Japan, New Zealand, Russia, Switzerland and the USA. Against this background, further chapters on fundamental issues identify possible regulatory models and discuss central principles of mediation law and practice. In particular, the work considers harmonisation and diversity in the law of mediation as well as the economic and constitutional problems associated with privatising civil justice. To the extent available, empirical research is used as a point of reference in the critical analysis.

A practical reference on the EU rules and international initiatives that impact directly on EU cross-border disputes, this handbook is a must-have for any practitioner of cross-border mediation. The EU Mediation Directive 2008/52/EC laid down obligations on EU Member States to encourage quality of mediators and providers across specific compliance considerations, including codes of conduct and training, court referral, enforceability of mediated settlements, confidentiality of mediation, the effect of mediation on limitation periods, and encouraging public information. The book is organized into clear and consistent themes, structured and numbered in a common format to provide easily accessible provisions and commentary across the essential considerations of the Directive. All EU countries which have complied, along with Denmark (which opted out of implementing the Directive), or attempted to comply, with the Directive are included, allowing straightforward comparison of key issues across the different countries in this important and evolving area. Supplementary points of practical use, such as statistics on the success rates of mediation and advice on the requirements for parties to participate in mediation, and for parties and lawyers to consider mediation, add further value to the jurisdiction-specific commentary. A comparative table of the mediation laws forms an invaluable quick-reference appendix for an overview and comparison of the information of each jurisdiction, together with English translations of each country's mediation law or legislative provisions. Address this dynamic area of law with the benefit of guidance across all elements of the Directive impacting practice, provided by respected and experienced editors from the knowledgeable European authority in mediation, ADR Center, along with a host of expert contributors.

Transnational commercial law represents the outcome of work undertaken to harmonize national laws affecting domestic and cross-border transactions and is upheld by a diverse spectrum of instruments.
Now in its second edition, this authoritative work brings together the major instruments in this field, dividing them into thirteen groups: Treaty Law, Contracts, Electronic Commerce, International Sales, Agency and Distribution, International Credit Transfers and Bank Payment Undertakings, International Secured Transactions, Cross-Border Insolvency, Securities Custody, Clearing and Settlement and Securities Collateral, Conflict of Laws, Civil Procedure, Commercial Arbitration, and a new section on Carriage of Goods.
Each group of instruments is preceded by linking text which provides important context by identifying the key instruments in each group, discussing their purposes and relationships, and explaining the major provisions of each instrument, thus setting them in their commercial context. This volume is unique in providing the full text of international conventions, including the preamble - which is important for interpretation - and the final clauses and any annexes.
In addition, each instrument is accompanied by a complete list of dates of signature and ratification by all contracting states, all easily navigated through the detailed tables of contents which precedes it. This fully-indexed work provides an indispensable guide for the practitioner or academic to the primary transnational commercial law instruments.

The rise of investment arbitration in the last decade has generated an unprecedented body of arbitral case law. The work of these arbitral tribunals has provided scholars and practitioners with public international law jurisprudence, including materials on treaty interpretation which has not yet been thoroughly analysed. This book evaluates the contribution of investment arbitration treaty interpretation jurisprudence to international law, covering all key aspects of treaty interpretation. Included in the book's coverage are awards which feature in prominent discussions or in applications of treaty interpretation rules. Among the significant portion of arbitral awards analysed, which deal with investment treaties, are ICSID awards, ad hoc investment arbitration awards, NAFTA awards, and Energy Charter Treaty awards. The extensive analysis of investment arbitration awards and decisions has also been used to create a table highlighting both the references to principles of treaty interpretation and instances in which they were rejected. This invaluable insight into the practice of investment tribunals will be of interest to both practitioners and academics alike. Foreword by by Professor Michael Reisman, Yale Law School _

Arbitration in the Digital Age analyses how technology can be efficiently and legitimately used to further sound arbitration proceedings. The contributions, from a variety of arbitration scholars, report on current developments, predict future trends, and assesses their impact from a practical, legal, and technical point of view. The book also discusses the relationship between arbitration and the Internet and analyses how social media can affect arbitrators and counsel's behaviour. Furthermore, it analyses the validity of electronic arbitration and awards, as well as Online Arbitration (OArb). The volume establishes, on a very practical level, how technology could be used by arbitration institutions, arbitrators, parties to an arbitration and counsel. This book will be of special interest to arbitrators and lawyers involved in international commercial arbitration.

In the second edition of his award-winning book, Harold Abramson offers a framework for representing clients in mediation in the form of his Mediation Representation Triangle that emphasizes knowing how to negotiate effectively, how to enlist mediator assistance, and how to develop a mediation representation plan that meets clients' interests, overcomes impediments, and shares information judiciously. Through his expanded and carefully crafted framework for effective problem-solving advocacy in mediation, he answers such keys questions as: How to select the right mediator? How do you prepare your case and client for mediation? And, what to do as the mediation unfolds? Abramson begins by examining how to be an effective negotiator in mediation including during each mediation stage, opening statements, joint sessions and caucuses. He also gives considerable attention to the various ways mediators can assist participants in the mediation. He then covers advising clients about the mediation option, negotiating an agreement to mediate, preparing cases and clients for the mediation session, and appearing in pre-mediation conferences, mediation sessions, and post-sessions. He also presents alternative processes for resolving issues not settled in mediation. This second edition introduces new material on resolving moneyed disputes, dealing with emotions, sharing information, interviewing mediators and their references, choosing between joint sessions and caucuses, generating movement, proactively enlisting the mediator, searching for creative solutions, and navigating legal issues when drafting agreements. It also includes new approaches to assessing and preparing opening statements and refines the critical techniques for bridging any final gap.

This book examines the history, principles, and practice of awarding compensation and restitution in investor-State arbitration disputes, which are initiated under investment treaties. The principles discussed may be applied to all international law cases where damage to property is an issue.
The book starts by tracing the roots of the applicable international legal principles to Roman law, and from there follows their evolution through the European law of extra-contractual liability and eventually through the Chorzow Factory case to principles of compensation and restitution in the modern law of international investment.
The greater part of the book is then dedicated to examination of the modern application of these principles, focusing on the jurisprudence of international tribunals under various arbitral rules such as ICSID and UNCITRAL Rules. Monetary compensation as the prevalent form of remedy sought and awarded in investor-State disputes is discussed in more detail, including topics such as the amount of compensation for damage resulting from breach of investment treaties or for lawful expropriation of foreign investor's property, a brief overview of valuation methods, supplementary compensation for moral damages, interest, costs, and currency fluctuations as well as various principles that may limit the amount of recoverable compensation, such as causation. A full chapter is dedicated to the discussion of the theory and practice of awarding restitution in investor-State disputes. The book also covers the general principle of reparation in international law as applied in investor-State arbitrations. The topics discussed cover all the theoretical as well as practical issues which may be raised in awarding compensation and restitution in investment treaty disputes between States and foreign investors.

With the growth of the global economy over the past two decades, foreign direct investment (FDI) laws, at both the national and international levels, have undergone rapid development in order to strengthen the protection standards for foreign investors. In terms of international investment law, a network of international investment agreements has arisen as a way to address FDI growth. FDI backlash, reflective of more restrictive regulation, has also emerged. The Evolving International Investment Regime analyzes the existing challenges to the international investment regime, and addresses these challenges going forward. It also examines the dynamics of the international regime, as well as a broader view of the changing global economic reality both in the United States and in other countries. The content for the book is a compendium of articles by leading thinkers, originating from the International Investment Conference "What's New in International Investment Law and Policy?"

The role of the third party has fast become a pervasive problem in the field of international arbitration, as parties not bound by an arbitration agreement are seen to be excluded from the process, even if they clearly maintain a legal or financial interest in a dispute between other persons who are bound by an arbitration clause. Third Parties in International Commercial Arbitration considers the role of third parties in arbitration agreements and proceedings and in arbitral awards and covers significant theoretical and practical questions. These questions include: which is the proper party in arbitration; whether a tribunal can assume jurisdiction over claims by or against a party that is not designated in the arbitration clause (third-party claims); whether a party can rely on the findings of a previous arbitral award in subsequent proceedings against a third party; and whether a third party to an arbitral award can rely on its findings in proceedings against a party to the award. Adopting a comparative, international approach, third-party claims are discussed in relation to many areas such as assignment and other forms of transfer; agency (actual and apparent) and representation; third-party beneficiary; incorporation by reference; corporations and partnerships; in guarantees and other security agreements; construction contracts and string contracts; arbitral estoppel; group of companies and alter ego; implied consent and consent by conduct; name-borrowing; third parties claiming through or under an arbitration clause or several compatible arbitration clauses. The book also discusses issues about arbitral effect (res judicata and issue estoppel) and third parties. In Third Parties in International Commercial Arbitration Brekoulakis consolidates the discussion on issues where reasonable agreement among scholars and tribunals exists, but at the same time proceeds to identify those areas that require further convergence. He examines and classifies all the existing theories and legal bases on third-party claims in clearly defined groups and puts forward a new systematic approach to the discussion to be used as an alternative to the existing theories.

This book offers a systematic analysis of the interaction between international investment law, investment arbitration and human rights, including the role of national and international courts, investor-state arbitral tribunals and alternative jurisdictions, the risks of legal and jurisdictional fragmentation, the human rights dimensions of investment law and arbitration, and the relationships of substantive and procedural principles of justice to international investment law.
Part I summarizes the main conclusions of the 24 book chapters and places them into the broader context of the principles of justice, global administrative law and multilevel constitutionalism that may be relevant for the administration of justice in international economic law and investor-state arbitration. Part II includes contributions clarifying the constitutional dimensions of transnational investment disputes and investor-state arbitration, as reflected in the increasing number of arbitral awards and amicus curiae submissions addressing human rights concerns. Part III addresses the need for principle-oriented ordering and the normative congruence of diverse national, regional and worldwide legal regimes, focusing on the pertinent dispute settlement practices and legal interpretation methods of regional economic courts and human rights courts, which increasingly interpret international economic law with due regard to human rights obligations of the governments concerned.
Part IV includes twelve case studies on the potential human rights dimensions of specific protection standards (e.g. fair and equitable treatment, non-discrimination), applicable law (e.g. national and international human rights law, rules on corporate social accountability), procedural law issues (e.g. amicus curiae submissions) and specific fundamental rights (e.g. the protection of human health, access to water, and protection of the environment). These case studies discuss not only the still limited examples of human rights discourse in investor-state arbitral awards; they also probe the potential legal relevance of investor-state arbitration for the judicial recognition, interpretation and balancing of primary rules, such as of investment law and human rights law, in the light of the principles of justice as defined by national and international law.

This book offers a systematic analysis of the interaction between international investment law, investment arbitration and human rights, including the role of national and international courts, investor-state arbitral tribunals and alternative jurisdictions, the risks of legal and jurisdictional fragmentation, the human rights dimensions of investment law and arbitration, and the relationships of substantive and procedural principles of justice to international investment law.
Part I summarizes the main conclusions of the 24 book chapters and places them into the broader context of the principles of justice, global administrative law and multilevel constitutionalism that may be relevant for the administration of justice in international economic law and investor-state arbitration. Part II includes contributions clarifying the constitutional dimensions of transnational investment disputes and investor-state arbitration, as reflected in the increasing number of arbitral awards and amicus curiae submissions addressing human rights concerns. Part III addresses the need for principle-oriented ordering and the normative congruence of diverse national, regional and worldwide legal regimes, focusing on the pertinent dispute settlement practices and legal interpretation methods of regional economic courts and human rights courts, which increasingly interpret international economic law with due regard to human rights obligations of the governments concerned.
Part IV includes twelve case studies on the potential human rights dimensions of specific protection standards (e.g. fair and equitable treatment, non-discrimination), applicable law (e.g. national and international human rights law, rules on corporate social accountability), procedural law issues (e.g. amicus curiae submissions) and specific fundamental rights (e.g. the protection of human health, access to water, and protection of the environment). These case studies discuss not only the still limited examples of human rights discourse in investor-state arbitral awards; they also probe the potential legal relevance of investor-state arbitration for the judicial recognition, interpretation and balancing of primary rules, such as of investment law and human rights law, in the light of the principles of justice as defined by national and international law.

International investment law has become increasingly prominent in the international legal order, spurred on by the explosion of Bilateral Investment Treaties between States and a sharp rise in international investment disputes. This rise to prominence has however not always been matched by academic reflection on the content of procedure of international investment law and its role within general international law. This volume seeks to remedy this situation by providing careful analysis of every area of international investment law and its relationship with other legal fields.
It is written in honor of one of the leading experts in the field of investment arbitration, Christoph Schreuer. The book explores specific and topical problems of international investment law and practice in a focused way. It also provides a forum for broader theoretical reflections on international investment law and its relation to general international law. The book includes chapters on jurisdictional questions, issues of procedure in investment proceedings, the relationship between investment arbitration and other forms of investment protection, problems of substantive investment law, regional aspects, interfaces between investment law and other areas of law as well as the future of the law of investment protection. Featuring contributions by many of the most prominent scholars and practitioners of investment arbitration, this work should become an indispensable tool for practitioners and academics working in the field.

The London Court of Arbitration (LCIA) is one of the world's foremost arbitration institutions, with a growing annual caseload. The LCIA Arbitration Rules are among the most modern and forward-looking of the various sets of institutional arbitration rules but until now have not been the subject of in-depth study. This is the first full length and comprehensive commentary on the rules, written by two well-known and experienced arbitration practitioners. Portable and functional, this book acts as a guide and provides an indispensable resource for all involved in international arbitration under the LCIA rules.
Grouped thematically, the commentary to each rule provides 1) a description of the rule and its intended meaning 2) the provenance and history of the rule 3) the practical effect of the rule with reference to previous case law and jurisprudence and 4) a comparative look at conceptual and practical differences between each rule. Focusing specifically on how the rules of the LCIA differ from those of the ICC and the UNCITRAL, this title emphasizes the international nature of the LCIA and provides the only dedicated reference to the Rules.

The guidelines on party representation are one of three key publications published by the IBA and are commonly referred to or adopted as good practice in international arbitration. This user-friendly handbook to the guidelines will benefit the understanding and practical application of arbitration protocol in the legal community. Written by a respected and experienced arbitration practitioner, this is a companion volume to The IBA Rules on the Taking of Evidence in International Arbitration (2013) and combines commentary from the drafting committee, additional analysis of the guidelines and tabular comparative material addressing the interaction with Major Professional Conduct Rules and Major Institutional Rules. It is a convenient and invaluable resource for best practice on the duties of arbitrators, institutions and other representatives in this field.

Investment arbitration has become the primary means of settling disputes between states and foreign investors. The majority of those arbitration proceedings take place before tribunals of the International Center for the Settlement of Investment Disputes (ICSID). This book provides the reader with concise summaries of the facts and holdings of ICSID Tribunals in the years 2003-2007. Extensive cross-references and footnotes allow the reader to find other awards confirming or rejecting certain holdings, and analytical chapters explain the development of the jurisprudence. Since the average length of an ICSID award exceeds 100 pages, and nearly 20 new decisions and awards are published each year, this book is an indispensable tool for the busy practitioner or academic who needs to be informed about the development of the law.

With the increasing growth of international commercial transactions in Asia and the Pacific, this work provides the essential rules and laws governing commercial dispute resolution in these jurisdictions. Litigation in a foreign jurisdiction can be time consuming, expensive, and very uncertain. Thus, lawyers and business professionals are now turning to arbitration and mediation to find quick and inexpensive ways to resolve their commercial disputes.
Designed for the convenience of Pacific Rim specialists and international business professionals, this single volume resource provides comprehensive coverage of Pacific Rim countries and regions such as Asia, Australia, Indonesia, Philippines, and New Zealand. Full-text material presents national rules and enactments, regional conventions, and international agreements governing commercial arbitration. Authoritative English translations guide the reader through the arbitration practice and procedure of these jurisdictions.

Terrorism: Documents of International and Local Control is a hardbound series that provides primary-source documents on the worldwide counter-terrorism effort. Chief among the documents collected are transcripts of Congressional testimony, reports by such federal government bodies as the Congressional Research Service and the Government Accountability Office, and case law covering issues related to terrorism. Most volumes carry a single theme, and inside each volume the documents appear within topic-based categories. The series also includes a subject index and other indices that guide the user through this complex area of the law. Detainee Treatment, Interrogation and Extraordinary Rendition in the War Against Terrorists leads researchers through the legal background to the headline-grabbing issue of coercive interrogation. The centerpiece of the volume is the section on the Yoo memo, a document prepared by the Bush Administration to lay the supposedly legal foundation for torturing detainees suspected of terrorism. While many press reports have discussed and partially quoted the memorandum, this volume constitutes the first publication of both the memo's full text and expert commentary thereof. General Editor Douglas Lovelace also equips readers with the background treaties and statutes necessary to understand the issue (the U.N. Convention Against Torture, the McCain Amendment to the Detainee Treatment Act of 2005, etc.), and he in turn makes those laws more comprehensible with his own thought-provoking analysis of them. Now that the question of torture's legality has become such a prominent topic in law school classrooms and in the halls of Congress, both students and policymakers will find a uniquely comprehensive and accessible resource for their queries in Volume 95 of Terrorism.

This volume brings together significant contributions from leading voices in academia, the legal profession and government on the increasingly important topic of international investment and the legal system in which it operates. With the burgeoning size of international capital flows matched only by an explosion in international agreements intending to regulate the field, there is increasing potential for incoherence amongst and between treaties and arbitral decisions. The Columbia Program on International Investment, a joint undertaking of Columbia Law School and the Earth Institute, has taken on the challenge of the international investment law system and in April 2006 held its first symposium, "Coherence and Consistency in International Investment Law." Appeals Mechanism in International Investment Disputes is one important result: It compiles, compares and contrasts the analysis and arguments of the leading scholars, practitioners and government officials on the future of the international investment law regime. Its special emphasis is on the question of an appellate body for international investment disputes. The authors also seek ways to streamline and improve the system, channeling the benefits of free trade and investment flows to people in both the developing and emerging markets. The Appendices provide readers with extensive background material to place the chapters into context. Selected sections include concise commentaries to further illuminate the timely themes covered by the chapters. The volume is singular in its success at bringing together so many exceptional individuals on a question of growing import-how to improve the international law regime to increase prosperity and further global development. If a reader wants to know what the influential voices in international law are saying right now, and in a concise and readable format, this is the publication to have.

This companion to Transnational Commercial Law: Text, Cases and Materials contains up-to-date primary materials for students without linking commentary. This compilation of instruments covers areas such as treaty law, contracts, electronic commerce, international sales, agency and distribution, international credit transfers and bank payment undertakings, international secured transactions, cross-border insolvency, securities settlement and securities collateral, conflict of laws, civil procedure, and commercial arbitration

The Iran-United States Claims Tribunal, which has been called the most significant arbitral body in history, celebrated its 25th anniversary in 2006. As of mid-2005, the Tribunal had issued over 800 awards and decisions--a total of 600 awards (including partial awards and awards on agreed terms), 83 interlocutory and interim awards, and 133 decisions--in resolving almost 3000 cases. The Tribunal's awards have been described as the most important body of international arbitration jurisprudence. The significance of these decisions as persuasive authority is second to none.
In this volume, experts in the field identify and comment on the Tribunal awards that are most important for international arbitration; i.e., the cases that everyone needs to know for investor-state and international commercial arbitration. The book approaches the Tribunal's work from a forward-looking perspective with emphasis on the continuing usefulness of awards and decisions issued by the Tribunal in international arbitration practice.
In addition to original contributions from an array of eminent authors (all of whom have extensive experience at the Tribunal and/or in investor-State and international arbitration), this book includes excerpts of key awards discussed in the contributions, as well as appendices with foundational documents for the Tribunal.
CONTRIBUTORS INCLUDE:
Roger P. Alford, Pepperdine University School of Law, former Legal Assistant, Iran-U.S. Claims Tribunal
David J. Bederman, Emory Law School, former Legal Assistant, Iran-U.S. Claims Tribunal
David D. Caron, C. William Maxeiner Distinguished Professor of Law, University of California, Berkeley, former Legal Assistant, Iran-U.S. Claims Tribunal
Jack J. Coe, Jr. Pepperdine University School of Law, former Legal Assistant, Iran-U.S. Claims Tribunal
Christopher R. Drahozal, John M. Rounds Professor of Law, University of Kansas School of Law; former Legal Assistant, Iran-U.S. Claims Tribunal
Christopher S. Gibson, Suffolk University Law School; former Legal Assistant, Iran-U.S. Claims Tribunal
Mark R. Joelson, Law Office of Mark R. Joelson
Lucinda A. Low, Steptoe & Johnson
Andrea J. Menaker, Office of the Legal Advisor, U.S. Department of State
Sean D. Murphy, George Washington University Law School, former U.S. Agent to the Iran-U.S. Claims Tribunal
Daniel M. Price, Sidley Austin, former Deputy U.S. Agent to the Iran-U.S. Claims Tribunal
Jeffrey F. Pryce, Steptoe & Johnson

This concise yet comprehensive textbook introduces the reader to the law and practice of international arbitration. Arbitration is a complex field due to the variety of disciplines involved and necessitates an approach that takes nothing for granted. Written by a renowned scholar and practitioner, this book explains the divergent issues of civil procedure, contracts, conflict of laws, international law amongst others in an accessible manner. Focusing mainly on international commercial arbitration, the book also features a distinct chapter on consumer and online arbitration and an equally comprehensive chapter on international investment arbitration.

The topic of transparency in international investment arbitration is gaining increasing attention. This in-depth commentary analyses the UNCITRAL Rules on Transparency in Treaty-Based Investor-State Arbitration, one of the most recent and innovative developments in international law. Focusing on the application of these rules, contributors analyse the issue of transparency in investment law more broadly and provide in-depth guidance on how to apply the UNCITRAL transparency rules. Chapters encompass all treaty-based disputes between investors and state, examining the perspectives of disputing parties, third parties, non-disputing state parties and arbitral tribunals. The contributors each have a strong background in investment arbitration, in both professional practice and academia. This commentary will be of interest to all actors involved in investment arbitrations, especially practitioners, counsels, NGOs and scholars in the fields of international law, commercial arbitration and investor-state arbitration.

The recent explosion of investment treaty arbitration marks a major transformation of both international and public law, above all because of the manner in which states have delegated core powers of the courts to private arbitrators. This book outlines investment treaty arbitration as a public law system and demonstrates how the system goes beyond all other forms of international adjudication in giving arbitrators a comprehensive jurisdiction to determine the legality of sovereign acts and to award public funds to businesses that sustain loss as a result of government regulation. The analysis also reveals some startling consequences of transplanting rules of commercial arbitration into the regulatory sphere. For instance, the system allows public law to be interpreted by arbitrators in private as a matter of course, with limited scope for judicial review. Further, arbitrators can award compensation to investors in ways that go beyond domestic systems of state liability, and these awards may then be enforced in as many as 165 countries, making them more widely enforceable than any other adjudicative decision in public law. The system's mixture of private arbitration and public law undermines accountability and openness in judicial decision-making. But, most importantly, it poses a unique and fundamental challenge - hitherto neglected by other commentators - to the principle of judicial independence. To address this, this book argues that the system be replaced with an international investment court, properly constituted according to public law principles, and made up of tenured judges.