Investment claims have exposed the vague nature of the standards by
which arbitral tribunals are expected to adjudicate them and the
policy reasons which explicitly or implicitly have an influence.
The ad hoc nature of the tribunals and the decisions reached on
various controversial issues have brought to the fore the issue of
consistency. Andres Rigo Sureda's Hersch Lauterpacht Memorial
Lecture examines how arbitral discretion is exercised in the face
of uncertainty of the law. It explores the choices made by arbitral
tribunals as they approach treaty interpretation, as they search
for limits in determining jurisdiction and the content of the
standards of protection and as they search for consistency in the
exercise of arbitral discretion.
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