This is the long-awaited second edition of this widely-referenced
work on the substantive law principles of investment treaty
arbitration. It forms a detailed critical review of the substantive
principles of international law applied by investment arbitration
tribunals, and a clear and comprehensive description of the present
state of the law. The first edition met with immediate success as a
result of the authors' achievement in describing and analysing the
volume of law created, applied and analysed by tribunals. The
second edition is fully updated to take account of the arbitration
awards rendered in the period since 2007. Written by an
internationally recognised author team, it is now the most
comprehensive and up to date work in its field and no practitioner
or academic can afford to be without it. Key areas of coverage
include: the instruments under which investment disputes arise; the
legal basis of treaty arbitration; dispute resolution and parallel
proceedings; who is a foreign investor, including nationality
issues and foreign control; what is an investment; investors'
substantive rights, including fair and equitable treatment;
expropriation; compensation and remedies. Arbitration of overseas
investment disputes is one of the fastest growing areas of
international dispute resolution. The exponential growth of
international investment in recent years has led to the signature
of over two thousand Bilateral Investment Treaties (BITs) between
foreign states, in addition to a wealth of multilateral treaties
and other forms of concession agreements. The legal principles that
have developed in this area are subject to intense debate, and are
still in a state of flux. While tribunals routinely state that they
are applying principles of public international law to determine
disputes, many of the principles applied have only been developed
recently in the context of investment treaty arbitrations, and
tribunals are often guided more by the approaches taken by other
tribunals, than by pre-existing doctrines of public international
law. International Investment Arbitration:Substantive Principles is
an important contribution to the collection and codification of the
current state of practice in this field.
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Review This Product
OF INTEREST TO INTERNATIONAL LAWYERS AND ARBITRATORS:
Tue, 20 Jun 2017 | Review
by: Phillip T.
OF INTEREST TO INTERNATIONAL LAWYERS AND ARBITRATORS:
THE LATEST ARBITATION TITLE FROM OUP -- NOW IN A NEW SECOND EDITION
An appreciation by Elizabeth Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”
Ten years ago, the first edition of this book was the first volume published as part of the then new Oxford Arbitration Series from the Oxford University Press under the editorship of Loukas Mistrelis.
Ten years later, what has come to regarded as the authoritative, if not the definitive legal text on international investment arbitration, has been published in a new edition researched and written collaboratively by the three expert authors, each an authority in specific aspects of this rapidly developing field. It is interesting, not to mention reassuring, that they hail respectively from Herbert Smith, Linklaters and Victoria University of Wellington Law School which provided a helpful research grant.
They are keen to point out that in 2008, the first edition of this text was described by the judges of the JF Northey Memorial Book Award as ‘a lucidly written text… that will undoubtedly attain international standing.’ Well, it certainly is, you might say – and it certainly has – and the changes made to this new edition offer ample evidence of the speed at which investment arbitration has developed over the last decade, during which time, say the authors, a whole new field of scholarship has emerged.
What the book aims to do is to provide ‘a dispassionate analysis of the key substantive principles applicable in investment arbitration’ with a view to assisting disputing parties and their advisors, as well as academics and just possibly, the general public.
But this is no mere update, says the series editor. In his preface to this latest edition, he commends the authors for taking account of the substantial developments in this field, both positive and negative, including ‘the emergence of new international treaties.’ He refers quite frankly to the ongoing debate as to the legitimacy of investment arbitration, referring to the so-called backlash. But whatever opinions or attitudes are entertained by the book’s potential readership, the authors tackle this sometimes controversial subject with laudable objectivity.
There’s certainly no doubt that the book excels as a research resource. Note the extensive footnoting and check out the eight-page bibliography listing books, reports and articles. And luckily for practitioners and scholars, the book is logically structured and easily navigable. There’s a minutely detailed table of contents, a twenty-seven page index and no less than thirteen appendices, consisting mainly of international treaties and agreements ranging from, for example, the North American Free Trade Agreement … Chapter 11 of the ICSID convention… and finally, World Bank Guidelines on the Treatment of Foreign Direct Investment.
Illuminating a complex subject with thoroughness and clarity, this new edition of ‘International Investment Arbitration’ will be welcomed by international lawyers and arbitrators specialising in this field.
The publication date is cited as at 2017.
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