Principles of International Investment Law

This book outlines the principles behind the international law of foreign investment. The main focus is on the law governed by bilateral and multilateral investment treaties. It traces the purpose, context, and evolution of the clauses and provisions characteristic of contemporary investment treaties, and analyses the case law, interpreting the issues raised by standard clauses. Particular consideration is given to broad treaty-rules whose understanding in practice has mainly been shaped by their interpretation and application by international tribunals. In addition, the book introduces the dispute settlement mechanisms for enforcing investment law, outlining the operation of Investor-State arbitration.
Combining a systematic analytical study of the texts and principles underlying investment law with a jurisprudential analysis of the case law arising in international tribunals, this book offers an ideal introduction to the principles of international investment law and arbitration, for students, scholars, and practitioners alike.

Rudolf Dolzer (1944-2020) was Professor Emeritus at the University of Bonn
Ursula Kriebaum is Professor of Law at the University of Vienna
Christoph Schreuer is Of Counsel at Zeiler Floyd Zadkovich and Professor Emeritus at the University of Vienna

- I. History, Sources, and Nature of International Investment Law - 1: The history of international investment law - 2: The sources of international investment law - 3: The nature of international investment law - II. Interpretation and Intertemporal Application of Investment Treaties - 1: The interpretation of investment treaties - 2: The application of investment treaties in time - III. Investor - 1: Private foreign investors - 2: Nationality of individuals - 3: Nationality of corporations - 4: A local company as a foreign investor - 5: Nationality planning - 6: Denial of benefits - 7: An active investor? - IV. Investment - 1: Terminology and concept - 2: Definitions of investment - 3: A general concept of investment? - 4: Types of investments - 5: The unity of an investment - 6: The origin of the investment - 7: Investments in the host State's territory - 8: Investments in accordance with host State law - 9: Indirect investments - V. Investment Contracts - 1: Types of investment contracts - 2: Applicable law - 3: Dispute settlement - 4: Stabilization clauses - 5: Renegotiation and adaptation - VI. Admission and Establishment - 1: The right to control admission and establishment - 2: The move towards economic liberalism - 3: Investment promotion - 4: The right to admission and the right of establishment - 5: Treaty models of admission - 6: Performance requirements - 7: The inception of an investment - VII. Expropriation - 1: The object of an expropriation - 2: Expropriation as an act of government - 3: Indirect expropriation - 4: The legality of the expropriation - VIII. Standards of Protection - 1: Fair and equitable treatment - 2: Full protection and security - 3: Arbitrary or discriminatory measures - 4: National treatment - 5: Most-favoured-nation treatment - 6: The umbrella clause - 7: Effective means - 8: Transfer of funds - IX. Emergency Situations and Armed Conflicts - 1: Competing policies - 2: Effects of violence under traditional international law - 3: The ILC Articles on state responsibility - 4: Treaty law - X. Attribution - 1: Sources and principles - 2: Organs, provinces, and municipalities - 3: Exercise of governmental authority - 4: Instruction, direction, or control - XI. Political Risk Insurance - 1: History and purpose - 2: Different types of insurance - 3: Subrogation - 4: Risks covered - XII. Settling Investment Disputes - 1: State-to-State disputes - 2: The limited usefulness of domestic courts - 3: Settlement of Investor-State disputes by arbitration and conciliation - 4: Arbitration institutions and regimes - 5: Investment disputes - 6: The parties to investment disputes - 7: Consent to investment arbitration - 8: Conditions for the institution of proceedings - 9: MFN clauses and dispute settlement - 10: Treaty claims and contract claims - 11: Procedure - 12: Applicable law - 13: Remedies - 14: Costs - 15: Review of awards - 16: Enforcement of awards