Investment arbitration, like any arbitration, is a creature of contract. A party submitting a case to the International Centre for Settlement of Investment Disputes (the “Centre”) therefore must ensure that their adversaries have consented to arbitrate. This article answers the ‘what, how, and when’ of consent in investment arbitration. What is “Consent”? Article 25(1) of […]
Disclosure of Third-Party Funding in International Arbitration
The disclosure of third-party funding is becoming increasingly common in international arbitration proceedings. This is reasonable, as the fact that there is an outside influence on the case affects the decision-making process and impacts issues such as transparency, impartiality, independence and conflicts of interest. For instance, if a third-party funder has a conflict of interest […]
Cost of Investment Arbitration: UNCITRAL, ICSID Proceedings and Third-Party Funding
Party Costs in Investment Arbitration In a recent article by Global Arbitration Review, the second edition[1]of a recent empirical study reveals that the cost of investment arbitration is unfortunately on the rise yet again. Since 2013, average party costs were a massive USD 7.41 million for claimants and USD 5.19 million for respondents. Before then, costs […]
Provisional Measures in International Investment Arbitration – To What Extent Are They Binding and Enforceable?
The authority of arbitral tribunals to grant interim or provisional measures in international investment arbitration is today uncontested and represents current practice[1]. This “inherent power”[2] of arbitral tribunals is encompassed in multiple investment arbitration instruments, such as Article 47 of the ICSID Convention, Article 39 of the ICSID Arbitration Rules, Article 26 of the UNCITRAL Arbitration Rules and Article 1134 of the […]
Lessons from Venezuela: ICSID’s Post-Denunciation Phase
Protests. News bulletins. Calls for treaty reform and withdrawal. In a political and economic climate of a potential post-arbitration age, governments and communities are in the throes of debate. Going forward, however, leaders would be mindful to learn from the Bolivarian Republic of Venezuela and its recent ICSID debacle when it faced two series […]