Legitimate Expectations in Recent Investment Arbitration and Future of the Concept under New Generation of Investment Treaties
Legitimate Expectations in Recent Investment Arbitration and Future of the Concept under New Generation of Investment Treaties
Martin Karas
 
ABSTRACT: Legitimate expectations have relatively recently emerged as one of the most important legal concepts in international investment dispute settlement. This article analyses the most recent interpretation of the concept by investment tribunals and its treatment on the level of new investment treaties. The goal of the article is to identify the most important elements of the concept of legitimate expectations and determine which of these elements are currently driving the discussion over the interpretation of legitimate expectations under the fair and equitable standard in investment law. Content analysis of fifty-eight tribunal awards shows that the concept of specific representations is the most disputed concept relevant for legitimate expectations. Other disputed concepts include due diligence and time of the investment. An additional analysis of forty recently signed investment agreements illustrates differences in the ways that countries attempt to clarify the role of legitimate expectations in arbitration practice.

Please Sign in if already registered Subscriber.

Or

Please Register and make the necessary subscription payment to activate your account.

Adobe Reader