Do Arbitral Awards Constitute Precedents? Should Commercial Arbitration be Distinguished in this Regard from Arbitration Based on Investment Treaties? - Part 4 - Chapter 1 - Towards a Uniform International Arbitration Law?
PDF from "Towards a Uniform International Arbitration Law?"
Since the 1980s, arbitration has become the most common form of dispute resolution as far as international investments are concerned. In fact, only arbitration can ensure the utmost equality between parties otherwise in unequal positions (a private investor and the host State of an investment).
This particular form of arbitration has been developing due to the existence of numerous investment treaties.
Most investment treaties are bilateral treaties for the protection and promotion of investments (hereinafter “BIT”). BITs are in constant development and more than 2200 exist as of today.