Abstract

The article analyses the main features of modern arbitration of investment disputes between investors and investment-receiving states and argues that modern investment arbitration is strikingly different from the model that states had in mind when it was created. Investment arbitration has evolved from a private model of dispute resolution to a mechanism that is fully regulated by public international law due to the fact that investment arbitration is created on the basis of an international agreement and considers disputes concerning the obligations of States arising not from a contract, but from international treaties. The current state of investment arbitration requires a rethinking of the domestic doctrine regarding investment disputes and investment arbitrations in favour of recognising their public-law nature and its being at the intersection of public international law and constitutional law.

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