Abstract
When considering settlement of investment disputes, choice of law clause is one of the most important clauses. However, when it comes to disputes between the state and the foreign investor, most of the BITs do not contain this clause. On the other hand, it can be quite often found in cases of a dispute between states (Parties). The author analyzes relevant provisions of bilateral investment treaties of the Republic of Serbia, BIT models and provisions of BITs concluded between other countries. The relationship of this clause to the clause of the choice of procedural mechanism is pointed out. The importance of the Vienna Convention on the Law of Treaties for interpretation of provisions of BITs is especially emphasized. The methodology used in this paper is typical of social (legal) sciences: descriptive method, positive-legal method and comparative legal analysis.
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