Abstract
Encyclopedia entry on fair and equitable treatment. Fair and equitable treatment is a legal term of art well known in the field of foreign investment protection. It is a rule of considerable practical importance in dispute settlement on the basis of investment treaties. Judging from publicly available awards, this is the obligation that investment treaty tribunals are most likely to find to have been breached. However, despite its pedigree and importance, the textual formulation of ‘fair and equitable treatment’ is not an example of excessive clarity regarding the legal criteria to be applied to resolving particular disputes. International law has addressed this challenge in two ways: by identifying particular elements (‘standards’) of fair and equitable treatment through jurisprudence constante of decisions in international investment arbitration; and by recent treaty-making that elaborates elements that are present (and sometimes also not present) as part of fair and equitable treatment.
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