Abstract
The procedure of investment arbitrations vary tremendously. Arbitrations can range from cases that take many years to conclude to cases that are heard within a year or two. The experience in one case may not hold for another. However, there are a number of common elements and fixed variables. An understanding of these elements and variables allows the reader to draw conclusions as to how a specific arbitration will likely play out. This chapter attempts to convey this understanding with a practical focus on the principal strategic decisions in such a case. It divides the activity in an investment-treaty arbitration into five sequential phases: (1) the preparation of the case, (2) the written submissions, (3) the hearing, (4) post-hearing activity, and (5) the decision and its aftermath; each of these activities is discussed in turn.
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