International Investment Arbitration: Substantive Principles (2nd edition)

ISBN : 9780199676804

Campbell McLachlan; Laurence Shore; Matthew Weiniger
600 ページ
171 x 246 mm
  • Provides a detailed analytical survey of the substantive principles of international law applied by investment arbitration tribunals
  • Offers clear codification of the law as reflected in tribunal practice
  • Cross-references all applicable sources of law, providing a comprehensive basis for further research
  • Written by a leading author team with experience of both private and public international law, and as a arbitrator and counsel

New to this Edition:

  • The new edition of this bestselling book is updated to account for the substantial growth in cases being brought under bilateral and multilateral investment treaties

This is the long-awaited second edition of this widely-referenced work on the substantive law principles of investment treaty arbitration. It forms a detailed critical review of the substantive principles of international law applied by investment arbitration tribunals, and a clear and comprehensive description of the present state of the law. The first edition met with immediate success as a result of the authors' achievement in describing and analysing the volume of law created, applied and analysed by tribunals. The second edition is fully updated to take account of the arbitration awards rendered in the period since 2007. Written by an internationally recognised author team, it is now the most comprehensive and up to date work in its field and no practitioner or academic can afford to be without it.
Key areas of coverage include: the instruments under which investment disputes arise; the legal basis of treaty arbitration; dispute resolution and parallel proceedings; who is a foreign investor, including nationality issues and foreign control; what is an investment; investors' substantive rights, including fair and equitable treatment; expropriation; compensation and remedies. 
Arbitration of overseas investment disputes is one of the fastest growing areas of international dispute resolution. The exponential growth of international investment in recent years has led to the signature of over two thousand Bilateral Investment Treaties (BITs) between foreign states, in addition to a wealth of multilateral treaties and other forms of concession agreements. The legal principles that have developed in this area are subject to intense debate, and are still in a state of flux. While tribunals routinely state that they are applying principles of public international law to determine disputes, many of the principles applied have only been developed recently in the context of investment treaty arbitrations, and tribunals are often guided more by the approaches taken by other tribunals, than by pre-existing doctrines of public international law. International Investment Arbitration:Substantive Principles is an important contribution to the collection and codification of the current state of practice in this field.


1: Overview
2: Legal Basis of Investment Arbitrations
3: Parallel Proceedings
4: Nationality
5: Definition of Investment
6: Investors' Rights
7: Expropriation
8: Compensation


Campbell McLachlan, Professor of Law, Victoria University of Wellington and Associate Member of Essex Court Chambers, London and Bankside Chambers, Auckland & Singapore, Laurence Shore, Partner, BonelliErede, Milan, and Matthew Weiniger, Partner, Linklaters, and Professor of Arbitration at Queen Mary University of London
Campbell McLachlan QC is Professor of Law at Victoria University of Wellington, specializing in public and private international law. Educated at Victoria (LL.B (Hons), 1984), and at the University of London (Ph D (1988)), he holds the Diploma cum laude of the Hague Academy of International Law (1985). Until his return to New Zealand in 2003, Campbell was in practice in London, where he was a partner in the international law firm Herbert Smith. He led the firm's International Law Practice Group, and conducted many cases involving sovereign states. He has been Rapporteur of the International Law Association Committee on International Civil and Commercial Litigation (1992-2002) and Chair of the IBA International Litigation Committee (2001-2003). In 2005, he was invited to become an editor of the 14th edition of Dicey and Morris on the Conflict of Laws, with special responsibility for arbitration and foreign currency obligations.
Laurence Shore specializes in international commercial arbitration and litigation. He has practised at the U.S. State Department and the Washington, D.C., law firm Williams & Connolly, appearing as advocate in cases before the U.S. Federal, State, and Administrative Courts. He has acted as advocate in significant arbitrations under, for example, the UNCITRAL, ICC, and AAA Rules. Laurence has advised on matters of public and private international law, and United States law. His experience in London and the U.S. has enabled him to act successfully in matters such as Hague Convention Letter of Request proceedings in England, arising out of U.S. tobacco litigation.
Matthew Weiniger QC is a solicitor advocate who specializes in international arbitration and public and private international law. He acts and advises in international cases across all major industries. He has extensive experience as an advocate in arbitration cases. Many of his cases involve governments. He has worked under all the major arbitration systems including the International Chamber of Commerce (ICC), the London Court of International Arbitration (LCIA), International Centre for Settlement of Investment Disputes (ICSID), Stockholm Chamber of Commerce (SCC), and the United Nations Commission on International Trade Law (UNCITRAL) Rules. He also has advised energy companies and governments on the public international law aspects of transnational infrastructure projects. Matthew lectures on arbitration and public international law, and is a visiting professorial fellow at the Centre for Commercial Law Studies, Queen Mary University of London.

"This second edition, published almost a decade after the first edition, is a masterful work. The book is tightly packed with well researched and practical expositions on relevant investment treaty provisions and case law ... [This] is a 'must have' practical resource for practitioners and arbitrators working on investment law claims; its depth and scholarship will also make it a 'must consult' work for any serious academic study of the area; its comprehensive coverage will require it to be a 'must include' item on any reading list designed for a course on the subject; and it should be a 'must know' for both policy makers and treaty drafters. This book will be an essential and worthy acquisition for any investment arbitration library." - Romesh Weeramantry, Clifford Chance (ICC Dispute Bulletin, 2017)

"There's certainly no doubt that the book excels as a research resource. Note the extensive footnoting and check out the eight-page bibliography listing books, reports and articles. And luckily for practitioners and scholars, the book is logically structured and easily navigable.- Phillip Taylor, MBE, The Barrister"

"Illuminating a complex subject with thoroughness and clarity, this new edition of International Investment Arbitration will be welcomed by international lawyers and arbitrators specialising in this field." - Elizabeth Taylor and Phillip Taylor MBE, Richmond Green Chambers.