The Proportionality Standard in the Settlement of Investor-State Disputes
In the early 1990s bilateral investment treaties with the purpose of development of foreign direct investment and protection of foreign investors increased dramatically. These treaties provided for arbitration as the dispute settlement method. But the provisions of the bilateral investment treaties are not always clear enough. Therefore arbitrators, in order to settle the dispute, need to interpret the treaty provisions. The proportionality standard has been applied by some investment arbitral tribunals in order to make a balance between conflicting interests of host states and investors. Some scholars challenged the basis of the proportionality standard by the arbitral tribunals. In the present article the characteristics of proportionality as a general principle of law, which has its roots in domestic legal systems and has been transferred to international law, will be examine. Accordingly, the application of proportionality for the interpretation investment treaties under the rules reflected in article 31 of the 1969 Vienna Convention on the Law of Treaties will be justified.
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