Vienna Convention on the Law of Treaties as the Source of Bilateral Investment Treaty Provisions Interpretation in Investor-State Arbitration
DOI:
https://doi.org/10.48614/adr.2020.2021.92-117Keywords:
Vienna Convention on Law of Treaties, Bilateral Investment Treaties, Interpretation of the Provision, Investor-State Arbitration.Abstract
Bilateral international investment agreements are the main driving force of international investment law. Depending on the complexity of investment relations, the dispute often arises between the foreign investor and the host state. In this case the most effective dispute resolution mechanism is an international arbitration. The challenge of the dispute is the vague provisions of the investment treaty, based on which the dispute should be resolved. For the interpretation of vague provisions is necessary to have proper guidelines, which are provided by the Vienna Convention on the Law of Treaties. The Vienna Convention proposes consistent approaches to the interpretation of the provision, which finds significant application in Investor-State Arbitration.
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