Legal Security in International Investment Dispute Settlement System

Today, Arbitration is, without any doubt, turned into the most common method of dispute settlement in international investment disputes and most BITs, MITs or contracts between investors and host states contain an arbitration clause. Nevertheless, arbitral tribunals in international investment disputes, even in institutional arbitrations (such as ICSID etc.), are ad hoc-based and establish for each specific case and will be dissolved after settling the respective dispute. In recent decades, this has led to the issuance of conflicting or even contradictory awards from different arbitral tribunals, in several instances, in which different judgments have been rendered for almost same legal or factual issues. The increase in issuance of such conflicting awards is considered, by some legal scholars, as a threat to legal security and consistency of the system, which also compromise trust of the players in this field. One proposal for resolving the problem is establishing a Multi-National Court of International Investment, which is the main subject of study in this article.