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International Investment Law and Comparative Public Law$
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Stephan W. Schill

Print publication date: 2010

Print ISBN-13: 9780199589104

Published to Oxford Scholarship Online: January 2011

DOI: 10.1093/acprof:oso/9780199589104.001.0001

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Fair and Equitable Treatment, the Rule of Law, and Comparative Public Law

Fair and Equitable Treatment, the Rule of Law, and Comparative Public Law

(p.151) 5 Fair and Equitable Treatment, the Rule of Law, and Comparative Public Law
International Investment Law and Comparative Public Law

Stephan W. Schill

Oxford University Press

This chapter discusses fair and equitable treatment as one of the core concepts of international investment protection. It suggests that the jurisprudence of investment tribunals on fair and equitable treatment can be conceptualized under a primarily institutional and procedural concept of the rule for law that has parallels in the major domestic legal systems of liberal democracies, and argues that such an understanding can be normatively grounded in the objective of international investment treaties. This overarching understanding translates into several sub-elements of fair and equitable treatment, including the requirement of stability, predictability and consistency, the principle of legality, the protection of legitimate expectations, procedural due process and denial of justice, substantive due process and protection against discrimination and arbitrariness, transparency, and the principles of reasonableness and proportionality.

Keywords:   fair and equitable treatment, rule of law, stability, predictability, denial of justice, legitimate expectations, due process, arbitrariness, discrimination, transparency

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