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date: 24 January 2021

Abstract and Keywords

This article discusses the precedent in international law and marks the evidence of a coherent case-law as it strengthens the predictability of decisions and enhances their authority. Investment treaty awards can thus play a role in counteracting the increasing fragmentation of international law. It emphasizes that the terms of each treaty should be carefully analysed to determine the exact scope of the consent expressed by the two parties. The tribunal examines a number of previous decisions that it finds to be in line with its own conclusions. This article also discusses the inconsistency in decisions and shows that in some cases tribunals did not follow earlier decisions but adopted different solutions while at times, they simply adopted a different solution without distancing themselves from the earlier decision. Finally, it ends with a brief discussion of the plans to create institutionalized mechanisms to achieve uniform interpretations.

Keywords: precedent, international law, investment treaty, tribunal, inconsistency, decisions

Christoph Schreuer

Christoph Schreuer is a graduate of the Universities of Vienna, Cambridge and Yale. He is a former Professor at Johns Hopkins University and University of Vienna, member of the Permanent Court of Arbitration and ICSID Panel of Arbitrators, arbitrator in ICSID and UNCITRAL cases.

Matthew Weiniger

Matthew Weiniger is Partner, Herbert Smith LLP, London.

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