JUSTIFYING Jurisprudence Constante AS INTERPRETATIVE INSTRUMENT OF INVESTMENT TREATY ARBITRATION
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Abstract
In general, the parties to any dispute settlement mechanism might predict a tentative outcome from stare decisis, which is the principle of precedent in the common law system that the Tribunal stands by its former decisions. However, not every judicial system shares the same notion, especially investment arbitration, such as the International Centre for Settlement of Investment Disputes (“ICSID”) tribunal that manifestly refuses such a principle. It draws an attraction on the possibility to apply precedent decisions as an interpretative instrument. This comes to a question on to what extent prior awards have persuasive effect in investment arbitration.
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