This chapter examines the applicable law in an investment dispute by analysing article 38 (1) of the ICJ Statute, referring to general international law, and article 42 of the ICISD Convention, more specific to investment law. It concludes that, although arbitrators have to respect the national law chosen by the Parties in cases of a contractual claim, if such a choice exists, international law will continue to be relevant, and that a balance between national and international law has to be found. When in the presence of a treaty claim, international law will directly be applied.
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