The Concept of Standard and its Application to the FET
This chapter is dedicated to the notion of standard, and to its application to the FET. The first part of the chapter offers a survey of the standard legal doctrine created in the 1920s, and offers a series of definitions of the standard from a variety of sources. It then argues that the standard is composed of two elements: an objective element formed by its normative character and a subjective element constituted by its application to concrete cases. These two elements are carefully analysed in the specific case of the FET, with specific references to the concepts of fairness, equity, and to the role of the arbitrator in the application of FET. Finally, the direct consequence of being a standard in the case of FET is that of its flexibility, lack of a fixed content, and the important role played by the arbitrator.
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