LOCAL REMEDIES AND THE STANDARDS FOR THE PROTECTION OF FOREIGN INVESTMENT
This chapter examines the alleged requirement to resort to local remedies before a violation of a substantive standard of international investment law can be diagnosed, despite a waiver of the requirement to exhaust local remedies as, for example, contained in Article 26 ICSID. It begins by briefly outlining the function of the local remedies rule in international law and the waiver contained in Article 26 of the ICSID Convention. It then considers the related practice of arbitral tribunals. Finally, it discusses considerations of principle which the cases canvass as well as a number of related questions will be discussed.
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