Cultural heritage considerations in international investment arbitration
2018 Investment Arbitration Outlook Uría Menéndez, n.º 4
International Investment Arbitration is an international law dispute settlement mechanism. It is established by international legal instruments, such as treaties, and involves international legal rights and obligations and, unlike international commercial arbitration, it requires the interpretation and application of public international law principles. Even though the law to be applied to specific Investor-State Dispute Settlement proceedings is commonly determined by Bilateral Investment Treaties, it is not rare to find that such clauses refer to the domestic law of the state that is party to the dispute, the BIT itself, and international law in general. In the latter category, we may find international agreements that regulate the administration and protection of tangible and intangible cultural heritage which, in turn, can a vital play role in ISDS.