The Law and Practice of International Courts and Tribunals 4 : 1–17, 2005 © 2005 Koninklijke Brill NV, Leiden, The Netherlands. CALVO’S GRANDCHILDREN: THE RETURN OF LOCAL REMEDIES IN INVESTMENT ARBITRATION ∗ C HRISTOPH S CHREUER I. I NTRODUCTION One of the purposes of investor/State arbitration is to avoid the use of local courts. Litigation in the host State’s domestic courts is often seen as lacking the objectivity that the investor desires. In addition, domestic courts are often bound to apply domestic law even if that law falls short of the standards provided by international law. The traditional international remedy in investor/State disputes is diplomatic protection. But diplomatic protection is contingent upon the exhaustion of local remedies. It does not free the investor from going to the host State’s courts. First going to the local courts of the host State meant delay and additional expense to the investor. But it also carried disadvantages for the host State. 1 Public proceedings in the domestic courts are likely to exacerbate the dispute and may affect the host State’s investment climate. Once the host State’s highest court has made a decision, it may be more difficult for the government to accept
The Law & Practice of International Courts and Tribunals – Brill
Published: Jan 1, 2005
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