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and 1. INTRODUCTION The standard of compensation for the breach of a State's international obligations is one of the most controversial areas of international law. The debate is particularly vibrant in the field of investment treaty arbitration, where the discussion about State responsibility and the appropriate measure of compensation is accentuated by the adversarial nature of the arbitration process.2 It is a well-settled principle of international law that a State has the obligation to make full reparation of the injury caused as a result of an internationally wrongful act by way of restitution and, if this is not possible, through monetary compensation.3 In the investment treaty context, a State's failure to accord treatment to an investor or investment as provided in the applicable investment treaty constitutes an internationally wrongful act that gives rise to that State's obligation to make full reparation. For the most part, claimant investors under bilateral and multilateral investment treaties' seek reparation from the host State by way of monetary compensation. The standard of compensation for a State's breach of its treaty obligations is also the subject of extensive debate among scholars and practitioners. One of the areas that has attracted particular attention is that
Journal of World Investment and Trade – Brill
Published: Jan 1, 2009
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