Ⅰ.Nature， Evolution， and Context of International Investment Law 1
1. International Investment Law as a Field of Study 1
2. The Business Nature of a Foreign Investment：A Long-Term Risk 3
3. Host State Sovereignty and the Rules of Foreign Investment 7
4. Customary International Law： The Emergence of a Minimum Standard 11
5. Treaty Law： Evolution and Purpose 17
6. Current Trends in Treaty Practice 24
7. Regional Agreements： Energy Charter， NAFTA 27
Ⅱ.Interpretation and Application of Investment Treaties 31
1. Interpreting Investment Treaties 31
（a） Methods of Treaty Interpretation 31
（b） Travaux Preparatoires 33
（c） Interpretative Statements 34
（d） The Authority of ‘Precedents’ 35
（e） Towards a Greater Uniformity of Interpretation 37
2. Application of Investment Treaties in Time 38
（a） Inter-Temporal Application of Treaties in General 38
（b） Different Inter-Temporal Rules for Jurisdiction and Substance 39
（c） The Date Relevant to Determine Jurisdiction 41
（d） Relevant Dates under the ICSID Convention 41
（e） Inter-Temporal Rules in Other Treaties 43
Ⅲ.Investors and Investments 46
1. Investors： Individuals， Companies， Nationality，and Shareholders 46
（a） Private Foreign Investors 46
（b） Nationality of Individuals 47
（c） Nationality of Corporations 49
（d） Article 25（2）（b） of the ICSID Convention： Agreement to Treat a Local Company as a Foreign National because of Foreign Control 52
（e） Nationality Planning and Denial of Benefits 54
（f） Shareholders as Investors 56
2. Investment 60
（a） The Concept of an Investment 60
（b） Definitions in Investment Protection Treaties 62
（c） Case Law 65
Ⅳ.Investment Contracts 72
1. Types of Investment Contracts 72
2. Applicable Law 73
3. Stabilization Clauses 75
4. Renegotiation/Adaptation 77
Ⅴ.Admission and Establishment 79
1. The Move towards Economic Liberalism 79
2. Treaty Models of Admission 80
3. Performance Requirements 82
4. Non-Compliance by Investor with Host State Law and International Public Policy 84
Ⅵ.Expropriation 89
1. The Right to Expropriate 89
2. The Three Branches of the Law 90
3. The Legality of the Expropriation 90
4. Direct and Indirect Expropriation 92
（a） Broad Formulae： Their Substance and Evolution 92
（b） Judicial and Arbitral Practice： Some Illustrative Cases 96
（c） Effect or Intention？ 101
（d） Legitimate Expectations 104
（e） The Issue of Control： Partial Expropriation？ 106
（f） General Regulatory Measures 109
（g） Duration of a Measure 112
（h） Creeping Expropriation 114
5. Expropriation of Contractual Rights 115
Ⅶ.Standards of Protection 119
1. Fair and Equitable Treatment 119
（a） History of the Concept 119
（b） Heterogeneity of Treaty Language 121
（c） Nature and Function 122
（d） Fair and Equitable Treatment and Customary International Law 124
（e） The Evolution of the Fair and Equitable Treatment Standard 128
（f） Attempts at Defining Fair and Equitable Treatment 130
（g） Methodological Issues 133
（h） Specific Applications of the Fair and Equitable Treatment Standard 133
aa. Transparency， Stability， and the Protection of the Investor’s Legitimate Expectations 133
bb. Compliance with Contractual Obligations 140
cc. Procedural Propriety and Due Process 142
dd. Good Faith 144
ee. Freedom from Coercion and Harassment 147
（ⅰ） Conclusion 148
2. Full Protection and Security 149
（a） Concept 149
（b） Protection against Physical Violence and Harassment 150
（c） Legal Protection 151
（d） Relationship to Customary International Law 152
3. The Umbrella Clause 153
4. Access to Justice， Fair Procedure， and Denial of Justice 162
5. Emergency， Necessity， Armed Conflicts， and Force Majeure 166
（a） Customary International Law 166
（b） Treaty Law 167
（c） The ILC Articles on State Responsibility 168
aa. Necessity 168
bb. Force Majeure 171
6. Preservation of Rights 172
7. Arbitrary or Discriminatory Measures 173
（a） The Meaning of Arbitrary Measures 173
（b） Relationship to Fair and Equitable Treatment and to Customary International Law 175
（c） The Meaning of Discriminatory Measures 176
8. National Treatment 178
（a） General Meaning 178
（b） Application 179
aa. The Basis of Comparison 180
bb. The Existence of a Differentiation 181
cc. Is there a Justification for the Differentiation？ 181
dd. The Relevance of Discriminatory Intent 183
（c） The Relevance of WTO Case Law 184
9. Most-Favoured-Nation Treatment 186
（a） Introduction 186
（b） Variations of MFN Clauses 187
（c） Method of Interpretation 188
（d） Invoking Substantive Rights 188
（e） Current State of the Law 190
10. Transfer of Funds 191
Ⅷ.State Responsibility and Attribution 195
1. Organs， Provinces， and Municipalities 195
（a） State Organs 196
（b） Provinces and Municipalities 197
2. State Entities 198
（a） The Role of State Entities 198
（b） Structure， Function， and Control 200
（c） Judicial Practice on Attribution 201
（d） State Responsibility for Failure to Protect 204
3. Party Status for Constituent Subdivisions or Agencies under the ICSID Convention 205
Ⅸ.Political Risk Insurance 207
Ⅹ.Settling Investment Disputes 211
1. State v State Disputes 211
（a） Diplomatic Protection 211
（b） Direct Disputes between States 213
2. Investor v State Disputes 214
（a） The Role of Domestic Courts 214
aa. The Limited Usefulness of Domestic Courts 214
bb. The Requirement to Resort to Domestic Courts 215
cc. The Fork in the Road 216
dd. Selection of Domestic Courts in Contracts 217
（b） Arbitration and Conciliation 220
（c） Arbitration Institutions and Regimes 222
aa. ICSID 222
bb. ICSID Additional Facility 224
cc. Non-ICSID Investment Arbitration 225
ⅰ. The International Chamber of Commerce 227
ⅱ. The London Court of International Arbitration 227
ⅲ. UNCITRAL Rules 227
ⅳ. The Iran-United States Claims Tribunal 228
ⅴ. The Permanent Court of Arbitration 229
（d） The Subject Matter of the Dispute （Jurisdiction RationeMateriae） 230
aa. The Dispute 230
bb. The Legal Nature of the Dispute 230
cc. The Directness of the Dispute in Relation to the Investment 231
dd. The Investment 233
（e） The Parties to the Dispute （Jurisdiction Ratione Personae） 233
aa. The Host State 234
bb. The Investor 235
cc. The Investor’s Nationality 236
dd. The Significance of the Additional Facility 238
（f） Consent to Arbitration 238
aa. Consent by Direct Agreement 239
bb. Consent through Host State Legislation 240
cc. Consent through Bilateral Investment Treaties 242
dd. Consent through Multilateral Treaties 243
ee. The Scope of Consent 244
ff. Procedural Conditions to Consent 247
gg. The Interpretation of Consent 251
（g） The Applicability of MEN Clauses to Dispute Settlement 253
（h） Procedure 257
（i） Provisional Measures 262
（j） Applicable Law 265
（k） Damages and Compensation 271
（l） Costs 276
（m）Challenge and Review of Decisions 277
aa. Review in non-ICSID Arbitration 278
bb. Annulment under the ICSID Convention 279
ⅰ. Excess of Powers 281
ⅱ. Serious Departure from a Fundamental Rule of Procedure 283
ⅲ. Failure to State Reasons 284
ⅳ. Resubmission to a New Tribunal 285
cc. Supplementation and Rectification under the ICSID Convention 286
dd. Interpretation under the ICSID Convention 286
ee. Revision under the ICSID Convention 287
（n） Enforcement ofAwards 287
Annexes 291
1. Convention on the Settlement of Investment Disputes between States and Nationals of Other States （ICSID Convention） （March 1965） 291
2. Energy Charter Treaty （Parts Ⅰ， Ⅲ， Ⅴ） （December 1994） 314
3. North American Free Trade Agreement （NAFTA），Chapter ⅩⅠ （December 1992） 330
4. Agreement between the People’s Republic of China and the Government of ［& ］ on the Promotion and Protection of Investments （Chinese Model BIT） （2003） 352
5. Accord entre le Gouvernement de la Republique Francaise et le Gouvernement de ［& ］ sur l’Encouragement et la Protection Reciproques des Investissements （French Model BIT） （2006） 360
6. Treaty between the Federal Republic of Germany and ［& ］ Concerning the Encouragement and Reciprocal Protection of Investments （German Model BIT） （2005） 368
7. Draft Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of ［& ］ for the Promotion and Protection of Investments （UK Model BIT） （2005） 376
8. Treaty between the Government of the United States of America and the Government of ［& ］ concerning the Encouragement and Reciprocal Protection of Investment （US Model BIT） （2004） 385
Index 421