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Empirical Study: Costs, Damages and Duration in Investor-State Arbitration

The BIICL Investment Treaty Forum in partnership with Allen and Overy is delighted to announce the publication of our empirical study on "Costs, Damages and Duration in Investor-State Arbitration"

The study analysed over 400 ICSID, UNCITRAL and ICSID annulment decisions rendered in investor-state arbitrations and builds on earlier empirical studies conducted by Allen & Overy. 

It gives an evidence-based account of how much investment arbitral proceedings cost, how tribunals allocate those costs, the amount of damages awarded and how long proceedings last.

Key findings of the study include:

  • Party costs have decreased over the past three years
  • Investor costs remain higher than respondent States' costs in arbitral proceedings
  • The prospects of recovering costs have improved
  • Investors are claiming and are awarded larger amounts
  • There is a steady increase in the length of investor-State proceedings
  • The choice of arbitration rules does not significantly impact tribunal costs, costs allocation and duration of investor-State proceedings

This study is co-authored by Professor Yarik Kryvoi, Director of the Investment Treaty Forum of BIICL, with Matthew Hodgson and Daniel HrĨka of Allen & Overy.

Download the report: 
Matthew Hodgson, Yarik Kryvoi and Daniel Hrcka, "2021 Empirical Study: Costs, Damages and Duration in Investor-State Arbitration", London, 2021 

Watch a recording of the launch event:

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