Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investment definition

What does Investment mean? In practice, investment describes an asset or bundle of rights committed in a host state with the aim of generating a return. In investor-state work, the operative definition is treaty-specific: most bilateral investment treaties (BITs) and the Energy Charter Treaty use broad, asset-based lists covering, where applicable, tangible and intangible property located in the territory, shareholdings and other equity interests, contractual rights (including concessions), intellectual property, and loans or claims to money, subject to stated carve-outs. The ICSID Convention does not define investment; tribunals assess jurisdiction by the treaty text and case law, commonly considering a contribution of resources,...

Investment treaty arbitration: BITs/MITs, ICSID/UNCITRAL, substantive protections, investor/investment definitions, MFN and umbrella clauses, interim relief, and UK enforcement/state immunity

Published by a LexisNexis Arbitration expert

Practice notes

This Practice Note offers an overview of investment treaty arbitration.

In essence, investment treaty arbitration concerns resolving, usually, a foreign investor’s claim against a respondent state, alleging violations of investor safeguards set out in an investment treaty concluded between two states or a bloc of states, under an arbitration agreement embedded in the treaty’s investor–state dispute settlement clauses. Such claims are brought pursuant to the arbitration agreement set within the treaty’s investor–state dispute settlement provisions.

'Investment treaty arbitration' is often contrasted with 'international commercial arbitration'; both are frequently grouped under 'international arbitration'. See Practice Note: International arbitration—an introduction to the key features of international arbitration, for discussion of the term 'international commercial arbitration'.

Investment treaties

Bilateral investment treaties (bits) and multilateral investment treaties (MITs) are central to any consideration of investment treaty arbitration.

Bilateral investment treaties

A BIT is an agreement between two states whereby each undertakes to extend rights and protections to the other’s investors. Typically, a BIT grants the investor a pathway to international arbitration should a dispute arise concerning its investment. Bilateral Free Trade Agreements frequently also include investor dispute resolution mechanisms...

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Ed Poulton

Baker McKenzie

Ed Poulton is the Managing Partner of Baker McKenzie’s London office. A key name in the arbitration community, Ed's practice focuses on international arbitration and investment treaty arbitration. He sits as an arbitrator in ICC and LCIA arbitrations, and is the consulting editor of a seminal text on the arbitration of M&A disputes. He also has extensive experience managing cross-border litigation. Ed focuses on advising clients on managing risk and resolving disputes relating to investment treaties, financial services and M&A. He is highly experienced in resolving disputes through international arbitration (in which respect he has experience of all of the major arbitral institutions and of ad hoc arbitration) and by other methods including litigation and mediation. In addition to commercial dispute resolution, Ed regularly advises clients in relation to investment treaties and public international law issues. Ed is experienced and...

Janek Bednarz

Baker McKenzie

Janek Bednarz is a senior associate in the Baker McKenzie Dispute Resolution team, based in London. Janek has experience acting for corporations and States in a broad range of commercial and investment treaty arbitrations. Janek has specialist expertise in investor-state disputes under the ICSID rules and has also worked on a variety of commercial arbitrations under the ICC, LCIA, SCC, HKIAC and DIAC rules. His practice investor-state practice centres on projects in energy ad infrastructure sectors. In addition, Janek’s commercial arbitration experience spans a variety of additional sectors and specialisms, including post M&A disputes, commodities, construction and the pharmaceutical industry. Prior to joining Baker McKenzie, Janek was a trainee case manager at the ICC Court of Arbitration. Janek is a co-author of Legal 500’s Investment Treaty Arbitration Guide and the BIICL Empirical Study on Corporate Restructuring and Investment Treaty...

Web page updated on 21/05/2026

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