Protection of Legitimate Expectations in Investment Treaty Arbitration

"The book develops a reliance-based theory of legitimate expectations and articulates a normative framework for adjudication of cases for breach of the fair and equitable treatment standard. In this regard, the book has theoretical and practical relevance to the investment treaty arbitration community. The book takes an interdisciplinary approach based on moral philosophy to the complex issue of protection of legitimate expectations, which has so far been approached mostly from a formalist perspective. The reliance theory of legitimate expectations offers penetrative insights into the doctrinal structure and assists arbitral tribunals and counsels in adjudicating complex cases for breach of fair and equitable treatment standard. The proposed Guidelines for application of the principle of legitimate expectations offers a concrete framework for applying the doctrine to solve practical issues, which should provide more clarity and certainty to the law over time. The reliance theory of legitimate expectations will serve as a conceptual map for tribunals and legal counsels in the navigation of the legal landscape of legitimate expectations"--