International Investment Arbitration: Recent Developments as to the Applicable Law and Unilateral Recourse.

International arbitration relating to investments is a field in which important and rapid developments have taken place. Such developments have produced a noteworthy reinforcement of the procedural and substantive rights and positions of foreign investors vis-á-vis host States. Among the various items characterizing these new developments, two have been selected to be examined in this Article: (I) The compliance with international law by arbitral awards and their rationale; (II) The new form of arbitration which is apparently developing, the unilateral arbitration or arbitration without privity. [ABSTRACT FROM AUTHOR]