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View moreThe Bilateral Investment Treaty, or BIT, is a treaty between the United States and another country that provides a level of protection for investors from one country who make investments in the other. Under the treaty, the country where the investment is made (or "host State") agrees that it will:
Refrain from discriminating against the other country's investors on the basis of nationality
Accord their investments "fair and equitable treatment"
Adhere to any contractual or other obligations it has entered into with such investors
Refrain from taking their investments except upon certain conditions, including the payment of prompt, adequate and effective compensation
Under the BIT, the host State commits to allow investors of the other State to sue it in an international forum in the event investors believe the host State has breached BIT obligations. This is referred to as BIT arbitration.
BIT arbitration constitutes a neutral forum in which to resolve disputes between a State and an investor of another State, and helps to level the dispute resolution playing field. If an investor submits a claim to arbitration, the parties proceed to compose a tribunal, with one member nominated by the claimant, one member nominated by the respondent, and a chair nominated by the two co-arbitrators.