Foreign investment — Definition of investment — Whether proprietary and contractual rights need to exist — Whether valid claim may exist under BIT in absence of actionable contract — Umbrella clause — Whether pre-contractual agreement binding and constituting an investment in host State — Pre-contractual liability — Insufficient inducement by host State — Whether pre-contractual expenses constitute investment — Distinction between investment and risk

Foreign investment — Contract claims as opposed to treaty claims — Umbrella clause — Whether violation of contract is violation of international law — Whether host State or another entity party to contract — Conditions for existence of contract — Binding force of contract to negotiate — Obligation to negotiate in good faith

State responsibility — Attribution — Whether State responsible for actions of State-owned companies — Whether particular standards of attributability apply in BIT claims — Whether governmental conduct in BIT matters should be different from that required by general international law

Function of ICSID tribunal — Assessment of claims — Sources of law — Whether tribunal may rely on domestic law and foreign case law — Corruption — How tribunal should approach claims of corruption

Costs — Apportionment of costs — Respectable claims on the merits to be considered in apportionment of costs