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Max Planck Encyclopedia of International Procedural Law [MPEiPro]

Cooling off Period

Aravind Ganesh

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 28 February 2020

Admissibility — International courts and tribunals, procedure — Waiting period — UNCITRAL Arbitration Rules — Negotiations and consultation

Published under the direction of Hélène Ruiz Fabri, with the support of the Department of International Law and Dispute Resolution, under the auspices of the Max Planck Institute Luxembourg for Procedural Law.

1 ‘Cooling off periods’, also known as ‘waiting periods’, are a feature of bilateral investment treaties (‘BITs’; Investments, Bilateral Treaties) or state-investor arbitration, whereby parties seeking to initiate arbitration proceedings are required to hold off for a specified period during which an amicable settlement should be attempted. One study estimates that some 90 per cent of all BITs contain clauses imposing such requirements (Pohl, Mashigo, and Nohen, 2012, 17). Similar practices are found in other fields such as commercial arbitration, trade law, and...
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