Damages have been described as ‘the poor cousin of liability’.3 Yet damages valuation plays an essential, albeit often controversial, role in investor–State arbitration. Quantum questions require the participants—parties, counsel, experts and especially arbitrators—to think creatively and critically about the applicable framework underlying damages valuation. Consistency and rigor in the tribunal’s approach to damages contribute to the good administration of justice in a case. With that goal in mind, this article introduces a more structured legal framework underlying the valuation of damages arising from breaches of the fair and equitable treatment (FET) standard, which does justice to the unique nature of that standard and avoids ‘horse trading’ among tribunal members. Arbitrators may be inclined to apply valuation methodology associated with expropriation wholesale, or in slightly modified form, to FET claims notwithstanding the fundamental differences between FET and other standards, including with regard to the nature and level of the harm suffered by the investor. A structured approach featuring multiple stages must take account of these differences and must give factors such as contributory fault and valuation date their proper place through rigorous reasoning, lest the outcome, and justice itself, be compromised through over- or undercompensation.

中文翻译：

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通过三阶段情境化方法重新构想违反公平和公正待遇标准的损害赔偿评估框架

损害赔偿被描述为“责任的可怜表亲”。3 然而，损害赔偿估价在投资者与国家仲裁中发挥着重要的作用，尽管经常引起争议。量子问题要求参与者——当事人、律师、专家，尤其是仲裁员——创造性地和批判性地思考损害赔偿估值的适用框架。法庭处理损害赔偿的一贯性和严谨性有助于案件中的良好司法行政。考虑到这一目标，本文介绍了一个更有条理的法律框架，以评估因违反公平公正待遇 (FET) 标准而引起的损害赔偿，该框架公正地体现了该标准的独特性，并避免了“马交易”法庭成员。尽管 FET 与其他标准之间存在根本差异，包括在投资者遭受的损害的性质和程度方面，仲裁员可能倾向于将与征用相关的估值方法批发或略微修改的形式应用于 FET 索赔。具有多个阶段的结构化方法必须考虑到这些差异，并且必须通过严格的推理将促成过错和估值日期等因素放在适当的位置，以免结果和正义本身因过度补偿或补偿不足而受到损害。