The Impacts of Legal Provisions on Third-Party Funders in International Investment Arbitration

— In this article, the authors analyse legal provisions concerning the third-party funder in international investment arbitration by applying third-party funding (TPF). A TPF arrangement entails financiers covering the legal expenses of an investment treaty claim against a sovereign state. In return, they receive a portion of any eventual award. The current international law provisions do not extensively regulate TPF, as it is a relatively new trend in international arbitration. However, numerous studies have highlighted the necessity of supplementing regulations in this area to avoid ambiguities or inconsistent application in different cases, especially funders. Specifically, the arguments in this article focus more on the rights and obligations of the funders rather than procedural aspects, providing a foundation for proposing solutions to address persistent issues in future international investment arbitrations involving TPF