A cooling off period, or waiting period, is an element of BITs, through which parties compel to refrain from initiating arbitration from a given period, in order to pursue an amicable settlement. Related elements can be found in different branches of dispute resolution, like commercial arbitration, trade and even on the settlement of inter-state disputes.

A cooling off period can vary widely in range, from three to eighteen months. The standard length is of six months.

Relevant Experience of BODENHEIMER Attorneys

Axel Benjamin Herzberg and Dr Rouven F Bodenheimer routinely advise both, investors and governments on international investment law issues. Mr Herzberg also handled a number of ISDS cases as Deputy Counsel at the Secretariat of the ICC International Court of Arbitration in Paris.

Dr Nicolas Klein worked for German Federal Constitutional Court Justice Professor Dr Andreas Paulus, himself a renowned public international law specialist who represented Germany, inter alia, before the International Court of Justice in the LaGrand case against the United States. Both, Dr Klein’s doctoral thesis and his LL.M. studies at Columbia University (New York) revolved around issues of international investment law, in particular the scope of application ratione personae of bilateral investment treaties.