International investment contracts do not suddenly and miraculously spring into existence on their own initiative. They are always the product of negotiation between foreign investors and other interested parties, including governments. Some investment contracts, such as those governing the purchase of a hundred shares of stock on the Mumbai stock exchange, can be made easily and cheaply. Others, for example the contracts to undertake a major infrastructure project, may entail lengthy and costly discussions among numerous parties with no guarantee at the end that...
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