The arbitral process of the International Center for the Settlement of Investment Disputes (ICSID) contains a number of innovative features which were previously unknown to international arbitration. The present volume compares the ICSID system with other major transnational arbitral systems, mainly those of the International Chamber of Commerce (ICC), the American Arbitration Association (AAA), & the rules of the United Nations Committee on International Trade Law (UNCITRAL). The study focuses on the distinctive features of the Center, with emphasis on its jurisdiction, the applicable law, & the annulment procedure. The major aim of the work is to examine the lessons which can be drawn from the experience of the Center. The first chapter surveys the economic & legal background of international investments which led to the establishment of the Center. Chapter Two provides an extensive survey of the ICSID with special emphasis on its arbitral process. The third chapter is an intensive analysis of the Center's jurisdiction & the questions arising therefrom. Chapter Four deals with applicable law in the Center's arbitral system & a comparison with its international counterparts. The final chapter is dedicated to drawing conclusions from the experience of the Center over the past 25 years from which the international arbitration community as a whole can benefit. In addition, proposals are submitted to improve the Center's arbitral mechanism as well as for international arbitration institutions which may be established in the future.