In recent years, arbitral tribunals have frequently referred to the concept of legitimate expectations when analyzing a state's obligation to provide fair and equitable treatment. Indeed, an investor's legitimate expectations have become so central to the fair and equitable treatment obligation that the latter is now rarely invoked without reference to the former. Notwithstanding the increasing importance of this concept, however, the legal nature of legitimate expectations is still unclear. A minority of arbitral tribunals have categorized
