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Investment treaty arbitration was a unique, hybrid form of international dispute settlement from the start. With so much of its practice, and most of its practitioners, borrowed from international commercial arbitration, it might have been expected that costs would increasingly be awarded with the cause too. But the argument can be made that investment treaty arbitration is better understood as a form of international administrative law, for which a strict rule of costs following the cause might discourage access to justice. One of our authors has been tasked with making that argument and the other, a response.