In its Award issued on May 6, 2013, the Tribunal dismissed numerous claims made by a Dutch company againts Romania for breach of its obligations under Articles 3(1) and 3(5) of the Agreement on Encouragement and Reciprocal Protection of Investments concluded between the Kingdom of The Netherlands and Romania. The Tribunal found a breach of the fair and equitable treatment standard but no damages were awarded since Claimant failed to show that Romania’s breach of the BIT guarantee had caused an actual economic loss or moral damage.