<h1>Investor State Dispute Settlement reform requires exhaustion of local remedies and limits tribunals to monetary compensation.</h1> The revised Model BIT replaces the earlier text for renegotiation and future treaties, defining investment by 'enterprise', ensuring non discriminatory treatment and national treatment, protecting against expropriation, refining ISDS by requiring exhaustion of local remedies and limiting tribunals to monetary compensation, and excluding government procurement, taxation, subsidies, compulsory licensing and national security to preserve government regulatory authority.