The objective of the thesis is to present the evolution of umbrella clauses in bilateral investment treaties and to identify to what extent State obligations are covered, i.e. whether any contractual claim can be identified as a treaty claim. The thesis shall present the relation between umbrella clauses and bilateral investment treaties, the disparities in the application of umbrella clauses based on historical and new arbitral case law and therefore discuss the future of the umbrella clauses. The reasoning of the thesis is related to the current issue of whether umbrella clauses are coming to an end as fewer and fewer BITs include them.The objective of the thesis is to present the evolution of umbrella clauses in bilateral investment treaties and to identify to what extent State obligations are covered, i.e. whether any contractual claim can be identified as a treaty claim. The thesis shall present the relation between umbrella clauses and bilateral investment treaties, the disparities in the application of umbrella clauses based on historical and new arbitral case law and therefore discuss the future of the umbrella clauses. The reasoning of the thesis is related to the current issue of whether umbrella clauses are coming to an end as fewer and fewer BITs include them.