Abstract: The present article addresses the Washington Convention, which created the ICSID (International Centre for Settlement of Investment Disputes), and its relationship with Venezuela, a country signatory to the Convention which denounced it on 24 January 2012. The authors discuss the Bilateral Investment Treaties executed by the country, including those that establish jurisdiction other than the ICSID. In this context, the authors deal with the consequences and possible mechanisms for the protection of investors, also analyzing the arbitration clauses contained in these treaties from the Vienna Convention's perspective. The text also lists the reasons that led Venezuela to denounce the Washington Convention, and, finally, discusses the consequences of such act.