Umbrella clauses have become a regular feature of international investment agreements and have been included to provide additional protection to investors by covering the contractual obligations in investment agreements between host countries and foreign investors. The meaning of the umbrella clauses is one of the most controversial issues with which international arbitral tribunals have been recently confronted with while adjudicating investment disputes brought before them. Through a wide review of the specific textual provisions included in investment agreements, the survey seeks to serve as guidance for negotiators by clarifying the implications deriving from the choice of different drafting options. The paper further examines the interpretation of the clause given by arbitral tribunals on a case-by-case basis. Caution is recommended in trying to draw any conclusions on the interpretation of the clause since the jurisprudence in this field is constantly evolving.