Common use of Disputes between a Contracting Party and an Investor of the other Contracting Party Clause in Contracts

Disputes between a Contracting Party and an Investor of the other Contracting Party. 1. For the purpose of resolving disputes between the Contracting Party and the investor of the State of the second Contracting Party in relation to the investment, without breaching the provisions of Article 9 of this Agreement, consultations will be held among the interested parties. 2. If consultations do not lead to resolution of the dispute within six months from the date of the written proposal to start consultations, either party may apply to the arbitration court for resolution of the dispute. 3. The arbitration court will be created for each individual case. If the parties to the dispute do not agree otherwise, each of them will appoint one arbitrator. The appointed arbitrators elect a chairman who will be a citizen of a third state. Arbitrators must be appointed within two months from the date of receipt of the request for referral of the dispute for consideration by the arbitral tribunal, and the chairman - within the next two months. 4. If the terms specified in paragraph 3 of this article have not been fulfilled, any of the parties to the dispute, in the absence of other agreements, may apply to the President of the Court of Arbitration at the International Chamber of Commerce in Paris with a request to make the necessary appointments. If the President is unable to perform the specified function or is a national of the Contracting Party, mutatis mutandis the provisions of paragraph 5 of Article 9 of this Agreement. 5. Unless otherwise agreed by the parties, the court shall establish its own rules of procedure. The decisions of the court are final and binding. Each of the Contracting Parties shall ensure on its territory recognition and enforcement of the decisions of the arbitral tribunal. 6. Each of the parties to the dispute shall bear the costs of maintaining its member of the court and in accordance with its own share in the arbitration procedure. The costs of the Chairman's maintenance and other expenses will be borne in equal parts as parties to the dispute. 7. A Contracting Party, being a party to a dispute, can not, at any stage of the arbitration procedure or the execution of a court decision, invoke the fact that the investor has received as a result of the insurance contract a refund covering all or part of the loss incurred. 8. In the event that the two Contracting Parties become parties to the Convention of 18 March 1965 on the settlement of disputes concerning investments between States and nationals of other States, disputes will be referred to the International Center for the Settlement of Disputes on Investments.