Common use of Duration and Expiry Clause in Contracts

Duration and Expiry. 1 . This Agreement shall remain effective for a period of 10 years from the date of the notification under Article 13 and shall remain in force for further periods of 5 years thereafter, save if one of the two Contracting Parties withdraws in writing by not later than one year before its expiry date.Article 13 and shall remain in force for further periods of 5 years thereafter, save if one of the two Contracting Parties withdraws in writing by not later than one year before its expiry date. 2 . In the case of investments effected prior to the expiry dates, as provided under paragraph 1 of this Article, the provisions of Articles 1 to 12 shall remain effective for a further five years after the aforementioned dates.paragraph 1 of this Article, the provisions of Articles 1 to 12 shall remain effective for a further five years after the aforementioned dates. DONE AT Rome, this October the day of 25, two thousand and one, in two originals, each in Italian, Spanish and English languages, all texts being equally authentic. In case of any divergence, the English text shall prevail. FOR THE GOVERNMENT OF THE ITALIAN REPUBLIC FOR THE GOVERNMENT OF THE REPUBLIC OF ECUADOR On signing the Agreement between the Government of the Italian RepubliC and tI Government of the Republic of Ecuador on the Promotion and Protection of Investments, tI Contracting Parties also agreed to the following clauses, which shall be deemed to form integral part of the Agreement. 1. General Provision This Agreement and all provisions thereof referred to "Investments" apply as well to the following associa xxx activities: The organisation, control, operation, maintenance and disposition of companie branches, agencies, offices, factories or other facilities for the conduct of busines the making, performance and enforcement of contracts; the acquisition, us protection. and disposition of property of all Idnds including intellectual property; tI borrowing of funds; the purchase, issuance and sale of equity shares and oth secu rities; and the purchase of exchange for imports. "Associa xxx activities" also include, inter alia: I) the granting of franchises or rights under li cens es; II) the receipt of registratio ns, licenses, permits and other approvals n ecessa for the conduct of comm ercial activity which shall in a ny event be iss� expeditiously, as provided for in the legislation of the Contracting Parties; III) access to financial institutions in any cUr re n c y , and to credits and curren. markets; . IV) acce ss to funds held in financial institutions; V) the importati on and installation of equipment necessary for the norm conduct of business affairs, induding, but not limited to, office equipment al automobiles, and the export of any equipment and automobile s so imported; VI) the dissemination of commercial informatio n; VII) the conduct of market studies; VIII) the appointment of commercial representatives, induding agents, consultan and distributors (i.e., mediators in the distribution of products which th. themselves did not produce), and the serving as the same, and tht participation in trade fairs and other promotional events; IX) the marketing of goods and services, including through internal distrib tic and marketing systems, as weu as by advertising and direct conta wi nationals and companies; 2. X) payment for goods and services in local currency; and Xl) leasing services rendered in or to the territory of the Contracting Parties. With reference to Article 2 a) For purposes of dispute resolution a particular measure may be found to be arbitrary discriminatory notwithstanding the fact that a party to a dispute has had or exercise the opportunity to review such measure in the Courts or Administrative Tribunals of Contracting Party. B) The Contracting Parties may stipulate with investors of the other Contracting Part who carry out investment of national interest in the territory of the Contracting Partie an investment agreement, which win govem the specific legal relationship related said investment. C) Neither of the Contracting Parties will set any conditions for the creation, the expansic or the continuation of investments, which may imply the taking over or the imposing any limitation to the sale of the production on domestic and international markets, which specifies that goods must be procured JocaIly, or similar conditions. D) The citizens of either Contracting Party authorised to work in the territory of the oth Contracting Party in connecti on with an investment as per this Agr eemen t, shall ha' the right to adequate working conditions for the carrying out of their profession activities. E) Nationa ls of either Contracting Party shall be permitted to enter and to remain in II territory of the other Contracting Party for the purpose of establishing, developln administering, or advising on the operation of an investment to which they, or company of the first Contracting Party that employs them, have committed or are in tI proces s of committing a substantial amount of capital or other r easo ns. F) Companies which are legaUy constituted 'under the applicable jawS' or regulations one Contracting Party and which are owned or controlled by the other ContractiJ Party, shalJ be permitted to engage to p managerial personnel of xxxxx xxxxx regardless of nationality. 3. With refe rence to Article 3 A) All the activities relating to the procurement, sale and transport of raw and pro cesst materials, energy, fuels and production means, as weU as any other kind of operatic r elated to them and somehow linked to entrepreneurial activities under this Agre � e shall be accord ed, in the territory of each Contracting Party, no less favo rat treatment than that accorded to similar activities and initiatives taken by resi . I nationals or investors of a Third Country. .\ B) According to its laws and regulations, each Contracting Party shall govern ; favourably as possible the problems connected with the entry, stay, work at movement in its territory of nationals of the other Contracting Party, and members their families xxxxxx xxxx activities related to investm ents under this Agr eemen t. 4. With reference to Artide 5 It will be considered as nationalisation or exprop riation of an investor of one of tl Contracting Parties, a m easu re of nationafisation Of expropriation of goods Of rights beIongir to a company controlled by the investor, as well as substracting from the company financi resources Of other assets, creating obstades to the activities Of otherwise substantia prejudice the value of the same or imposing a tax treatment which could have an efts equivalent to a nationalisation or expropriation. 5. With reference to Article 9 Under Artide 9 (3) (b), arbitration shall be conducted in accordance with the arbitratic standards of the United Nations Commission on International Trade law (UNCITRAL), as Ia down in the UN General Assembly Resolution 31/98 of December 15, 1976 as well i pursuant to the following provisions: A) The Arbitration Tribunal shall be composed of three arbitrators; if they are not nationz of either Contracting Party, they shall be nationals of States having diplomatic relatioJ with both Contracting Parties. The appointment of arbitrators, when necessary p xxxxx nt to the UNCITRAL Rules, � be made by the President of the Arbitration Institute of the Stockholm Chamber, in /" ciapacity as Appointing Authority. The arbitration will take place in Stoclcholm, unle: the two parties in the arbitration have agreed otherwise.