Common use of Expropriation and Compensation Clause in Contracts

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize or expropriate an investment of an investor of the other Party in its territory, except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 7 contracts

Samples: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement

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Expropriation and Compensation. (5) 1. Neither Party may, shall expropriate a covered investment either directly or indirectly, nationalize or expropriate an investment of an investor of the other Party in its territoryindirectly through measures equivalent to expropriation, except: (a) for For a public purpose; (b) on In a non-discriminatory basismanner; (c) On payment of compensation in accordance with due process of law paragraph 2, paragraph 3 and Article 10.5(1)paragraph 4; and (d) on payment of compensation in In accordance with paragraphs 2 through 6due process of law. 2. Compensation shall be shall: (a) Be paid without delay; (b) Be equivalent to the fair market real value of the expropriated investment immediately before the expropriation took place ("the date of expropriation"). The valuation of the expropriated investment shall take into account going concern value, asset value including the declared tax value of tangible property, and shall not other criteria, as appropriate; (c) Not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and (d) Be fully realisable and other criteria, as appropriate, to determine fair market valuefreely transferable in accordance with Article 11. 3. Compensation If the real value is denominated in a freely usable currency, the compensation paid shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the real value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 64. On If the real value is denominated in a currency that is not freely usable, the compensation paid, converted into the currency of payment at the market rate of exchange prevailing on the date of payment, compensation shall be no less than: (a) The real value on the date of expropriation, converted into a freely transferable as provided in Article 10.11usable currency at the market rate of exchange prevailing on that date; plus (b) Interest, at a commercially reasonable rate for that freely usable currency, accrued from the date of expropriation until the date of payment. 75. This For greater certainty, this Article does shall not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation or creation of intellectual property rights, to the extent that such the issuance, revocation, limitation or creation is consistent with Chapter 14 (Intellectual Property) of the FTA and the TRIPS AgreementAgreement (6).

Appears in 6 contracts

Samples: Investment Agreement, Investment Agreement, Investment Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, directly shall expropriate or indirectly, nationalize or expropriate an investment in its Territory of an investor of the other Contracting Party in its territoryor take any measure equivalent to expropriation or nationalization (hereinafter referred to as “expropriation”), except: (a) for a public purpose; (b) on in a non-discriminatory basismanner; (c) in accordance with due process of law and Article 10.5(1); and (d) on upon payment of prompt, adequate and effective compensation in accordance with paragraphs 2 through 62, 3 and 4; (d) in accordance with procedures established in national legislation of either Contracting Party and fundamental internationally recognized rules; and (e) provided that the investors affected have a right, under the law of the Contracting Party making the expropriation, to prompt review, by a judicial or other independent authority of that Contracting Party, of the legality of the expropriation and of the valuation of their investment, in accordance with the principles set out in this Article. 2. Compensation The compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation")was publicly announced or immediately before the expropriation occurred, and whichever is earlier. The fair market value shall not reflect any change in value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency accrued from the date of expropriation until the date of actual paymentpayment and shall be effectively realizable and freely transferable. 54. If a Party elects to pay Payments shall be made in a currency other than a G7 freely usable currency, and the amount compensation paid on the date of paymentshall include interest, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance authorization of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation a Contracting Party for use of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent rights in accordance with the TRIPS Agreement.

Appears in 5 contracts

Samples: Investment Agreement, Investment Agreement, Investment Agreement

Expropriation and Compensation. 1. Neither Party may, may expropriate or nationalize a covered investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party in its territorynationalization (expropriation), except:: 4 Article 8.7 shall be interpreted in accordance with Annexes 8-A and 8-B. 8-3 (a) for a public purpose; purpose5; (b) on in a non-discriminatory basis; manner; (c) on payment of prompt, adequate, and effective compensation; and (d) in accordance with the principle of due process of law and Article 10.5(1); and (d) on payment embodied in the principal legal systems of compensation in accordance with paragraphs 2 through 6the world. 2. Compensation shall The compensation referred to in paragraph 1(c) shall: (a) be paid without undue delay; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place (hereinafter referred to as the "date of expropriation"), and shall ; (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and other criteria, as appropriate, to determine fair market value(d) be fully realizable and freely transferable. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation referred to in paragraph 1(c) shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. 4. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount paid compensation referred to in paragraph 1(c) – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with the TRIPS AgreementChapter 15 (Intellectual Property Rights). 5 The term "public purpose" is a concept of public international law and shall be interpreted in accordance with international law. Domestic law may express this or a similar concept using different terms, such as "social interest," "public necessity," or "public use."

Appears in 4 contracts

Samples: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize nationalise or expropriate an investment of an investor of the other Party in its territory, except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)10.6; and (d) on payment of compensation in accordance with paragraphs 2 through 62, 3 and 4. 2. Compensation shall shall: (a) be paid without delay and be fully realisable; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall ; and (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation paid shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 54. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount compensation paid – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 65. On paymentNotwithstanding paragraphs 1, compensation 2, 3 and 4, any measure of expropriation relating to land, which shall be freely transferable as provided defined in Article 10.11the existing domestic legislation of the expropriating Party on the date of entry into force of this Agreement, shall be, for a purpose and upon payment of compensation, in accordance with the aforesaid legislation and any subsequent amendments thereto relating to the amount of compensation where such amendments follow the general trends in the market value of the land10-5. 76. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with the TRIPS AgreementChapter 17 (Intellectual Property Rights).

Appears in 3 contracts

Samples: Free Trade Agreement, Investment Agreement, Free Trade Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, shall expropriate or nationalise an investment either directly or indirectly, nationalize indirectly through measures tantamount to expropriation or expropriate an investment of an investor of the other Party in its territorynationalisation (hereinafter referred to as “expropriation”), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)law; and (d) on accompanied by payment of compensation in accordance with paragraphs 2 through 62, 3 and 4 below. 2. Compensation shall shall: (a) be paid without undue delay; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and occurred. The fair market value shall not reflect any change in value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include generally recognised principles of valuation and equitable principles such as the going concern value, asset value (including declared tax value of tangible property), capital invested (minus capital already repatriated), depreciated value, replacement value and other criteria, as appropriate, to determine fair market valuerelevant factors; and (c) be fully realisable and freely transferable. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 freely usable currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 54. If a Contracting Party elects to pay in a currency other than a G7 freely usable currency, the amount paid on the date of payment, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 freely usable currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 freely usable currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 3 contracts

Samples: Investment Protection Agreement, Investment Protection Agreement, Investment Protection Agreement

Expropriation and Compensation. 1. Neither Party may, directly shall expropriate or indirectly, nationalize or expropriate an investment of an investor of the other Party in its territory, Area either directly or indirectly through measures tantamount to expropriation or nationalization (hereinafter referred to as “expropriation”) except: : (a) for a public purpose; ; (b) on a non-discriminatory basis; ; (c) in accordance with due process of law and Article 10.5(1)60; and and (d) on payment of compensation in accordance with pursuant to paragraphs 2 through 65 below. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and occurred. The fair market value shall not reflect any change in value occurring because the intended expropriation expropriatory action had become known earlier. Valuation criteria shall to determine the fair market value may include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay and be fully realizable. 43. If payment is made in a G7 freely usable currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 54. If a Party elects to pay in a currency other than a G7 freely usable currency, the amount paid compensation paid, converted into the currency of payment at the market rate of exchange prevailing on the date of payment, if shall be no less than: (a) the fair market value on the date of expropriation, converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the actual date of payment. 65. On payment, compensation shall be freely transferable as provided in Article 10.1163. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 3 contracts

Samples: Economic Partnership Agreement, Economic Partnership Agreement, Economic Partnership Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, directly shall expropriate or indirectly, nationalize or expropriate nationalise an investment in its Area of an investor of the other Contracting Party in its territory, or take any measure equivalent to expropriation or nationalisation (hereinafter referred to as “expropriation”) except: (a) for a public purpose; (b) on in a non-discriminatory basismanner; (c) upon payment of prompt, adequate and effective compensation in accordance with paragraphs 2 through 5; and (d) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6law. 2. Compensation The compensation shall be equivalent to the fair market value of the expropriated investment immediately before investments at the time when the expropriation took place ("date of expropriation")was publicly announced or when the expropriation occurred, and whichever is earlier. The fair market value shall not reflect any change in value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay delay, shall include interest at a commercially reasonable rate accrued from the date of expropriation until the date of payment and shall be fully realizableeffectively realisable and freely transferable. 4. If payment is made in a G7 freely usable currency, the compensation paid shall include interest interest, at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. If a Contracting Party elects to pay in a currency other than a G7 freely usable currency, the amount compensation paid shall be no less than the sum of the following converted into the currency of payment at the market rate of exchange prevailing on the date of payment: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date; and (b) interest, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 2 contracts

Samples: Investment Agreement, Investment Agreement

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize nationalise or expropriate an investment of an investor of the other Party in its territory, except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)10.6 ; and (d) on payment of compensation in accordance with paragraphs 2 through 62, 3 and 4. 2. Compensation shall shall: (a) be paid without delay and be fully realisable; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall ; and (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation paid shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 54. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount compensation paid – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 65. On paymentNotwithstanding paragraphs 1, compensation 2, 3 and 4, any measure of expropriation relating to land, which shall be freely transferable as provided defined in Article 10.11the existing domestic legislation of the expropriating Party on the date of entry into force of this Agreement, shall be, for a purpose and upon payment of compensation, in accordance with the aforesaid legislation and any subsequent amendments thereto relating to the amount of compensation where such amendments follow the general trends in the market value of the land10-5. 76. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with the TRIPS AgreementChapter 17 (Intellectual Property Rights).

Appears in 2 contracts

Samples: Free Trade Agreement, Free Trade Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, directly shall expropriate or indirectly, nationalize or expropriate nationalise an investment in its Territory of an investor of the other Contracting Party in its territory, or take any measure equivalent to expropriation or nationalisation (hereinafter referred to as “expropriation”) except: (a) for a public purpose; (b) on in a non-discriminatory basismanner; (c) upon payment of prompt, adequate and effective compensation in accordance with paragraphs 2 through 5; and (d) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6law. 2. Compensation The compensation shall be equivalent to the fair market value of the expropriated investment immediately before investments at the time when the expropriation took place ("date of expropriation")was publicly announced or when the expropriation occurred, and whichever is earlier. The fair market value shall not reflect any change in value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay delay, shall include interest at a commercially reasonable rate accrued from the date of expropriation until the date of payment and shall be fully realizableeffectively realisable and freely transferable. 4. If payment is made in a G7 freely usable currency, the compensation paid shall include interest interest, at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. If a Contracting Party elects to pay in a currency other than a G7 freely usable currency, the amount compensation paid shall be no less than the sum of the following converted into the currency of payment at the market rate of exchange prevailing on the date of payment: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date; and (b) interest, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 2 contracts

Samples: Investment Agreement, Investment Agreement

Expropriation and Compensation. 1. Neither No Party may, may directly or indirectly, indirectly nationalize or expropriate an investment of an investor of the other another Party in its territoryterritory or take a measure tantamount to nationalization or expropriation of such an investment ("expropriation"), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(11105(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.111109. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with Chapter Seventeen (Intellectual Property). 8. For purposes of this Article and for greater certainty, a non-discriminatory measure of general application shall not be considered a measure tantamount to an expropriation of a debt security or loan covered by this Chapter solely on the TRIPS Agreementground that the measure imposes costs on the debtor that cause it to default on the debt.

Appears in 2 contracts

Samples: North American Free Trade Agreement, North American Free Trade Agreement

Expropriation and Compensation. 1. Neither Party may, may directly or indirectly, indirectly nationalize or expropriate an investment of an investor of the other Party in its territoryterritory or take a measure tantamount to nationalization or expropriation of such an investment (“expropriation”), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(19-06(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.119-10. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement. 8. For purposes of this Article and for greater certainty, a non-discriminatory measure of general application shall not be considered a measure tantamount to an expropriation of a debt security or loan covered by this Chapter solely on the ground that the measure imposes costs on the debtor that cause it to default on the debt.

Appears in 2 contracts

Samples: Free Trade Agreement, Free Trade Agreement

Expropriation and Compensation. 1. Neither No Party may, shall directly or indirectly, indirectly nationalize or expropriate an investment of an investor of the other another Party in its territoryterritory or take a measure tantamount to nationalization or expropriation of such an investment ("expropriation"), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and the general principles of treatment provided in Article 10.5(1)1105; and (d) on upon payment of compensation in accordance with paragraphs 2 through to 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value (including declared tax value of tangible property, ) and other criteria, as appropriate, appropriate to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual paymentpayment thereof. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On Upon payment, compensation shall be freely transferable as provided in Article 10.111109. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, rights to the extent that such issuance, revocation, limitation or creation is consistent with Chapter Seventeen (Intellectual Property). 8. For purposes of this Article and for greater clarity, a non- discriminatory measure of general application shall not be considered a measure tantamount to an expropriation of a debt security or loan covered by this Chapter solely on the TRIPS Agreementground that the measure imposes costs on the debtor that cause it to default on the debt.

Appears in 1 contract

Samples: Investment Agreement

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize nationalise or expropriate an investment of an investor of the other Party in its territory, except: : (a) for a public purpose; ; (b) on a non-discriminatory basis; ; (c) in accordance with due process of law and Article 10.5(1)10.6 ; and and (d) on payment of compensation in accordance with paragraphs 2 through 62, 3 and 4. 2. Compensation shall shall: (a) be paid without delay and be fully realisable; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), ; and shall (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation paid shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. 4. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount compensation paid – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment5. Notwithstanding paragraphs 1, compensation 2, 3 and 4, any measure of expropriation relating to land, which shall be freely transferable as provided defined in Article 10.11. 7. This Article does not apply the existing domestic legislation of the expropriating Party on the date of entry into force of this Agreement, shall be, for a purpose and upon payment of compensation, in accordance with the aforesaid legislation and any subsequent amendments thereto relating to the issuance amount of compulsory licenses granted compensation where such amendments follow the general trends in relation to intellectual property rights, or to the revocation, limitation or creation market value of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreementland10-5 .

Appears in 1 contract

Samples: Free Trade Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, may expropriate or nationalize an investment either directly or indirectlyindirectly through measures equivalent to expropriation, nationalize or expropriate an investment of an investor of the other Party in its territorynationalization (hereinafter referred to as "expropriation"), except: (a) for For a public purpose; (b) on In a non-discriminatory basismanner; (c) On payment of prompt, adequate, and effective compensation when the expropriation or nationalization is carried out in the territory of the Republic of Korea and on prior, adequate and effective compensation when the expropriation or nationalization is carried out in the territory of the Republic of Armenia; and (d) In accordance with due process of law and Article 10.5(1); and 2 (dPromotion and Protection of Investments) on payment of compensation in accordance with paragraphs 2 through 6as they are understood under customary international law. 2. Compensation shall be The compensation referred to in paragraph 1(c) shall: (a) Be paid without delay; (b) Be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("the date of expropriation"), and shall not ; (c) Not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and (d) Be fully realizable and other criteria, as appropriate, to determine fair market valuefreely transferable. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation referred to in paragraph 1(c) shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 64. On paymentIf the fair market value is denominated in a currency that is not freely usable, the compensation referred to in paragraph 1(c) – converted into the currency of payment at the market rate of exchange prevailing on the date of payment – shall be no less than: (a) The fair market value on the date of expropriation, converted into a freely transferable as provided in Article 10.11usable currency at the market rate of exchange prevailing on that date; plus (b) Interest, at a commercially reasonable rate for that freely usable currency, accrued from the date of expropriation until the date of payment. 75. Investors of one Contracting Party affected by expropriation shall have a right to prompt review by a judicial or other independent authority of the other Contracting Party of their case and of the valuation of their investments in accordance with the principles set out in this Article. 6. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent rights in accordance with the Agreement on Trade-Related Aspects of Intellectual Property Rights (the "TRIPS Agreement"). Footnote (5) Article 5 (Expropriation and Compensation) shall be interpreted in accordance with the Annexes.

Appears in 1 contract

Samples: Investment Protection Agreement

Expropriation and Compensation. 1. Neither Contracting Party may, shall expropriate or nationalise an investment either directly or indirectly, nationalize indirectly through measures tantamount to expropriation or expropriate an investment of an investor of the other Party in its territorynationalisation (hereinafter referred to as “expropriation”), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)law; and (d) on accompanied by payment of compensation in accordance with paragraphs 2 through 62, 3 and 4 of this Article. 2. Compensation shall shall: (a) be paid without undue delay; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and occurred. The fair market value shall not reflect any change in value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include generally recognised principles of valuation and equitable principles such as the going concern value, asset value (including declared tax value of tangible property), capital invested (minus capital already repatriated), depreciated value, replacement value and other criteria, as appropriate, to determine fair market valuerelevant factors; and (c) be fully realisable and freely transferable. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 freely usable currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 54. If a Contracting Party elects to pay in a currency other than a G7 freely usable currency, the amount paid on the date of payment, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 freely usable currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 freely usable currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 1 contract

Samples: Investment Protection Agreement

Expropriation and Compensation. 1. Neither Party may, may directly or indirectly, indirectly nationalize or expropriate an investment of an investor of the other Party in its territoryterritory or take a measure tantamount to nationalization or expropriation of such an investment ("expropriation"), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(19-06(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.119-10. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement. 8. For purposes of this Article and for greater certainty, a non-discriminatory measure of general application shall not be considered a measure tantamount to an expropriation of a debt security or loan covered by this Chapter solely on the ground that the measure imposes costs on the debtor that cause it to default on the debt.

Appears in 1 contract

Samples: Free Trade Agreement

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Expropriation and Compensation. 1. Neither Party may, shall expropriate or nationalise a covered investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party nationalisation (hereinafter referred to in its territory, this Chapter as "expropriation") except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)law; and (d) on upon payment of prompt, adequate and effective compensation in accordance with paragraphs 2 through 64. 2. Compensation The compensation shall be equivalent to the fair market value of the expropriated investment immediately before at the time when the expropriation took place ("date of expropriation")was publicly announced or when the expropriation occurred, and whichever is the earlier. The fair market value shall not reflect any change in market value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay and shall include interest at a commercially reasonable rate accrued from the date of expropriation to the date of payment and shall be fully realizableeffectively realisable and freely transferable in accordance with Article 14.13. 4. If payment is made in a G7 freely usable currency, the compensation paid shall include interest interest, at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. If a Ifa Party elects to pay in a currency other than a G7 freely usable currency, the amount paid compensation paid, converted into the currency of payment at the market rate of exchange prevailing on the date of payment, if shall be no less than the sum of the following: (a) the fair market value on the date of expropriation, converted into a G7 freely usable currency at the market rate of exchange prevailing on that date; and (b) interest, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with Chapter 16 (Intellectual Property). Note: For greater certainty, the reference to the TRIPS Agreement in paragraph 6 includes any waiver in force between the Parties of any provision of that Agreement granted by WTO members in accordance with the WTO Agreement.

Appears in 1 contract

Samples: Economic Partnership Agreement

Expropriation and Compensation. 1. Neither Party may, directly shall expropriate or indirectly, nationalize or expropriate an investment of an investor of the other Party in its territory, Area either directly or indirectly through measures tantamount to expropriation or nationalization (hereinafter referred to as "expropriation") except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)60; and (d) on payment of compensation in accordance with pursuant to paragraphs 2 through 65 below. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and occurred. The fair market value shall not reflect any change in value occurring because the intended expropriation expropriatory action had become known earlier. Valuation criteria shall include going concern value, asset to determine the fair market value including declared may included eclared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay and be fully realizable. 43. If payment is made in a G7 freely usable currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 54. If a Party elects to pay in a currency other than a G7 freely usable currency, the amount paid compensation paid, converted into the currency of payment at the market rate of exchange prevailing on the date of payment, if shall be no less than: (a) the fair market value on the date of expropriation, converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the actual date of payment. 65. On payment, compensation shall be freely transferable as provided in Article 10.1163. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 1 contract

Samples: Economic Partnership Agreement

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize or expropriate an investment of an investor of the other Party in its territory, except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 66 . 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Appears in 1 contract

Samples: Free Trade Agreement

Expropriation and Compensation. 1. Neither No Party may, may directly or indirectly, indirectly nationalize or expropriate an investment of an investor of the other another Party in its territoryterritory or take a measure tantamount to nationalization or expropriation of such an investment ("expropriation"), except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(11105(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6. 2. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currency, compensation shall include interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.111109. 7. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with Chapter Seventeen (Intellectual Property). 8. For purposes of this Article and for greater certainty, a non-discriminatory measure of general application shall not be considered a measure tantamount to an expropriation of a debt security or loan covered by this Chapter solely on the TRIPS Agreementground that the measure imposes costs on the debtor that cause it to default on the debt. Without prejudice to the rights and obligations of the Parties under Chapter Twenty (Institutional Arrangements and Dispute Settlement Procedures), this Section establishes a mechanism for the settlement of investment disputes that assures both equal treatment among investors of the Parties in accordance with the principle of international reciprocity and due process before an impartial tribunal. 1. An investor of a Party may submit to arbitration under this Section a claim that another Party has breached an obligation under: (a) Section A or Article 1503(2) (State Enterprises), or (b) Article 1502(3)(a) (Monopolies and State Enterprises) where the monopoly has acted in a manner inconsistent with the Party's obligations under Section A, and that the investor has incurred loss or damage by reason of, or arising out of, that breach. 2. An investor may not make a claim if more than three years have elapsed from the date on which the investor first acquired, or should have first acquired, knowledge of the alleged breach and knowledge that the investor has incurred loss or damage. 1. An investor of a Party, on behalf of an enterprise of another Party that is a juridical person that the investor owns or controls directly or indirectly, may submit to arbitration under this Section a claim that the other Party has breached an obligation under: (a) Section A or Article 1503(2) (State Enterprises), or (b) Article 1502(3)(a) (Monopolies and State Enterprises) where the monopoly has acted in a manner inconsistent with the Party's obligations under Section A, and that the enterprise has incurred loss or damage by reason of, or arising out of, that breach. 2. An investor may not make a claim on behalf of an enterprise described in paragraph 1 if more than three years have elapsed from the date on which the enterprise first acquired, or should have first acquired, knowledge of the alleged breach and knowledge that the enterprise has incurred loss or damage. 3. Where an investor makes a claim under this Article and the investor or a non- controlling investor in the enterprise makes a claim under Article 1116 arising out of the same events that gave rise to the claim under this Article, and two or more of the claims are submitted to arbitration under Article 1120, the claims should be heard together by a Tribunal established under Article 1126, unless the Tribunal finds that the interests of a disputing party would be prejudiced thereby. 4. An investment may not make a claim under this Section.

Appears in 1 contract

Samples: North American Free Trade Agreement

Expropriation and Compensation. 1. Neither Party may, directly or indirectly, nationalize nationalise or expropriate an investment of an investor of the other Party in its territory, except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)10.4; and (d) on payment of compensation in accordance with paragraphs 2 through 64. 2. Compensation shall shall: (a) be paid without delay and be fully realisable; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall ; and (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation If the fair market value is denominated in a freely usable currency, the compensation paid shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 54. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount compensation paid – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 65. On payment, The investor whose investment is expropriated shall have a right of access to the courts of justice or the administrative tribunals or agencies of the Party making the expropriation to seek review of the expropriation measure or valuation of the compensation shall be freely transferable as provided that has been assessed in Article 10.11accordance with the principles and provisions set out in this Article. 76. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement. 7. This Article is to be interpreted in accordance with the understanding of the Parties on expropriation as set out in Annex 10-A, which shall form an integral part of this Agreement.

Appears in 1 contract

Samples: Comprehensive Economic Partnership Agreement

Expropriation and Compensation. 1. Neither Party may, may expropriate or nationalise a covered investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party in its territorynationalisation (expropriation), except: (a) for a public purposepurpose ; (b) on in a non-discriminatory basismanner; (c) on payment of prompt, adequate, and effective compensation; and (d) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6law. 2. Compensation shall The compensation referred to in subparagraph 1(c) shall: (a) be paid without delay ; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("the date of expropriation"), and shall ; (c) not reflect any change in value occurring because the intended expropriation had become public knowledge or known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and (d) be fully realisable and other criteria, as appropriate, to determine fair market valuefreely transferable in freely usable currencies. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment is made The compensation referred to in a G7 currency, compensation subparagraph 1(c) shall include interest at a commercially reasonable rate for that currency rate, accrued from the date of expropriation until the date of actual payment, unless such rate is prescribed by law . The compensation, including any accrued interest, shall be payable either in the currency in which the investment was originally made or, if requested by the investor, in a freely usable currency. 54. If a Party elects the investor requests compensation to pay be paid in a currency other than a G7 freely usable currency, the amount paid compensation referred to in subparagraph 1(c), including any accrued interest, shall be converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment and shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date; plus (b) interest, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent rights in accordance with the TRIPS Agreement.

Appears in 1 contract

Samples: Malaysia Australia Free Trade Agreement

Expropriation and Compensation. 11-2) 1. Neither Party may, may expropriate or nationalise a covered investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party in its territorynationalisation ("expropriation"), except: (a) for a public purpose; (b) on in a non-discriminatory basismanner; (c) on payment of prompt, adequate, and effective compensation; and (d) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6law. 2. Compensation shall The compensation referred to in paragraph 1(c) shall: (a) be paid without delay; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("the date of expropriation"), and shall ; (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and (d) be fully realisable and other criteria, as appropriate, to determine fair market valuefreely transferable. 3. Compensation If the fair market value is denominated in a freely usable currency or the Australian dollar, the compensation referred to in paragraph 1(c) shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 54. If a Party elects to pay However, if the fair market value is denominated in a currency other than a G7 currency, the amount paid Australian dollar and the Australian dollar is not transferable on the date of paymentpayment at the market rate of exchange, or if it is denominated in another currency that is not freely usable, the compensation referred to in paragraph 1(c) — converted into the currency of payment at the market rate of exchange prevailing on the date of payment — shall be no less than: (a) the fair market value on the date of expropriation, converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with Chapter Seventeen (Intellectual Property Rights), (11-3) (11-2) Article 11.7 shall be interpreted in accordance with Annexes 11-A and 11-B. 11-3 (11-3) For greater certainty, the reference to the "TRIPS Agreement" in paragraph 5 includes any waiver in force between the Parties of any provision of that Agreement granted by WTO Members in accordance with the WTO Agreement.

Appears in 1 contract

Samples: Free Trade Agreement

Expropriation and Compensation. (11) 1. Neither No Party mayshall expropriate or nationalize a covered investment, either directly or indirectly, nationalize through measures equivalent to expropriation or expropriate an investment of an investor of the other Party in its territorynationalization ("expropriation"), exceptunless it is: (a) for a because of public purposeutility; (b) on in a non-discriminatory basismanner; (c) in accordance with due process of law by prompt, adequate and Article 10.5(1); and (d) on effective payment of compensation in accordance with paragraphs 2 through 6to 4; and (d) in accordance with the principle of due process. 2. Compensation shall The compensation shall: (a) be paid without delay; (b) be equivalent to the fair market value of the expropriated investment immediately before prior to the expropriation took place ("date of expropriationexpropriation date"), and shall ; (c) not reflect any change in value occurring because the intended expropriation had become intention to expropriate was known earlier. Valuation criteria shall include going concern value, asset value including declared tax value in advance of tangible property, the date of expropriation; and (d) be fully liquidable and other criteria, as appropriate, to determine fair market valuefreely transferable. 3. Compensation shall be paid without delay and be fully realizable. 4. If payment the fair market value is made denominated in a G7 freely usable currency, the compensation paid shall include not be less than the fair market value at the date of the expropriation, plus interest at a commercially reasonable rate for that currency from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 currency, the amount paid on the date of payment, if converted into a G7 currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency from since the date of expropriation until the date of payment. 64. On If the fair market value is denominated in a currency that is not freely usable, the indemnity paid - converted into the currency of payment at the exchange rate prevailing in the market on the date of payment - shall not be less than: (a) the fair market value at the date of the expropriation converted into a freely usable currency at the exchange rate prevailing on the market at that date; plus (b) interest, at a commercially reasonable rate for that freely usable currency, accumulated from the date of expropriation to the date of payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance delivery of compulsory licenses granted in relation to intellectual property rights, or to the revocation, revocation or limitation or creation of intellectual property rights, to the extent that such issuance, revocation, revocation or limitation or creation is consistent compatible with the TRIPS AgreementAgreement or other agreement on Intellectual property rights of which they are both Parties.

Appears in 1 contract

Samples: Investment Agreement

Expropriation and Compensation. 1. Neither Party may, shall expropriate or nationalise a covered investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party nationalisation (hereinafter referred to in its territory, this Chapter as “expropriation”) except: (a) for a public purpose; (b) on a non-discriminatory basis; (c) in accordance with due process of law and Article 10.5(1)law; and (d) on upon payment of prompt, adequate and effective compensation in accordance with paragraphs 2 through 64. 2. Compensation The compensation shall be equivalent to the fair market value of the expropriated investment immediately before at the time when the expropriation took place ("date of expropriation")was publicly announced or when the expropriation occurred, and whichever is the earlier. The fair market value shall not reflect any change in market value occurring because the intended expropriation had become publicly known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 3. Compensation The compensation shall be paid without delay and shall include interest at a commercially reasonable rate accrued from the date of expropriation to the date of payment and shall be fully realizableeffectively realisable and freely transferable in accordance with Article 14.13. 4. If payment is made in a G7 freely usable currency, the compensation paid shall include interest interest, at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 5. If a Party elects to pay in a currency other than a G7 freely usable currency, the amount paid compensation paid, converted into the currency of payment at the market rate of exchange prevailing on the date of payment, if shall be no less than the sum of the following: (a) the fair market value on the date of expropriation, converted into a G7 freely usable currency at the market rate of exchange prevailing on that date; and (b) interest, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that date, and interest had accrued at a commercially reasonable rate for that G7 currency freely usable currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 7. This Article does not apply to the issuance of compulsory licenses licences granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with Chapter 16 (Intellectual Property). Note: For greater certainty, the reference to the TRIPS Agreement in paragraph 6 includes any waiver in force between the Parties of any provision of that Agreement granted by WTO members in accordance with the WTO Agreement.

Appears in 1 contract

Samples: Economic Partnership Agreement

Expropriation and Compensation. 1. Neither A Party may, directly or indirectly, shall not nationalize or expropriate an investment of directly or indirectly through measures having an investor of the other Party in its territory, effect equivalent to nationalization or expropriation except: (a) for For a public purpose; (b) on In a non-discriminatory basisnon discrimination manner; (c) in accordance with due process On payment of law prompt, adequate, and Article 10.5(1)effective compensation; and (d) on payment of compensation in In accordance with paragraphs 2 through 6.due process oflaw 2. Compensation For the purpose of this Agreement, (a) Indirect expropriation results from a series of measures of a Party having an equivalent effect of direct expropriation without formal transfer of title or outright seizure (b) The determination of whether a measure or senes of measures of a Party constitute indirect expropriation requites a case-to-case, fact based inquiry into various factors including, but not limited to he scope of the measures or series of measures and their interference with the reasonable and distinguishable concerning the investmenl: 3. The compensation referred to in paragraph 1 shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation took place ("date of expropriation"), and shall must not reflect any a change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, and other criteria, as appropriate, to determine fair market value. 34. Compensation shall be paid without delay and shall be fully realizable.realizable and freely transferable 45. If payment the fair market value is made denominated in a G7 freely convertible currency, the compensation referred to in paragraph 3 shall include be no less than the fair market value on the date of expropriation, plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until o f expropriationuntil the date of actual o f payment. 56. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount paid on the date of payment, if compensation referred to in paragraph 3 - converted into a G7 the currency of payment at the market rate of exchange prevailing on that datethe date of payment, shall be no less than that if the amount of compensation owed than; (a) The fair mru:ket value on the date of expropriation had been expropriation, converted into that G7 freely usable currency at the market rate of exchange prevailing on ofexchange prevailingon that date, and interest had accrued plus (b) Interest, at a commercially reasonable rate for that G7 currency freely usable currency, occurred from the date of o f expropriation until the date of o f payment. 67. On payment, compensation The affected investor shall be freely transferable as provided have a right under the law of the expropriating party to a review of its case and the valuation of its investment by a judicial or other independent authority of that party in Article 10.11accordance with the principles set out in this article. 78. This Article does not apply to the issuance of a compulsory licenses licence granted in relation to intellectual property rights, rights or to the revocation, limitation or creation of an intellectual property rightsright, to the extent that such the issuance, revocation, limitation or creation is consistent with the TRIPS wro Agreement.

Appears in 1 contract

Samples: Reciprocal Investment Promotion and Protection Agreement

Expropriation and Compensation. 1. Neither Party may, may expropriate or nationalize an Investment either directly or indirectly, nationalize indirectly through measures equivalent to expropriation or expropriate an investment of an investor of the other Party in its territorynationalization ("Expropriation"), except: (a) for a public purpose; (b) on in a non-discriminatory basismanner; (c) on payment of prompt, adequate, and effective compensation; and (d) in accordance with due process of law and Article 10.5(1); and (d) on payment of compensation in accordance with paragraphs 2 through 6customary international law. 2. Compensation shall For the purposes of this Treaty, indirect expropriation results from a series of measures of a Party having an equivalent effect of direct expropriation without formal transfer of title or outright seizure. 3. The compensation referred to in paragraph 1(c) shall: (a) be paid promptly, without delay; (b) be equivalent to the fair market value of the expropriated investment Investment immediately before the expropriation took place ("the date of expropriation"), and shall ; (c) not reflect any change in value occurring because the intended expropriation had become known earlier. Valuation criteria shall include going concern value, asset value including declared tax value of tangible property, ; and (d) be fully realizable and other criteria, as appropriate, to determine fair market valuefreely transferable. 3. Compensation If the fair market value is denominated in a freely convertible currency, the compensation referred to in paragraph 1(c) shall be paid without delay and be fully realizable. 4. If payment is made in a G7 currencyno less than the fair market value on the date of expropriation, compensation shall include plus interest at a commercially reasonable rate for that currency currency, accrued from the date of expropriation until the date of actual payment. 54. If a Party elects to pay the fair market value is denominated in a currency other than a G7 currencythat is not freely usable, the amount paid compensation referred to in paragraph 1(c) – converted into the currency of payment at the market rate of exchange prevailing on the date of paymentpayment – shall be no less than: (a) the fair market value on the date of expropriation, if converted into a G7 freely usable currency at the market rate of exchange prevailing on that date, shall be no less than that if the amount of compensation owed on the date of expropriation had been converted into that G7 currency at the market rate of exchange prevailing on that dateplus (b) interest, and interest had accrued at a commercially reasonable rate for that G7 currency freely convertible currency, accrued from the date of expropriation until the date of payment. 6. On payment, compensation shall be freely transferable as provided in Article 10.11. 75. This Article does not apply to the issuance of compulsory licenses granted in relation to intellectual property rightsrights in accordance with the TRIPS Agreement, or to the revocation, limitation limitation, or creation of intellectual property rights, to the extent that such issuance, revocation, limitation limitation, or creation is consistent with the TRIPS Agreement.

Appears in 1 contract

Samples: Investment Treaty

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