Common use of Investment disputes Clause in Contracts

Investment disputes. (1) Any dispute between a national and/or company of one contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before the competent court of the Contracting Party accepting the investment. (3) If a dispute involving the amount of compensation resulting from any measure referred to in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or company concerned has resorted to the procedure specified in paragraph (2) of this article. (4) The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified the other party of this submission of the dispute to arbitration. (5) If the necessary appointments are not made within the period specified in paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March 1965. (7) The tribunal shall reach its decision by a majority of votes. (8) The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this decision shall be binding on both parties. (11) The arbitration shall be held in the territory of the Contracting Party where the investments was made. (12) The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 8 contracts

Samples: Investment Agreement, Investment Agreement, Investment Agreement

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Investment disputes. (1) . Any dispute between a national and/or or company of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . If the dispute cannot be settled through negotiations within six months, either neither party to the dispute shall be entitled to initiate judicial action before submit the dispute to the competent court of the Contracting Party accepting the investment. (3) . If a dispute involving the amount of compensation resulting from any measure referred expropriation, nationalization, or other measures having effect equivalent to nationalization or expropriation, mentioned in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or or company concerned has resorted to the procedure specified in the paragraph (2) of this articleArticle. (4) . The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified notifies the other party of this its submission of the dispute to arbitration. (5) . If the necessary appointments are not made within the period specified in paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe either party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) . The arbitral tribunal shall, apart from what hat is stated below, determine its own arbitral procedures with reference to the "Convention' “Convention on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March March, 1965. (7) . The tribunal shall reach its decision by a majority of votes. (8) 8. The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) . The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) . Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two partiesparties , and this decision award shall be binding on both parties. (11) . The arbitration shall shall, as far as possible, be held in the territory of the Contracting Party where the investments was madeSingapore. (12) . The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 2 contracts

Samples: Investment Agreement, Bilateral Investment Treaty

Investment disputes. (1) . Any dispute between a national and/or company an investor of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory area of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. The party intending to resolve such dispute through negotiations shall give notice to the other of its intentions. (2) . If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before the competent court of the Contracting Party accepting the investment. (3) If a dispute involving the amount of compensation resulting from any measure referred to in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation thus resolved as specified provided in paragraph (1) of this Article within 6 months from the date of notice given thereunder, then the Contracting Party and the investor concerned shall refer the dispute to either conciliation in accordance with the United Nations Commission on International Trade Law Rules of Conciliation 1980 or to arbitration in accordance with the United Nations Commission on International Trade Law Rules on Arbitration, 1976 subject to the following provisions: a) In respect of conciliation proceedings, there shall be two conciliators, one each appointed by the national and/or company concernedrespective parties; and b) In respect of arbitration proceedings, it may be submitted to an international arbitral tribunal established by both parties.paragraphthe following shall apply: (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or company concerned has resorted to the procedure specified in paragraph (2) of this article. (4i) The international arbitral tribunal mentioned above Arbitral Tribunal shall be especially constituted in the following manner: consist of three arbitrators. Each party to the dispute shall appoint select an arbitrator. The These two arbitrators shall appoint by mutual agreement a Chairman who shall be a national of a third arbitrator as ChairmanState which has diplomatic relations with the Governments of the parties to the dispute. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which when one party concerned notified of the parties to the dispute inform the other party of this submission of its intention to submit the dispute to arbitrationarbitration after the lapse of the six months mentioned in paragraph (2) of this Article. (5ii) The Arbitral Award shall be made in accordance with the provisions of this Agreement, the relevant domestic laws including the rules on the conflict of laws of the territory of the Contracting Party in which the investment dispute arises as well as the generally recognized principles of international law. iii) If the necessary appointments are not made within the period specified in paragraph (42) (b) (i), eithe either party may, in the absence of any other agreement, request the Chairman Secretary-General of the International Arbitration Institute Centre for the Settlement of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce Investment Disputes to make the necessary appointments. (6) The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March 1965. (7iv) The tribunal shall reach its decision by a majority of votes. (8) v) The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9vi) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10vii) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne borned by one of the two parties, and this decision award shall be binding on both parties. (11) 3. As an alternative to arbitration in accordance with the United Nations Commission on International Trade Law Rules on Arbitration, 1976, the parties may opt to have the arbitration conducted in accordance with the Arbitration Rules of the Singapore International Arbitration Centre. 4. The conciliation or arbitration shall shall, as far as possible, be held in the territory of the Contracting Party where the investments was madeSingapore. (12) The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 2 contracts

Samples: Investment Protection Agreement, Investment Agreement

Investment disputes. (1) Any dispute between a national and/or company of one contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before the competent court of the Contracting Party accepting the investment. (3) If a dispute involving the amount of compensation resulting from any measure referred to in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or company concerned has resorted to the procedure specified in paragraph (2) of this article. (4) The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified the other party of this its submission of the dispute to arbitration. (5) If the necessary appointments are not made within the period specified in paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe either party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' “Convention on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March 1965. (7) The tribunal shall reach its decision by a majority of votes. (8) The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this decision shall be binding on both parties. (11) The arbitration shall be held in the territory of the Contracting Party where the investments investment was made. (12) The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 2 contracts

Samples: Reciprocal Promotion and Protection of Investments Agreement, Reciprocal Promotion and Protection of Investments Agreement

Investment disputes. (1) . Any dispute between a national and/or or company of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations negotiation between the parties to the dispute. (2) . If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before submit the dispute to the competent court of the Contracting Party accepting the investment. (3) . If a dispute involving the amount of compensation resulting from any measure referred expropriation, nationalization, or other measures having effect equivalent to nationalization or expropriation, mentioned in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or or company concerned has resorted to the procedure specified in the paragraph (2) of this articleArticle. (4) . The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified notifies the other party of this its submission of the dispute to arbitration. (5) . If the necessary appointments are not made within the period specified in paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe either party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) . The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' “Convention on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March March, 1965. (7) . The tribunal shall reach its decision by a majority of votes. (8) 8. The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) . The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) . Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this decision award shall be binding on both parties. (11) . The arbitration shall shall, as far as possible, be held in the territory of the Contracting Party where the investments was madeSingapore. (12) . The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 1 contract

Samples: Investment Agreement

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Investment disputes. (1) Any dispute between a national and/or or company of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled may, in accordance with the laws and regulations of the Contracting Party in whose territory the investment was made, submit the dispute to initiate judicial action before the competent court of the that Contracting Party accepting the investmentParty. (3) If a dispute involving the amount of compensation resulting from any measure expropriation referred to in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it . It may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or of company concerned has resorted to the procedure procedures specified in paragraph (2) of this articleArticle. (4) The international arbitral tribunal mentioned referred to above shall be especially constituted in the following manner: . Each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified notifies the other party of this its submission of the dispute to arbitration. (5) If the necessary appointments are not made within the period specified in paragraph (4), eithe either party may, in the absence of any other agreement, request the Chairman President of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce Bank for Reconstruction and Development to make the necessary appointments. (6) The arbitral tribunal shall, apart from what is stated below, below determine its own arbitral procedures with reference to the "Convention' “Convention on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March 1965. (7) The tribunal Tribunal shall reach its decision by a majority of votes. (8) The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its awardon both parties. (9) The arbitral tribunal shall state the basis for its decision and, if requested by either party, shall state further reasons in support of its decision and state reasons upon the request of either partydecision. (10) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision decision, direct that a higher proportion of costs shall be borne by one of the two parties, and this decision award shall be binding on both parties. (11) The arbitration shall be held in a recognized arbitration center agreed on by the territory parties or if agreement has not been reached within 45 days of the Contracting Party where appointment of the investments was madefinal member of the arbitral tribunal in accordance with the provisions of this Agreement, the tribunal shall decide by majority vote. (12) The provisions Provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 1 contract

Samples: Investment Agreement

Investment disputes. (1) . Any dispute between a national and/or or company of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before submit the dispute to the competent court of the Contracting Party accepting the investment. (3) . If a dispute involving the amount of compensation resulting from any measure referred expropriation, nationalization, or other measures having effect equivalent to nationalization or expropriation mentioned in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or company concerned, it may be submitted to an international arbitral tribunal established by both parties.paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or or company concerned has resorted to the procedure specified in the paragraph (2) of this articleArticle. (4) . The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified notifies the other party of this its submission of the dispute to arbitration. (5) . If the necessary appointments are not made within the period specified in paragraph (4), eithe party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe either party may, in the absence of any other agreement, request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) . The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' “Convention on the Settlement of Investment Disputes Between States and Nationals of Other States", done at Washington on 18 March March, 1965. (7) . The tribunal shall reach its decision by a majority of votes. (8) 8. The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) . The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) . Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this decision award shall be binding on both parties. (11) . The arbitration shall shall, as far as possible, be held in the territory of the Contracting Party where the investments was madeSingapore. (12) . The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.Article 14 where a dispute concerns the interpretation of any provision of this Agreement.

Appears in 1 contract

Samples: Promotion and Protection of Investments Agreement

Investment disputes. (1) . Any dispute between a national and/or or company of one contracting Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . If the dispute cannot be settled through negotiations within six months, either party to the dispute shall be entitled to initiate judicial action before submit the dispute to the competent court of the Contracting Contracting, Party accepting the investment. (3) . If a dispute involving the amount of compensation resulting from any measure referred to expropriation mentioned in paragraph (1) of Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted at the request of either party to an international arbitral tribunal established by both parties.paragraph parties. The provisions of this paragraph shall not apply if the national or company concerned has resorted to the procedure specified in the paragraph (12) of this Article.Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the national and/or or company concerned, it may be submitted at the request of either party to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the national and/or or company concerned has resorted to the procedure specified in the paragraph (2) of this articleArticle. (4) . The international arbitral tribunal mentioned above shall be especially constituted in the following manner: Each each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be appointed within two months and the Chairman within four months from the date on which one party concerned notified notifies the other party of this its submission of the dispute to arbitration. (5) . If the necessary appointments are not made within the period specified in paragraph (4), eithe either party may, in the absence of any other agreement, agreement request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments.paragraph (4), eithe either party may, in the absence of any other agreement, agreement request the Chairman of the International Arbitration Institute of the Stockholm Chamber of Commerce to make the necessary appointments. (6) . The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the "Convention' Convention on the Settlement of Investment Disputes Between between States and Nationals of Other States", " done at Washington on 18 March 18th March, 1965."Convention on the Settlement of Investment Disputes between States and Nationals of Other States" done at Washington on 18th March, 1965. (7) . The tribunal shall reach its decision by a majority of votes. (8) 8. The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. (9) . The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (10) . Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this decision award shall be binding on both parties. (11) The arbitration shall be held in the territory of the Contracting Party where the investments was made. (12) . The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.Article 14 where a dispute concerns the interpretation of any provision or application of this Agreement.

Appears in 1 contract

Samples: Investment Agreement

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