Common use of Investment disputes Clause in Contracts

Investment disputes. 1. Any dispute between a national 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. The party intending to resolve such dispute through negotiations shall give notice to the other of its intentions. 2. If the dispute cannot be thus resolved as provided in paragraph (1) of this Article within six months from the date of the 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 respective parties; and (b) In respect of arbitration proceedings, the following shall apply: (i) The Arbitration Tribunal shall consist of three arbitrators. Each party shall select an arbitrator. These two arbitrators shall appoint by mutual agreement a Chairman. The Governments of the parties to...two months from the date when one of the parties to the dispute informs the other of its intention to submit the dispute to arbitration after the lapse of the six months mentioned in paragraph (2) of this Article. (ii) The Arbitration 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 (2) (b i) , either party may, in the absence of any other agreement, request the Secretary - General of the International Center for the Settlement of Investment Disputes to make the necessary appointments.

Investment disputes. 1. Any dispute between a national 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. The party intending to resolve such dispute through negotiations shall give notice to the other of its intentions. 2. If the dispute cannot be thus resolved as provided in paragraph (1) of this Article within six months from the date of the 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 provisionsprovisions : (a) In in respect of conciliation proceedings, there shall be two conciliators, one each appointed by the respective parties; and (b) In in respect of arbitration proceedings, the following shall apply: apply : (i) The Arbitration Tribunal shall consist of three arbitrators. Each party shall select an arbitrator. These two arbitrators shall appoint by mutual agreement a Chairman. The Governments of the parties to...two months from the date when one of the parties to the dispute informs the other of its intention to submit the dispute to arbitration after the lapse of the six months mentioned in paragraph (2) of this Article. (ii) The Arbitration 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 a s the generally recognized principles of international law. (iii) If the necessary appointments are not made within the period specified in paragraph (2) (b i) , either party may, in the absence of any other agreement, request the Secretary - General of the International Center for the Settlement of Investment Disputes to make the necessary appointments.)