Common use of Investment disputes Clause in Contracts

Investment disputes. 1. Any dispute between an investor 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 three months from the date of notice given thereunder, then the dispute may be referred to conciliation in accordance with the United Nations Commission on International Trade Law Rules of Conciliation 1980, if both parties to the dispute so agree. 3. If either party to the dispute does not agree to conciliation within one month of the reference or where it is so referred but conciliation proceedings are terminated other than by the signing of a settlement agreement, or if no reference is made to international conciliation, the dispute may be referred to arbitration as follows: a) If the Contracting Party of the investor and the other Contracting Party are both parties to the Convention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; orConvention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; or b) If both parties to the dispute so agree, under the Additional Facility Rules for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings; or c) If the course of action at a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976 if the investor so agrees.a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976 if the investor so agrees. 4. In respect of arbitration proceedings under paragraph 3 c) of this Article the following shall apply: (i) The Arbitral Tribunal shall consist of three arbitrators. Each party shall select an arbitrator. The arbitrators shall be appointed within 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. The two arbitrators shall within two months from then appoint by mutual agreement a third arbitrator, the Chairman, who shall be a national of a third State. (ii) If the necessary appointments are not made within the period specified in paragraph (4)(i), either party may, in the absence of any other agreement, request the President of the International Court of Justice to make the necessary appointments. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement. (iv) The tribunal shall reach its decision by a majority of votes. (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. (vi) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (vii) 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 award shall be binding on both parties.

Appears in 3 contracts

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

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Investment disputes. (1. ) Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party under this Agreement 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 intentionsamicably. (2. ) If the such a dispute cannot be thus resolved as provided in paragraph (1) settled amicably within a period of this Article within three months from the date of notice given thereunderat which either party to the dispute requested amicable settlement, then the investor that is party to the dispute may be referred submit the dispute for resolution as follows: (a) to the competent courts, judicial or administrative bodies of the Contracting Party that is party to the dispute, or with the consent of the Contracting Party to its arbitral bodies; or (b) to international conciliation in accordance with under the Conciliation Rules of the United Nations Commission on International Trade Law Rules (hereinafter referred to as “UNCITRAL”).; or (3) should the options in paragraph (2) of Conciliation 1980, if both parties to the dispute so agree. 3this Article not be exercised. If either party to the dispute does not agree to conciliation within one month of the reference or where it is so referred but the conciliation proceedings under paragraph (2)(b) of this Article are terminated other than by the signing of a settlement agreement, or if no reference is made to international conciliation, the dispute may be referred to international arbitration as followsaccording to the following provisions: (a) If to the Contracting Party International Centre for Settlement of Investment Disputes (hereinafter referred to as ‘the investor and the other Contracting Party are both parties Centre’), established pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of other StatesStates opened for signature at Washington on 18 March 1965 when both Contracting Parties become parties to the said Convention, 1965 and subject to the investors written consent; or (b) to the Centre under the Rules Governing the Additional Facility for the Administration of Proceedings by the Secretariat of the Centre subject to the consent of both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; orConvention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centredispute; or b) If both parties to the dispute so agree, under the Additional Facility Rules for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings; or (c) If the course of action at a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal which unless otherwise agreed to by either party the parties to the dispute in accordance with dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade LawUNCITRAL, 1976 if the investor so agrees.a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party subject to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976 if the investor so agrees. 4. In respect of arbitration proceedings under paragraph 3 c) of this Article the following shall applymodifications: (i) The Arbitral Tribunal appointing authority under Article 7 of the said Rules shall consist be the President, the Vice-President or the next senior Judge of three arbitrators. Each party shall select an arbitratorthe International Court of Justice, who is not a national of either Contracting Party or is not otherwise prevented from discharging this task. The arbitrators shall be appointed within 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. The two arbitrators shall within two months from then appoint by mutual agreement a third arbitrator, the Chairman, who shall arbitrator must not be a national of a third Stateeither Contracting Party. (ii) If The parties to the necessary appointments are not made dispute shall appoint their respective arbitrators within the period specified in paragraph (4)(i), either party may, in the absence of any other agreement, request the President of the International Court of Justice to make the necessary appointmentstwo months. (iii) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party to the dispute. (iv) The arbitral award shall be made in accordance with the provisions of this Agreement. (iv4) The tribunal At no stage of a dispute, shall reach a Contracting Party which is a party to the dispute object to the investor from raising a dispute under this Article on the ground that it, being the other party to the dispute, has received an indemnification covering a part or the whole of its decision losses by a majority virtue of votesan insurance. (v5) The decision of the arbitral tribunal award shall be final and binding and the parties to the dispute shall abide by and comply with the terms of its the award. (vi) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (vii) 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 award shall be binding on both partiesenforced in accordance with national law of the Contracting Party where the investment has been made.

Appears in 2 contracts

Samples: Investment Agreement, Investment Agreement

Investment disputes. (1. ) Any dispute between an investor 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 negotiation shall give notice to the other of its intentions. (2. ) If the dispute cannot be thus resolved as provided in paragraph paragraph (1) of this Article within three months from the date of notice given thereunder, then the dispute may be referred to conciliation in accordance with the United Nations Commission on International Trade Law Rules of Conciliation 1980, if both parties to the dispute so agree. (3. ) If either party to the dispute does not agree to conciliation within one month of the reference or where it is so referred but conciliation proceedings are terminated other than by the signing of a settlement agreement, or if no reference is made to international conciliation, the dispute may be referred to arbitration as follows: (a) If if the Contracting Party of the investor and the other Contracting Party are both parties to the Convention on the Settlement of Investment Disputes between States and Nationals nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; orConvention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; or (b) If if both parties to the dispute so agree, under the Additional additional Facility Rules for the Administration of Conciliation, Arbitration and Fact-Fact- Finding Proceedings; or (c) If if the course of action at (a) and (b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976 if the investor so agrees.a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations nations Commission on International Trade Law, 1976 if the investor so agrees. (4. ) In respect of arbitration proceedings under paragraph 3 (c) of this Article the following shall apply: (i) The Arbitral Tribunal shall consist of three arbitrators. Each party Party shall select an arbitrator. The arbitrators shall be appointed within 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. The two arbitrators shall within two months from then appoint by mutual agreement a third arbitrator, the Chairman, who shall be a national of a third State. (ii) If the necessary appointments are not made within the period specified in paragraph (4)(i4) (i), either party may, in the absence of any other agreement, request the President of the International Court of Justice to make the necessary appointments. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement. (iv) The tribunal shall reach its decision by a majority of votes. (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. (vi) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. (vii) 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 award shall be binding on both parties.

Appears in 1 contract

Samples: Investment Protection Agreement

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Investment disputes. (1. ) Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party under this Agreement 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 intentionsamicably. (2. ) If the such a dispute cannot be thus resolved as provided in paragraph (1) settled amicably within a period of this Article within three months from the date of notice given thereunderat which either party to the dispute requested amicable settlement, then the investor that is party to the dispute may be referred submit the dispute for resolution as follows: (a) To the competent courts, judicial or administrative bodies of the Contracting Party that is party to the dispute, or with the consent of the Contracting Party to its arbitral bodies; or (b) To international conciliation in accordance with under the Conciliation Rules of the United Nations Commission on International Trade Law Rules (hereinafter referred to as "UNCITRAL").; or (3) Should the options in paragraph (2) of Conciliation 1980, if both parties to the dispute so agree. 3this Article not be exercised. If either party to the dispute does not agree to conciliation within one month of the reference or where it is so referred but the conciliation proceedings under paragraph (2)(b) of this Article are terminated other than by the signing of a settlement agreement, or if no reference is made to international conciliation, the dispute may be referred to international arbitration as followsaccording to the following provisions: (a) If To the Contracting Party International Centre for Settlement of Investment Disputes (hereinafter referred to as ‘the investor and the other Contracting Party are both parties Centre'), established pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of other StatesStates opened for signature at Washington on 18 March 1965 when both Contracting Parties become parties to the said Convention, 1965 and subject to the investors written consent; or (b) To the Centre under the Rules Governing the Additional Facility for the Administration of Proceedings by the Secretariat of the Centre subject to the consent of both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centre; orConvention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and both parties to the dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes, such a dispute shall be referred to the Centredispute; or b) If both parties to the dispute so agree, under the Additional Facility Rules for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings; or (c) If the course of action at a) and b) above is not followed then the dispute shall be referred to To an ad hoc arbitral tribunal which unless otherwise agreed to by either party the parties to the dispute in accordance with dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade LawUNCITRAL, 1976 if the investor so agrees.a) and b) above is not followed then the dispute shall be referred to an ad hoc arbitral tribunal by either party subject to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976 if the investor so agrees. 4. In respect of arbitration proceedings under paragraph 3 c) of this Article the following shall apply: modifications: (i) The Arbitral Tribunal shall consist appointing authority under Article 7 of three arbitrators. Each party shall select an arbitrator. The arbitrators the said Rules shall be appointed within 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. The two arbitrators shall within two months from then appoint by mutual agreement a third arbitratorPresident, the Chairman, who shall be a national of a third State. (ii) If Vice-President or the necessary appointments are not made within the period specified in paragraph (4)(i), either party may, in the absence of any other agreement, request the President next senior Judge of the International Court of Justice to make the necessary appointments. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement. (iv) The tribunal shall reach its decision by Justice, who is not a majority of votes. (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. (vi) The arbitral tribunal shall state the basis of its decision and state reasons upon the request national of either party. (vii) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedingsContracting Party or is not otherwise prevented from discharging this task. The cost third arbitrator must not be a national 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 award shall be binding on both partieseither Contracting Party.

Appears in 1 contract

Samples: Investment Promotion and Protection Agreement

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