Common use of Means of Settlement, Time Periods Clause in Contracts

Means of Settlement, Time Periods. (1) A dispute between a Contracting Party and an investor of the other Contracting Party, shall, as far as possible, be settled by negotiation or consultation. If it is not so settled, the investor may choose to submit it for resolution: (a) to the competent courts or administrative tribunals of the Contracting Party, party to the dispute; (b) in accordance with any applicable previously agreed dispute settlement procedure; or (c) in accordance with this Article to: (i) the International Centre for Settlement of Investment Disputes ("the Centre"), established pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of other States, signed in Washington on 18 March 1965 ("the ICSID Convention"), if the Contracting Party of the investor and the Contracting Party, party to the dispute, are both parties to the ICSID Convention; (ii) the Centre under the rules governing the Additional Facility for the Administration of Proceedings by the Secretariat of the Centre (Additional Facility Rules), if one of the Contracting Parties is not a Contracting State of the Convention mentioned in c (i) of this Article (iii) a sole arbitrator or an ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law ("UNCITRAL"); (iv) the International Chamber of Commerce, by a sole arbitrator or an ad hoc tribunal under its rules of arbitration. (2) A dispute may be submitted for resolution pursuant to paragraph 1 (c) of this Article after 60 days from the date notice of intent to do so was provided to the Contracting Party, party to the dispute, but not later than five years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the dispute.