Common use of Nationalisation or Expropriation Clause in Contracts

Nationalisation or Expropriation. 1. Investments covered by this Agreement shall not be subjected to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided for by current, national or local law and regulations and orders issued by Courts or Tribunals having jurisdictions. 2. Investments and the activities connected with an investment of investors of one of the Contracting Parties shall not be, de jure or de facto, directly or indirectly, nationalised, expropriated, requisitioned or subjected to any measures having an equivalent effect, including measures affecting companies and their assets controlled by the investor in the territory of the other contracting Party, except for public purpose or national interest and in exchange for immediate, full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate was announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate was announced or made public and shall include all financial returns according to the internationally recognised practices and methods, calculated from the date of nationalisation or expropriation to the date of payment. Compensation shall be freely collectable and transferable and, once determined, shall be paid without undue delay and in any case within three months. 4. In case the object of the expropriation is a joint-venture constituted in the territory of either Contracting Party, the compensation to be paid to the investor of a Contracting Party shall be calculated taking into account the value of the share of such investor in the joint-venture, in accordance with its relevant documents and adopting the same evaluations criteria referred to in paragraph 3 of this Article.paragraph 3 of this Article. 5. A national or company of either Contracting Party asserting that all or part of its investments has been expropriated shall enjoy the right of a prompt review by the appropriate judicial or administrative authorities of the other Contracting Party where the investment has been made, in order to determine whether any such expropriation occurred and, if so, whether expropriation and any compensation thereof conform to the principles of international law, and in order to decide all other relevant matters. 6. If, after the expropriation, the expropriated investment does not serve the anticipated purpose, wholly or partially, the former owner or his/its assignee/s shall be entitled to repurchase it. The price of such expropriated investment shall be calculated with reference to the date on which the repurchasing takes place, adopting the same evaluation criteria taken into account when calculating the compensation referred to in paragraph 3 of this Article.paragraph 3 of this Article.

Nationalisation or Expropriation. 1. Investments covered by this Agreement shall not be subjected to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided for by current, national or local law and regulations and orders issued by Courts or Tribunals having jurisdictions. 2. Investments and the activities connected with an investment of investors of one of the Contracting Parties shall not be, de jure or de facto, directly or indirectly, nationalised, expropriated, requisitioned or subjected to any measures having an equivalent effect, including measures affecting companies and their assets controlled by the investor in the territory of the other contracting Party, except for public purpose or national interest and in exchange for immediate, full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate was announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate was announced or made public and shall include all financial returns according to interests calculated on the internationally recognised practices and methods, calculated basis of EURIBOR standards from the date of nationalisation or expropriation to the date of payment. Compensation payment and shall be freely collectable and transferable and, once transferable. Once the compensation has been determined, it shall be paid without undue delay and in any case within three months1 month. 4. In case the object of the expropriation is a joint-venture constituted in the territory of either Contracting Party, the compensation to be paid to the investor of a Contracting Party shall be calculated taking into account the value of the share of such investor in the joint-joint- venture, in accordance with its relevant basic documents and adopting the same evaluations criteria referred to in the paragraph 3 of this Article.paragraph 3 of this Article. 5. A national or company of either Contracting Party asserting that all or part of its investments has been expropriated shall enjoy the right of a prompt review by the appropriate judicial or administrative authorities of the other Contracting Party where the investment has been madeParty, in order to determine whether any such expropriation occurred and, if so, whether expropriation and any compensation thereof conform to the principles of international law, and in order to decide all other relevant matters. 6. If, after the expropriation, the expropriated investment does not serve the anticipated purpose, wholly or partially, the former owner or his/its assignee/s shall be entitled to repurchase it. The price of such expropriated investment shall be calculated with reference to the date on in which the repurchasing takes place, adopting the same evaluation valuation criteria taken into account when calculating the compensation referred to in paragraph 3 of this Article.paragraph 3 of this Article.

Nationalisation or Expropriation. 1. Investments covered by this Agreement shall not be subjected to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided for by current, national or local law and regulations and orders issued by Courts or Tribunals having jurisdictionsjurisdiction. 2. Investments and the activities connected with an investment of investors of one of the Contracting Parties shall not be, de jure or de facto, directly or indirectly, nationalised, expropriated, requisitioned or subjected to any measures having an equivalent effect, including measures affecting companies and their assets controlled by the investor in the territory of the other contracting Party, except for public purpose or national interest and in exchange for immediate, full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate was announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate was announced or made public public, and shall include all financial returns according to interests calculated on the internationally recognised practices and methods, calculated basis of EURIBOR standards from the date of nationalisation or expropriation to the date of payment. Compensation payment and shall be freely collectable and transferable and, once transferable. Once the compensation has been determined, it shall be paid without undue delay and in any case within three months1 month. 4. In case the object of the expropriation is a joint-venture constituted in the territory of either Contracting Party, the compensation to be paid to the investor of a Contracting Party shall be calculated taking into account the value of the share of such investor in the joint-venture, in accordance with its relevant documents and adopting the same evaluations criteria referred to in paragraph 3 of this Article.paragraph 3 of this Article. 5. A national or company of either Contracting Party asserting that all or part of its investments has have been expropriated shall enjoy the right of a prompt review by the appropriate judicial or administrative authorities of the other Contracting Party where the investment has been madeParty, in order to determine whether any such expropriation occurred and, if so, whether expropriation and any compensation thereof conform to the principles of international law, and in order to decide all other relevant matters. 6. If, after the expropriation, the expropriated investment does not serve the anticipated purpose, wholly or partially, the former owner or his/its assignee/s shall be entitled to repurchase it. The price of such expropriated investment shall be calculated with reference to the date on which the repurchasing takes place, adopting the same evaluation criteria taken into account when calculating the compensation referred to in paragraph 3 of this Article.paragraph 3 of this Article.