Nationalization and Expropriation. Nationalization, expropriation or any other measure having similar characteristics or effects that may be applied by the authorities of one Contracting Party against the investments in its territory of investors of the other Contracting Party must be effected exclusively for reasons of public interest or social benefit, in accordance with the law, and shall in no case be discriminatory. The Contracting Party adopting such measure shall pay to the investor or his or its legal beneficiary, without undue delay, appropriate compensation in convertible and freely transferable national currency.
Nationalization and Expropriation. 1. Capital investments of investors of one of the Contracting Parties shall enjoy full protection and security in the territory of the other.
2. Investments of investors of one of the Contracting Parties shall not be directly or indirectly nationalized, expropriated, requisitioned or subjected to measures having similar effects in the territory of the other Contracting Party except for public purposes or reasons of public or national interest, against adequate compensation and provided that such measures are taken on a non-discriminatory basis and in accordance with legal provisions and procedures.
3. The compensation. shall be equivalent to the actual market value of the investment immediately prior to the time when the decisions of nationalization or expropriation were announced or made public. In the event that the market value cannot be rapidly ascertained, the indemnity shall be determined on the basis of a fair valuation of the constituent and distinctive elements of the enterprise, as well as the components and results of the related business activities. The compensation shall include the interest accrued from the date of nationalization or expropriation until the date of payment, calculated at the 6- month LIBOR rate. In the event that no agreement is reached between the Investor and the Obligated Party, the determination of the compensation shall be settled in accordance with the dispute settlement procedures set forth in Article 9 of this Agreement. Once the compensation is determined, it will be promptly paid and its repatriation in convertible currency will be authorized.
4. The provisions of Paragraph 2 of this Article shall also apply to income derived from an investment, as well as, in the event of liquidation, to proceeds derived therefrom.
5. After expropriation, if any property acquired for this purpose has not received all or part of its intended use, the expropriated persons and their successors in title shall be entitled to have it repurchased.
Nationalization and Expropriation. 1. In accordance with this Agreement, it is prohibited for each Contracting Party to subject the investments of one of the Parties, or the investments of their nationals established in the territory of either Party, to procedures for restricting the right of ownership or to derive interest from such investments on a permanent or temporary basis except within the limits of the regulations in force or following a judgment given by the competent court.
2. Each Contracting Party shall refrain from nationalizing or expropriating the investments of a national of the other Party made in the territory of the other Party, except where this is in the general interest of that country on the basis of non- discrimination.
3. In the event of nationalisation or expropriation, compensation shall be made on the basis of the principle of the fair commercial value of the direct investment on the day preceding the day on which the arrangements for announcing the decision to the public are made, and the value may be fully recovered and freely transferred out of the territory of the Contracting Party.
4. lf the expropriation concerns a joint investment established in the territory of one of the Parties, the value of the compensation to be paid to the investor or to the Joint Investment Company (JIC) shall be calculated by the other Contracting Party on the basis of its share in the joint project. In the event of failure to reach an agreement between the investor and the Party in whose territory the investment is established, both Parties shall have recourse to the dispute settlement procedures provided for in Article 9 of that agreement.
Nationalization and Expropriation. (1) Investments of investors of either Contracting Parties shall not be nationalized, expropriated or otherwise subjected to any other similar measures having an effect equivalent to Nationalization or expropriation (hereinafter referred to as "expropriation") in the territory of the other Contracting Party except for reasons of public interest under due process of law, on a non-discriminatory basis and provided that it is accompanied by prompt, adequate and effective compensation.
(2) Such compensation shall amount to the market value of the investment expropriated immediately before expropriation was taken or before impending expropriation became Public knowledge, which ever is the earlier shall be made without undue delay, be effectively realizable and be freely transferable.
(3) The investor of the Contracting Party shall have a right to prompt review by a judicial or other independent authority of the other Contracting Party, of his or its case and of the valuation of his or its investments in accordance with the principles set out in this Article.
Nationalization and Expropriation. 1. Investments of investors of one Contracting Party in the territory of the other Contracting Party shall not be subject to nationalization, expropriation or any other measure having similar effects (hereinafter "expropriation") except for reasons of public utility or social interest, in accordance with due legal procedure, in a non-discriminatory manner and accompanied by the payment of a prompt, adequate and effective compensation.
2. The compensation shall be equivalent to the fair market value that the expropriated investment had immediately before adopting the expropriation measure or before the imminence of it was public knowledge, whichever comes first (hereinafter "valuation date"). .
3. The market value shall be expressed in a freely convertible currency, at the exchange rate prevailing in the market for that currency at the valuation date. The compensation shall include interest at a commercial rate fixed according to criteria of market for said currency from the date of expropriation until the date of payment. The compensation will be effectively realizable and freely transferable.
4. The affected investor shall have the right, in accordance with the Law of the Contracting Party that makes the expropriation, to the prompt review, by the judicial authority or other competent and independent authority of said Contracting Party, of its case to determine whether the expropriation and valuation of its investment have been adopted in accordance with the principles established in this Article.
5. If a Contracting Party expropriates the assets of an enterprise that is incorporated in its territory in accordance with its legislation in force and in which there is participation of investors of the other Contracting Party, the first Contracting Party shall ensure that the provisions of this Article are applied in such a way as to guarantee such investors a prompt, adequate and effective compensation.
Nationalization and Expropriation. 1. Investments of any Contracting Party or any natural or legal persons shall not be subject to any measures that limit the right of ownership, or the acquisitions, or management or utilization of these investments, whether permanently or temporarily, unless within the limits of prevailing laws or by a rule of the competent court.
2. Investments of either Contracting Party in the territory of the other Contracting Party or investments of any of its natural and legal persons, shall not be nationalized or expropriate, and these investments shall not be subject to measures having an effect equivalent to expropriation or nationalization, except for a public purpose and in the public interest of this state, upon payment of prompt, fair and adequate compensation and provided such measures are carried out in a non- discriminatory basis and in accordance with the law.
3. The compensation shall be calculated on the basis of the fair market value of the investment before announcing the expropriation decision immediately, or by informing the public about expropriation. This value determined according to the accepted principles on the determination of the market value, in the absence of the possibility of determining the market value, it is determined directly by the amount of compensation in accordance with the fair principles, taking into account among other things the investing capital, the depreciation of the capital that has been transferred to the outside, the depreciation value, and the goodwill and other similar things (the amount of compensation including benefits that calculated on the basis of the LIBOR prices from the date of the expropriation until the date of repayment). In the case of not reaching an agreement between the investor and the country hosting the investment, then referencing to the procedures for settlements of investment disputes in accordance with Article (6) of this agreement. If ultimately the amount of compensation has been determined, repayment would have to be immediately and allowed to be transferred to the outside.
Nationalization and Expropriation. 1 . Nationalization, expropriation or any other measure having similar characteristics or effects that might be taken by the authorities of one Contracting Party against investments in its territory by investors of the other Contracting Party should be imposed only in the public interest and in accordance with the law, and should in no case be discriminatory. The Contracting Party that imposes such measures shall pay the investor or the investor's assignees appropriate compensation without undue delay and in freely convertible and transferable currency.
2 . The compensation shall equal the actual market value of the investment immediately prior to the announcement or publication of the decision to nationalize or expropriate. If no agreement can be reached between the investor and the Contracting Party under obligation to pay, the compensation shall be determined according to the procedures for the settlement of disputes contained in article XI of this Agreement.article XI of this Agreement.
3 . Following expropriation, if property acquired for that purpose has not been fully or partly utilized as intended, those from whom it was expropriated and their assignes have the right to reacquire it.
Nationalization and Expropriation. (1) Investments of either Contracting Party shall not be subject, directly or indirectly, to nationalization, expropriation, seizure, requisition or any other similar measure such as the forced sale of all or part of the investment by the state, unless it is for a public purpose or national interest, against immediate and fair compensation, where such measures shall be taken on a non-discriminatory basis and in accordance with legal procedures and laws.
(2) Such compensation shall amount to the actual value of the expropriated investment, and shall be determined and computed in accordance with the internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment immediately before the expropriation took place or the impending expropriation became publicly known, whichever is earlier. The compensation shall be computed in a freely convertible currency chosen by the investor, on the basis of the prevailing market value of the exchange rate of that currency on the valuation date. If the equivalent market value mentioned earlier cannot be easily determined then the compensation shall be based on fair principles, taking into account all the factors and circumstances related to it such as the invested capital, nature and duration of the investment, replacement value, increase in the value of the investment, current returns, computed cashflow value, book value and goodwill. The final compensation determined value shall be paid immediately to the investor in a freely convertible currency and shall be freely transferrable without delay.
(3) In light of the principles set forth in Paragraph (2), and without prejudice to the rights of the investor mentioned in Article
(8) of this agreement, the affected investor shall have the right of immediate review of his case, in addition to the valuation of his investment and compensation payments on this investment, by the legal authority or other independent specialized authority of that Contracting Party.
(4) For further certainty, expropriation shall include situations where a Contracting Party expropriates the assets of an investment company or established project in accordance with the laws applicable in its territory, in which an investor of the other Contracting Party has made an investment either through shares, bonds, debt securities or other rights or interests.
Nationalization and Expropriation. 0. Xxxxxxxxxxx of investors of any of the Contracting Parties shall not be subjected to nationalization, expropriation, or any other similar measures directly or indirectly, in the territory of the other Contracting Party, unless it is for the purposes of public interest and on a non-discriminatory basis, and in return for a payment of fair compensation, in accordance with legal procedures and without undue delay.
2. The fair compensation shall be determined on the basis of the real market value immediately prior to the time in which the nationalization or expropriation decision was announced or made public.
Nationalization and Expropriation. 1. Investments made by investors of one Contracting Party in the territory of the other Contracting Party shall not be nationalized, expropriated, confiscated or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or confiscation (hereinafter referred to as "expropriation") except for:
a) public purposes;
b) in non- discriminatory way;
c) under due process of law;
d) with payment of adequate, prompt and effective compensation according to paragraph (3) of this Article.
2. The investor shall have the right to refer to the administrative or judicial bodies to make sure that expropriation has been made in accordance with the national legislation of the Contracting Party hosting the investments.
3. Compensation arising out from expropriation shall amount to the actual value of the expropriated investments and shall be determined on the basis of the fair market value of the expropriated investments at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier. The market value should be determined according to the national legislation of the Contracting Party hosting the investments.
4. Compensation should be in a transferable currency and should be paid without any delay. It should include interest under the commercial rate established on a market basis for currency of payment from the date of confiscation or expropriation of properties until the date of payment.
5. Provisions of paragraph (1) of this Article also should be applied to the current returns of investments and proceeds from liquidation in case of liquidation.
6. It is understood that it is not the intention of both Contracting Parties to nationalize or expropriate investments of the other Contracting Party in their territories. The Contracting Parties agreed to consider granting additional guarantees from expropriation and nationalization for each investment project within a separate agreement signed by the Contracting Parties.
