Common use of PROCEEDINGS AND AWARDS Clause in Contracts

PROCEEDINGS AND AWARDS. a. The tribunal shall decide disputes in accordance with this Agreement, interpreted and applied in accordance with the applicable rules of international law. b. The tribunal may, at the request of a Party, recommend provisional measures which either Party should take to avoid serious prejudice to the other pending its final award. c. The tribunal, in its award, shall set out its findings of law and fact, together with the reasons therefore, and may, at the request of a Party, award the following forms of relief: i. a declaration that an action of a Party is in contravention of its obligations under this Agreement; ii. a recommendation that a Party bring its actions into conformity with its obligations under the Agreement; iii. pecuniary compensation for any loss or damage to the requesting Party’s investor or its investment; and iv. any other form of relief to which the Party against whom the award is made consents, including restitution in kind to an investor. d. The tribunal shall draft its award consistently with the requirement of confidentiality set out in Article A, paragraph 2. It shall issue its award in provisional form to the Parties to the dispute on a confidential basis, as a general rule within 180 days after the date of formation of the tribunal. The parties to the dispute may, within 30 days thereafter, submit written comment upon any portion of it. The tribunal shall consider such submissions, may solicit additional written comments of the parties, and shall issue its final award within 15 days after closure of the comment period. e. The tribunal shall promptly transmit a copy of its final award to the Parties Group, which shall make it publicly available. f. Tribunal awards shall be final and binding between the parties to the dispute, subject to paragraph 7 below. g. Each party shall pay the cost of its representation in the proceedings. The costs of the tribunal shall be paid for equally by the Parties unless the tribunal directs that they be shared differently. Fees and expenses payable to tribunal members will be subject to schedules established by the Parties Group and in force at the time of the constitution of the tribunal.

PROCEEDINGS AND AWARDS. a. (a) The arbitral tribunal shall decide disputes in accordance with this Agreement, or interpreted and applied in accordance with the applicable rules of international law. b. (b) The tribunal may, at the request of a Party, recommend provisional measures which either Party should take to avoid serious prejudice to the other pending its final award. c. (c) The tribunal, in its tribunal shall render an award, shall set setting out its findings of law and fact, fact and its decision on the question whether the relevant measures are inconsistent with the agreement together with the its reasons thereforetherefor, and may, at the request of a Party, award the following forms of reliefrelief : i. (i) a declaration that an action a measure of a Party is in contravention of incompatible or a Party has failed to comply with its obligations under this Agreement; (ii. ) a recommendation that a Party should bring its actions measures into conformity with its obligations under the Agreement;: (iii. ) pecuniary compensation for any loss or damage to the requesting Party’s investor or its investmentcompensation; and (iv. ) any other form of relief to which the Party against whom the award is made consents, including restitution in kind to an investorkind. d. (d) The tribunal shall draft its award consistently with the requirement of confidentiality set out in Article A, paragraph 22 and the requirements of subparagraph (e), below. It shall issue its award in provisional form to the Parties to the dispute on a confidential basisdispute, as a general rule within 180 [180] days after the date of formation of the tribunal. The parties Parties to the dispute may, within 30 [15] [30] days thereafter, submit written comment upon any portion of it. The tribunal shall consider such submissions, may solicit additional written comments of the partiesParties, and shall issue its final award within 15 [15] days after closure of the comment period. e. (e) The tribunal shall promptly transmit a copy of its final award to the Parties Group, which shall make it as a publicly availableavailable document. f. (f) Tribunal awards shall be final and binding between the parties Parties to the disputedispute unless the Parties Group, subject to paragraph 7 belowotherwise decides within thirty days after receipt of a copy of the award]. g. (g) Each party Party shall pay the cost of its representation in the proceedings. The costs of the tribunal shall be paid for for, equally by the Parties unless the tribunal directs that they be shared differently. Fees and expenses payable to tribunal members will be subject to schedules established by the Parties Group and in force at the time of the constitution of the tribunal.