Common use of Promotion of Investments Clause in Contracts

Promotion of Investments. 1. Each Contracting Party shall, as far as possible, encourage investments in its territory by investors of the other Contracting Party, and shall, subject to its laws, admit such investments. 2. Each Contracting Party shall grant, in accordance with its laws, the necessary permits in connection with such investments and with the carrying out of licensing agreements and contracts for technical, commercial or administrative assistance. 3. In order to create favourable conditions for assessing the financial position and results of activities related to investments in the territory of a Contracting Party, that Contracting party shall - notwithstanding its own requirements for bookkeeping and auditing - permit the investor to apply, regarding his or its investment, the bookkeeping and auditing standards which the investor is subjected to by his or its national requirements or internationally accepted standards (such as International Accountancy Standards (IAS) drawn up by the International Accountancy Standards Committee (IASC)). The results of such accountancy and audit shall be fully available for use by the investor.