Protection, Treatment. 1- Each Contracting Party shall protect within its territory investments made in accordance with its laws and regulations by investors of the other Contracting Party and shall not impair by unreasonable or discriminatory measures the management, maintenance, use, enjoyment, extension, sale or liquidation of such investments. In particular, each Contracting Party or its competent authorities shall issue the necessary authorizations mentioned in Article 2, paragraph 2, of this Agreement. 2- Each Contracting Party shall ensure fair and equitable treatment within its territory of the investments of the investors of the other Contracting Party. This treatment shall not be less favourable than that granted by each Contracting Party to the investments made within its territory by its own investors, or than that granted by each Contracting Party to the investments made within its territory by investors of any third state, if this latter treatment is more favourable. However, in the case of Lebanon this sub-paragraph does not apply to treatment granted to investors of other Arab Countries particularly with respect to property ownership; in the case of Armenia, this sub-paragraph does not apply to treatment granted to Lebanese investors with respect to property ownership. 3- The most favoured nation treatment shall not be construed so as to oblige a Contracting Party to extend to the investors and investments of the other Contracting Party the advantages resulting from any existing or future customs or economic union, a free trade area or regional economic organization, to which either of the Contracting Parties is or becomes a member. Nor shall such, treatment relate to any advantage which either Contracting Party accords to investors of a third state by virtue of a double taxation agreement or other agreements on a reciprocal basis regarding tax matters.
Appears in 4 contracts
Samples: Investment Protection Agreement, Investment Protection Agreement, Investment Protection Agreement
Protection, Treatment. 1- (1) Each Contracting Party shall protect within its territory investments made in accordance with its laws and regulations by investors of the other Contracting Party and shall not impair by unreasonable or discriminatory measures the management, maintenance, use, enjoyment, extension, sale or liquidation of such investments. In particular, each Contracting Party or its competent authorities shall issue the necessary authorizations mentioned in Article 2, paragraph (2), of this Agreement.
2- (2) Each Contracting Party shall ensure fair and equitable treatment within its territory of the investments of the investors of the other Contracting Party. This treatment shall not be less favourable than that granted by each Contracting Party to the investments made within its territory by its own investors, or than that granted by each Contracting Party to the investments made within its territory by investors of any third state, if this latter treatment is more favourable. However, in the case of Lebanon this sub-paragraph does not apply to treatment granted to investors of other Arab Countries particularly with respect to property ownership; in the case of Armenia, this sub-paragraph does not apply to treatment granted to Lebanese investors with respect to property ownership.
3- (3) The most favoured nation treatment shall not be construed so as to oblige a Contracting Party to extend to the investors and investments of the other Contracting Party the advantages resulting from any existing or future customs or economic union, a free trade area or regional economic organization, to which either of the Contracting Parties is or becomes a member. Nor shall such, such treatment relate to any advantage which either Contracting Party accords to investors of a third state by virtue of a double taxation agreement or other agreements on a reciprocal basis regarding tax matters.
(1) Each Contracting Party in whose territory investments have been made by investors of the other Contracting party grant those investors shall the free transfer of the payments relating to these investments, particularly of :
(a) returns according to Article 1, paragraph (3) of this Agreement;
(b) amounts relating to loans incurred, or other contractual obligations undertaken, for the investment; and
(c) proceeds accruing from the total or partial sale, alienation or liquidation of an investment.
(2) Notwithstanding the provisions of paragraph (1) of the present Article, either Contracting Party may, in exceptional financial or economic circumstances, impose such exchange restrictions in accordance with its laws and regulations (and in conformity with the Articles of the Agreement of the International Monetary Fund).
(3) Unless otherwise agrees with the investor transfers shall be made, pursuant to the laws and regulations in force of the Contracting Party in whose territory the investment was made, at the rate of exchange applicable on the date of transfer.
Appears in 1 contract
Samples: Investment Protection Agreement