Common use of Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party Clause in Contracts

Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. (1) Any dispute arising out of this Agreement relating to an investment shall be settled amicably. (2) If the dispute cannot be resolved in accordance with the provisions of paragraph 1 of this Article within six months from the date of the written request for settlement, either Contracting Party may submit the dispute to the other Contracting Party: (a) to the competent tribunal of the host Contracting Party, if the investor consents; (b) to the International Centre for Settlement of Investment Disputes established by the Washington Convention of 18 March 1965, if that Convention is applicable to the Contracting Parties; (c) an ad hoc arbitral tribunal. Either party to the dispute which chooses one of the above-mentioned channels for the settlement of the said dispute may no longer use the other channel. (3) The ad hoc arbitral tribunal specified in paragraph 2 shall be established as follows: (a) each Party shall nominate one arbitrator and the two (2) arbitrators so nominated shall choose by mutual consent a third arbitrator who shall be a citizen of a third country and who shall be appointed as chairman of the tribunal by both Parties. All arbitrators shall be appointed within two (2) months of notification by one Party to the other Party of its intention to submit the dispute to arbitration; (b) if the time-limits specified in paragraph 3 above are not observed, either Party, in case of disagreement, shall invite the Secretary-General or the Deputy Secretary-General of the Arbitral Tribunal at The Hague who is not a national of the Contracting Parties to make the necessary appointments;

Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. (1) . Any legal dispute arising out under the provisions of this Agreement relating to Agreement, arising directly form an investment between either Contracting Party and an investor of the other Contracting Party shall be settled amicablyamicably among themselves. (2) . If the dispute such disputes cannot be resolved in accordance with settled according to the provisions of paragraph 1 of this Article within six months from the date of the written request in writing for settlement, either Contracting Party the investor who is a party to the dispute may submit the dispute to the other Contracting Partyto: (a) to the The competent tribunal court of the host Contracting Party, if the investor consents;Party for decision; or (b) to The International Center for the International Centre for Settlement of Investment Disputes established by under the Washington Convention on the Settlement of 18 Investment Disputes between States and Nationals of other States of March 196518,1965 done in Washington, D.C., if that this Convention is applicable to the Contracting Parties;. In case of arbitration each Contracting Party by this Agreement, irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute to this Centre; or c) An Ad Hoc Arbitral Tribunal. 3. The Ad Hoc Arbitral Tribunal specified under paragraph 2 (c) an ad hoc arbitral tribunal. Either party to the dispute which chooses one of the above-mentioned channels for the settlement of the said dispute may no longer use the other channel. (3) The ad hoc arbitral tribunal specified in paragraph 2 shall be established as follows: (a) each Party Each party to the dispute shall nominate appoint one arbitrator arbitrator, and the two (2) arbitrators so nominated thus appointed, shall choose select by mutual consent agreement a third arbitrator arbitrator, who shall must be a citizen of a third country country, and who shall be appointed as chairman Chairman of the tribunal Tribunal by both Partiesthe two parties. All the arbitrators shall must be appointed within two (2) months from the date of notification by one Party party to the other Party party of its intention to submit the dispute to arbitration;. (b) if If the time-limits periods specified in paragraph 3 3(a) herein above are have not observedbeen respected, either Partyparty, in case the absence of disagreementany other agreement , shall invite the Secretary-General President, or in his absence, the Deputy Secretary-General next senior official of the Arbitral Tribunal at The Hague International Chamber of Commerce who is not a national of the either Contracting Parties Party to make the necessary appointments;. c) The Ad Hoc Arbitral Tribunal shall reach its decisions by a majority of vote. These decisions shall be final and legally binding upon the parties and shall be enforced in accordance with the domestic law of the Contracting Party to the dispute. The decisions shall be taken in conformity with the provisions of this Agreement. d) The Tribunal shall interpret its award and give reasons and bases of its decision at the request of either party. Unless otherwise agreed by the parties, the venue of Arbitration will be at the Hague (Netherlands). Subject to the above, the Tribunal shall follow the Arbitration Rules of the United Nations Commission for International Trade Law (UNCTRAL), 1976.