Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. (1) For the purpose of solving disputes with respect to-investments between a Contracting Party and an investor of the other Contracting Party, consultations will take place between the parties concerned with a view r to solving the case, as far as possible, amicably. (2) If these consultations do not result m a solution within six months from the date of request for settlement, the investor may submit the dispute, at his choice, for settlement to: (a) the competent court of the Contracting Party in the territory of which the investment has been made; or (b) the International Centre for Settlement of Investment Disputes (ICSID) provided for by the Convention on the Settlement of Investment Disputes between States and Nationals of the other States, opened for signature at Washington, on March 18, 1965; or (c) an ad hoc arbitral tribunal which, unless otherwise agreed upon by the parties to the dispute, shall be established under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). (3) Each Contracting Party hereby consents to the submission of an investment dispute to international conciliation or arbitration. (4) The Contracting Party which is a party to the dispute shall, at. no time whatsoever during the procedures involving investment disputes, assert as a defence its immunity or the fact that the investor has received compensation under an insurance contract covering the whole or part of the incurred damage or loss.
Appears in 3 contracts
Samples: Investment Agreement, Investment Protection Agreement, Investment Agreement
Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. (1) 1- For the purpose of solving disputes with respect to-to investments between a Contracting Party and an investor of the other Contracting Party, consultations will take place between the parties concerned with a view r to solving the case, as far as possible, amicably.
(2) 2- If these consultations do not result m in a solution within six months from the date of request for settlement, the investor may submit the dispute, at his choice, for settlement to:
(a) the The competent court of the Contracting Party in the territory of which the investment has been made; or
(b) the The International Centre Center for Settlement of Investment Disputes (ICSID) provided for by the Convention on the Settlement of Investment Disputes disputes between States and Nationals of the other States, opened for signature at Washington, on March 18, 1965; or
(c) an An ad hoc hoc' arbitral tribunal which, unless otherwise agreed upon by the parties to the dispute, shall be established under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).
(3) Each Contracting Party hereby consents to the submission of an investment dispute to international conciliation or arbitration.
(4) 3- The Contracting Party which is a party to the dispute shall, at. at no time whatsoever during the procedures involving investment disputes, assert as a defence defense its immunity or the fact that the investor has received compensation under an insurance contract covering the whole or part of the incurred damage or loss.
Appears in 2 contracts
Samples: Investment Protection Agreement, Investment Protection Agreement
Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. (1) 1- For the purpose of solving disputes with respect to-to investments between a Contracting Party and an investor of the other Contracting Party, consultations will take place between the parties concerned with a view r to solving the case, as far as possible, case amicably.
(2) 2- If these consultations do not result m in a solution within six months from the date of the written request for settlementconsultations, the investor may submit the dispute, at his choice, for settlement to:
(a) the competent court of the Contracting Party in the territory of which the investment has been made; or
(b) the International Centre Center for Settlement of Investment Disputes (ICSID) provided for instituted by the Convention on the Settlement of Investment Disputes between States and Nationals of the other States, opened for signature at Washington, on March 18, 1965, once both Contracting Parties have become members of this Convention; or
(c) an ad hoc arbitral tribunal which, unless otherwise agreed upon by the parties to the dispute, shall be established under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).
(3) Each Contracting Party hereby consents to the submission of an investment dispute to international conciliation or arbitration.
(4) 3- The Contracting Party which is a party to the dispute shall, at. at no time whatsoever during the procedures involving investment disputes, assert as a defence defense its immunity or the fact that the investor has received compensation under an insurance contract covering the whole or part of the incurred damage or loss.
4- Neither Contracing Party shall pursue through diplomatic channels a dispute submitted to international arbitration unless the other Contracting Party does not abide by and comply with the arbitral award.
5- The arbitral award shall be final and binding for the parties to the dispute and shall be executed according to national law.
Appears in 1 contract
Samples: Investment Protection Agreement