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 which may arise between a Contracting Party and an investor of the other Contracting Party relating to an investment shall, as far as possible, be settled amicably. (2) If the dispute can not be settled amicably within six months from the date of request of 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) under the Convention on the Settlement of Investment Disputes between States and Nationals of the other States, done at Washington, on March 18, 1965; orConvention on the Settlement of Investment Disputes between States and Nationals of the other States, done 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).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. All arbitral awards shall be final and binding on the parties to the dispute. Each Contracting Party shall enforce the arbitral award in its territory. (4) The Contracting Party which is a party to the dispute shall not raise as an objection, at any stage of the proceedings, or enforcement of an award, its immunity or the fact that the investor which is the other party to the dispute has received or will receive compensation under an insurance contract for all or part of its alleged damage or loss.