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. 9.1 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 to solving the case, as far as possible, amicably. 9.2 If these consultations do not result in a solution within three 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, 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). 9.3 Each Contracting Party hereby consents to the submission of an investment dispute to international conciliation or arbitration [and that any arbitral award shall be final and binding upon the parties to the dispute.

Settlement of Disputes between a Contracting Party and an Investor of the other Contracting Party. 9.1 For (1) Whith a view to an amicable solution of disputes, which arise within the purpose terms of solving disputes with respect to investments this Agreement, between a Contracting Party and an investor of the other Contracting Party, Party consultations and negotiations will take place between the parties concerned with a view to solving the case, as far as possible, amicablyconcerned. 9.2 (2) If these consultations and negotiations do not result in a solution within three four months from the date of request a written notifications for settlement, the investor may submit the dispute, at his choice, for settlement todispute either: (a) to the competent court tribunal of the Contracting Party in the whose territory of which the investment has been was made; , or (b) to international arbitration of the International Centre for Settlement of Investment Disputes (ICSID) provided for ), created by the Convention on the Settlement of Investment Disputes between States and Nationals nationals of the other States, done at Washington, States opened for signature in Washington on March 18, 1965; or. (c3) an ad-hoc arbitral tribunal, which, unless otherwise agreed upon by Once the parties investor has submitted the dispute to the dispute, shall be. established under the arbitration rules competent tribunal of the United Nations Commission on International Trade Law (UNCITRAL)Contracting Party in whose territory the investment was made or to international arbitration, that election shall be final. 9.3 Each Contracting Party hereby consents to the submission of an investment dispute to international conciliation or arbitration [and that any arbitral (4) The award shall be final and binding upon the parties binding; it shall be executed according to its respective national laws. (5) Once a dispute has been submitted to the dispute.competent tribunal or international arbitration in accordance with this Article, neither Contracting Party shall pursue the dispute through diplomatic channels. - 9 -