Common use of Settlement of Disputes between an Investor Clause in Contracts

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. of One Contracting Party and a the other Contracting Party (1) Any legal dispute arising directly out of an investment between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, shall be settled amicably through negotiations between the parties to the disputeconcerned. (2) Any such If this dispute which has not been amicably settled within a period of six (6) months mayfrom the date at which it was raised in writing by one or other parties to the dispute, if both Parties agree, it shall be submitted, at the request and choice of investors for settlement to: (a) For resolution, in accordance with the law The competent court of the Contracting Party in the territory of which has admitted the investment to that Contracting Party's competent judicialhas been made, arbitral or administrative bodies; or (b) To The International conciliation under Centre for Settlement of Investment Disputes (ICSID) provided for by the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, done at Washington on March 18, 1965 if this Convention or the Additional Facilities Rules of the ICSID is applicable, or (c) An ad hoc arbitral tribunal. If the dispute is submitted in accordance with paragraph (2) of this Article to the competent court of the Contracting Party, the investor cannot at the same time seek international arbitration. If the dispute is filed for arbitration, the award shall be binding and shall not be subject to any appeal or remedy other than those provided for in the said Convention. The award shall be enforced in accordance with domestic law. (3) The ad hoc arbitral tribunal specified under paragraph (2/c) shall be established as follows: (a) Each party to the dispute shall appoint one arbitrator, and the investor consents in writing two arbitrators thus appointed shall appoint by mutual agreement a third arbitrator, who must be a citizen of a third country, and who shall be designated as Chairman of the Tribunal by the two parties. All the arbitrators must be appointed within two (2) months from the date of notification by one party to the other party of its intention to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; orarbitration. (b) If both parties the periods specified in the sub-paragraph (a) above have not been respected, either party, in the absence of any other agreement, shall invite the Secretary General of the Permanent Court of Arbitration at the Hague to make the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; ornecessary appointments. (c) To an ad hoc arbitral The tribunal shall reach its decisions by either party a majority of votes. These decisions shall be final and legally binding upon the parties and shall be enforced in accordance with the domestic law. They shall be taken in conformity with the provisions of this Agreement, the laws of the Contracting Party to the dispute and the principles of international law. The tribunal shall set its rules of procedure in accordance conformity with the Arbitration Rules of the United Nations Commission on for International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules Law (UNCITRAL). It shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral interpret its award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon at the request of either party. Unless otherwise agreed by the parties, the venue of arbitration is the seat of the Permanent Court of Arbitration at the Hague (Netherlands). (i4) The appointing authority Contracting Party which is a party to the dispute shall, at no time whatsoever during the procedures involving investment disputes, assert as a defense its state immunity or the fact that the investor has received compensation under Article 7 an insurance contract covering the whole or part of the Rules shall be the President, the Vice-President incurred damage or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyloss. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute which may arise between an investor of one Contracting Party and an investor of the other Contracting Party in relation to connection with an investment on the territory of the former under this Agreement shall, as far as possible, that other Contracting Party shall be settled amicably through negotiations between the parties to the disputeconsultations and negotiations. (2) Any such . If a dispute which has can not been amicably be settled in accordance with paragraph 1 of this Article within a period of six three months may, if both Parties agree, be submitted: (a) For resolution, in accordance with from the law of the Contracting Party date on which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute requested amicable settlement, the investor concerned may submit the dispute either to: a) The competent court or administrative tribunal of the Contracting Party in accordance with the territory of which the investment has been made; or b) Ad hoc arbitral tribunal established under the Arbitration Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL); or c) The International Centre for Settlement of Investment Disputes (hereinafter referred to as "the Centre") through conciliation or arbitration established under the Convention on the Settlement of Investment Disputes between States and Nationals of other States opened for signature in Washington D.C. on 18 March 1965 (hereinafter referred to as "the Convention"), 1976, subject in the event both Contracting Parties shall have become a party to the following modifications: The appointing authority Convention. 3. A company which is incorporated or constituted under Article 7 the laws in force in the territory of one Contracting Party and in which before such dispute arises the majority of shares are owned by investors of the Rules other Contracting Party, shall be the President, the Vice-President or the next senior Judge in accordance with Article 25 (2) (b) of the International Court Convention be treated for the purpose of Justicethis Convention as the company of the other Contracting Party. 4. Neither Contracting Party shall pursue through the diplomatic channels any dispute referred to the Centre unless: a) The Secretary-General of the Centre, who or a conciliation commission or an arbitral tribunal constituted by the Centre, decides that the dispute is not a national within the jurisdiction of either the Centre; or b) The other Contracting PartyParty should fail to abide by or to comply with any award rendered by an arbitral tribunal. 5. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral arbitration award shall be made in accordance with the based on: - The provisions of this Agreement Agreement; - The laws of the Contracting Party in whose territory the investment has been made including the rules relative to conflict of laws; and - The rules and universally accepted principles of international law. 6. The arbitration award shall be final and binding on both parties to the dispute and shall be binding for executed according to the parties in dispute. The arbitral tribunal shall state law of the basis of its decision and give reasons upon the request of either partyContracting Party concerned. (i) The appointing authority under Article 7 7. During the arbitral or execution proceedings Contracting Party shall not assert as a defence, objection, counterclaim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the Rules shall alleged damages has been received or will be the President, the Vice-President or the next senior Judge of the International Court of Justice, received by investor who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting contending party, pursuant to an insurance or guarantee contract against political risks. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, may be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To the International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows:— (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 1965, and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: :— (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, may be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL). (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals of other StatesStates opened for signature at Washington D.C. on 18th March 1965(ICSID Convention), 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility rules of the ICSID Convention for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, Law (UNCITRAL) 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement . The award shall be final and binding on both parties to the dispute and shall be binding for enforced in accordance with the parties laws and regulations of the Contracting Party in disputewhose territory the investment has been made. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (ai) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (bii) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (ai) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and both parties to the investor consents dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (bii) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (ciii) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (ia) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.Party; (iib) The parties shall appoint their respective arbitrators within two months.; (iiic) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute.; and (ivd) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) Any dispute arising out of action taken under Article 12 (Applicable Laws) and all pre-establishment disputes shall be excluded from the purview of international arbitration.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's Partys competent judicial, arbitral or administrative bodies; or (b) To to International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes (the Center) such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsproceedings of the Center; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject . (4) In respect of arbitration proceedings under paragraph 3 (c) of this Article the following shall apply: (i) The Arbitral Tribunal shall consist of three arbitrators. Each party shall appoint an arbitrator within two months from the date when one of the parties to the following modifications: dispute informs in writing the other of its intention to submit the dispute to arbitration. The appointing authority under Article 7 two arbitrators, so appointed, shall within two months from the date of their appointment, by mutual agreement appoint a third arbitrator, the Rules Chairman, who shall be a national of a third State. (ii) If the necessary appointments are not made within the period specified in paragraph (4) (i), either party may request the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national Party to make the necessary appointment of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two monthsarbitrators. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon reasons. (v) Each party shall bear the request cost of either partyits arbitrator and its representation in the arbitral proceedings. The cost of the Chairman and the remaining costs of the arbitration proceedings shall be borne equally by the parties concerned, unless otherwise decided by the Tribunal.

Settlement of Disputes between an Investor. and a Contracting PartyAND A CONTRACTING PARTY (1) Any Subject to paragraph (3) any dispute between an investor of one Contracting Party and the other Contracting Party in relation to connection with an investment in the territory of the former under this Agreement other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such If the dispute which has cannot been amicably be settled through negotiations within a period of six months maymonths, if both Parties agree, either party to the dispute shall be submitted: (a) For resolution, in accordance with entitled to initiate judicial action before the law competent court of the Contracting Party which has admitted accepting the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Lawinvestment. (3) Should the Parties fail to agree on If a dispute settlement involving the amount of compensation resulting from expropriation, nationalisation, or other measures having effect equivalent to nationalisation or expropriation, mentioned in Article 6 cannot be settled within six months after resort to negotiation as specified in paragraph (1) of this Article by the investor concerned, it may be submitted to an international arbitral tribunal established by both parties. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedure provided under specified in paragraph (2) of this Article or where a dispute is referred Article. (4) The international arbitral tribunal mentioned above shall be specially constituted in the following manner. Each party to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationshall appoint an arbitrator. The Arbitration procedure two arbitrators shall appoint a third arbitrator as Chairman. The arbitrators shall be as follows:appointed within two months and the Chairman within four months from the date on which one party concerned notified the other party of its submission of the dispute to arbitration. (a5) If the Contracting Party necessary appointments are not made within the period specified in paragraph (4), either party may, in the absence of any other agreement, request the Chairman of the Investor and International Arbitration Institute of the other Contracting Party are both parties Stockholm Chamber of Commerce to make the necessary appointments. (6) The arbitral tribunal shall, apart from what is stated below, determine its own arbitral procedures with reference to the convention Convention on the Settlement of Investment Disputes between Between States and nationals Nationals of other Other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; ordone at Washington on 18 March 1965. (b7) If both parties to the dispute so agree, under the Additional Facility for the Administration The tribunal shall reach its decision by a majority of Conciliation, Arbitration and Fact-Finding proceedings; orvotes. (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules 8) The decision of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision be final and give reasons upon the request of either partybinding on both parties. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv9) The arbitral tribunal shall state the basis of its decision and give state reasons upon the request of either party. (10) Each party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two parties, and this award shall be binding on both parties. (11) The provisions of this Article shall not prejudice the Contracting Parties from using the procedures specified in Article (9) where a dispute concerns the interpretation or application of this Agreement.

Settlement of Disputes between an Investor. and a Contracting PartyPasty (1) . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment Investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on for International Trade LawLaw (UNCITRAL). (3) . Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of or a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties Parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If if both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Lawlaw, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. Party. (ii) The parties Parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months., (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree agree, within a period of three months, on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyparty and shall be a national of the State with which both Contracting Parties have diplomatic relationship. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Partyparty (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For resolution, for resolution in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; : or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Lawto international conciliation. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Factan ad-Finding proceedings; or (c) To an ad hoc arbitral tribunal Tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 manner: (i) the arbitral tribunal shall consist of three arbitrators. Each Party shall select an arbitrator. These two arbitrators shall appoint by the Rules mutual agreement a Chairman who shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partya third State which has diplomatic relations with the Governments of the parties to the dispute. The parties arbitrators shall appoint their respective arbitrators be appointed within two months. The months from the date on which one of the parties to the dispute informed the other of its intention to submit the disputes to arbitration; (ii) the arbitral award shall be made in accordance with the provisions of this Agreement and Agreement, the relevant national laws including the rules on the conflict of laws of the Contracting Party where the investment dispute arises as well as the generally recognized principles of international law; (iii) If the necessary appointments are not made within the period specified in paragraph (3) (b) (i), either party may, in the absence of any other agreement. request the Secretary General of the Permanent Court of Arbitration to make the necessary appointments; (iv) the tribunal shall reach Its decision by a majority of votes; (v) the decision of the arbitral tribunal shall be final and binding for and the parties in disputeshall abide by and comply with the terms of its award. The award shall be enforced In accordance with national laws of the Contracting Party where the investment has’ been made; (vi) the arbitral tribunal shall state the ,basis of its decision and give state reasons upon the request of either party.; (ivii) each party shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The appointing authority under Article 7 cost of the Rules Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the Presidentparties concerned; (viii) during conciliation or arbitration proceedings or the enforcement of an award, the Vice-President or Contracting Party Involved In the next senior Judge dispute shall not raise the objection that the investor of the International Court other Contracting Party has received compensation under an insurance contract in respect of Justice, who is not a national all or part of either the damage. In this case the other Contracting Party. The third arbitrator Party will respect the award made in the arbitration or conciliation proceedings and shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding initiate fresh proceedings for the parties same matter as covered in disputethe award. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute . Disputes between one of the Contracting Parties and an investor of the other Contracting Party shall be notified in writing. Any dispute which may arise between one Contracting Party and an investor of the other Contracting Party in relation to connection with an investment on the territory of the former under this Agreement shall, as far as possible, that other Contracting Party shall be settled amicably through negotiations between the parties to the disputeconsultations and negotiations. (2) Any such . If a dispute which has can not been amicably be settled in accordance with paragraph 1. of this Article within a period of a six months mayfrom the date on which either party to the dispute requested amicable settlement, if both Parties agree, be submittedthe investor concerned may submit the dispute either to: (a) For resolution, in accordance with the law The competent court or administrative tribunal of the Contracting Party in the territory of which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodieshas been made; or (b) To International conciliation Ad hoc arbitral tribunal established under the Conciliation Arbitration Rules of Procedure of the United Nations Commission on International Trade Law.Law (UNCITRAL); or c) The International Centre for Settlement of Investment Disputes (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is hereinafter referred to as "the Centre") through conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, or arbitration established under the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other StatesStates opened for signature in Washington D.C. on 18 March 1965 (hereinafter referred to as "the Convention"), 1965 and in the investor consents in writing to submit the dispute event both Contracting Parties shall have become a party to the International Centre for Convention. 3. Neither Contracting Party shall pursue through the Settlement of Investment Disputes such a diplomatic channels any dispute shall be referred to the Centre. 4. The arbitration award shall be based on: - The provisions of this Agreement; or- The laws of the Contracting Party in whose territory the investment has been made including the rules relative to conflicts of law; and - The rules and universally accepted principles of international law. (b) If 5. The arbitration award shall be final and binding on both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for executed according to the parties in dispute. The arbitral tribunal shall state law of the basis of its decision and give reasons upon the request of either partyContracting Party concerned. (i) The appointing authority under Article 7 6. During the arbitral or execution proceedings Contracting Party shall not assert as a defence, objection, counterclaim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the Rules shall alleged damages has been received or will be the President, the Vice-President or the next senior Judge of the International Court of Justice, received by investor who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting contending party, pursuant to an insurance or guarantee contract against political risks. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties to the dispute agree, be submitted: (a) For resolution, for resolution in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should . Where the Parties fail parties to the dispute fall to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment investment Disputes between States and nationals Nationals of other States, opened for signature at Washington on 18 March 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment investment Disputes such a dispute shall be referred to the Centre; or (b) If if both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an “ad hoc hoc” arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor ‘of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing (i) Appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. of One Contracting Party and a the other Contracting Party (1) Any legal dispute arising directly out of an investment between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, shall be settled amicably through negotiations between the two parties to the disputeconcerned. (2) Any such If this dispute which has not been amicably settled within a period of six months mayfrom the date at which it was raised in writing by one or other party to the dispute, if both Parties agree, it shall be submitted, at the request and choice of either party, for settlement to: (a) For resolution, in accordance with the law The competent court of the Contracting Party in the territory of which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodieshas been made; or (b) To The International conciliation under Centre for Settlement of Investment Disputes (ICSID) provided for by the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 done at Washington on March 18, 1965, if this convention is applicable; or c) an ad hoc arbitral tribunal. Either party to the investment dispute who chooses one of the above mentioned ways of the settlement of dispute, cannot choose the two other ways. (3) The ad hoc arbitral tribunal specified under paragraph (2/c) shall be established as follows: a) Each party to the dispute shall appoint one arbitrator, and the investor consents in writing two arbitrators thus appointed shall appoint by mutual agreement a third arbitrator, who must be a citizen of a third country, and who shall be designated as Chairman of the Tribunal by the two parties. All the arbitrators must be appointed within two months from the date of notification by one party to the other party of its intention to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; orarbitration. (b) If both the periods specified in the section a) hereabove have not been respected, either party, in the absence of any other agreement, shall invite the Secretary General of the Permanent Court of Arbitration at the Hague to make the necessary appointments. c) The tribunal shall reach its decisions by a majority of votes. These decisions shall be final and legally binding upon the parties mid shall be enforced in accordance with the domestic law. They shall be taken in conformity with the provisions of this Agreement, the laws of the Contracting Party to the dispute so agree, under and the Additional Facility for the Administration principles of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute International Law. The Tribunal shall set its rules of procedure in accordance conformity with the Arbitration Rules of the United Nations Commission on for International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules Law (UNCITRAL). It shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral interpret its award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon at the request of either party. Unless otherwise agreed by the parties the venue of arbitration is the seat of the Permanent Court of Arbitration at the Hague (Netherlands). (i4) The appointing authority Contracting Party which is a party to the dispute shah, 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 Article 7 mi insurance contract covering the whole or part of the Rules shall be the President, the Vice-President incurred damage or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyloss. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, Law 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and Agreement. Such award shall be final and binding for on parties to the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting PartyAND A CONTRACTING PARTY (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute disputes may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties to the dispute agree, be submitted: (a) For resolution, resolution in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should . Where the Parties fail parties to the dispute fall to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment investment Disputes between States and nationals Nationals of other States, opened for signature at Washington on 18 March 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an "ad hoc hoc" arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties to the dispute agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 1965, and the investor consents in writing to submit the dispute to the International Centre Center for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the CentreCenter; or (b) If both parties to the dispute disputes so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings of ICSID; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in , relation to an investment of the former under this Agreement Agreement. shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) 1 . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) 2 . Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on for International Trade Law.Law (UNCITRAL);Conciliation Rules of the United Nations Commission for International Trade Law (UNCITRAL); (3) 3 . Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties Parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre Center for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; : orConvention on the Settlement of Investment Disputes between States and Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Center for Settlement of Investment Disputes such a dispute shall be referred to the Centre: or (b) If both parties Parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 :Arbitration Rules of the Rules shall be United Nations Commission on International Trade Law, 1976, subject to the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.following modifications: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty.Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting Party. (ii) The parties Parties shall appoint their respective arbitrators within two months., (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute 1 . Disputes between an investor of one a Contracting Party and the other Contracting Party concerning an obligation of the latter under this Agreement, in relation to an investment of the former under this Agreement former, shall, as far as possible, be settled amicably through negotiations between by the disputing parties in an amicable way. 2 . If such disputes cannot be settled within six months from the date either party requested amicable settlement, the investor concerned may submit the dispute to the competent court of the Contracting Party. 3 . In case of disputes with regard to Articles 4 and 6 of this Agreement the investor concerned may choose, instead, to submit the dispute to an international arbitration tribunal. Each Contracting Party herewith declares its consent to the above mentioned international arbitration. 4 . The international arbitration tribunal shall be constituted for each individual case in the following way: Each party to the dispute shall appoint an arbitrator, and these two arbitrators shall select a national of a third state as Chairman. The first two arbitrators shall be appointed within two months from the date of the receipt of the request for arbitration and the Chairman shall be selected within four months from the same date. If within the period specified above the tribunal has not been constituted, either party to the dispute may invite the President of the Court of the International Arbitration of the International Chamber of Commerce in Paris to make the necessary appointments. 5 . The tribunal shall determine its own procedure, applying the arbitration rules of the United Nations Commission for International Trade Law (UNCITRAL) as then in force.arbitration rules of the United Nations Commission for International Trade Law (UNCITRAL) as then in force. 6 . The tribunal shall reach its decision by a majority of votes. Such decision shall be final and binding on both parties to the dispute. The award shall be binding and enforced in accordance with the domestic law of the Contracting Party concerned. 7 . During arbitration or the enforcement of an award, the Contracting Party involved in the dispute shall not raise the objection that the investor of the other Contracting Party has received compensation under an insurance contract in respect of all or part of the damage. 8 . Each party to the dispute shall bear the cost of its arbitrator and of its representation in the proceedings. The cost of the appointed Chairman and the remaining costs in the arbitral proceedings shall be borne in equal parts by the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting PartyAND A CONTRACTING PARTY (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any If such dispute which has cannot been amicably be settled according to the provisions of paragraph (1) of this Article within a period of six months mayfrom the date of request for settlement, if both Parties agree, be submittedthe investor may submit the dispute to: (a) For resolution, arbitration in accordance with to the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other Other States, of March 18, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (bc) If both parties to the dispute so agree, international conciliation under the Additional Facility for Conciliation Rules of the Administration of Conciliation, Arbitration and Fact-Finding proceedingsUnited Nations Commission on International Trade Law; or (cd) To to an ad hoc arbitral tribunal by either party to the dispute set up in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Arbitration Rules shall be the President, the Vice-President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (3) Where a dispute has been submitted for resolution under paragraph 2(a), 2(b), 2(c) or 2(d) above, the choice so exercised shall not be changed except with the consent of the Contracting Party which is party to the dispute. (4) Notwithstanding anything contained in paragraph (2) above, the Contracting Party which is a party to the dispute shall have the option to submit the dispute for resolution to international arbitration in accordance with procedure set out in paragraph 2(d) above.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's □s competent judicial, arbitral or administrative bodies; or (b) To the International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, may be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law, if both parties agree. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) Any dispute arising out of action taken under Article 12 (Applicable Laws) and all preestablishment disputes shall be excluded from the purview of international arbitration.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) Any dispute arising out of action taken under Article 12 (Applicable Laws) and all pre- establishment disputes shall be excluded from the purview of international arbitration.

Settlement of Disputes between an Investor. and a Contracting Partyparty (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in In relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For to resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; : or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investors and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If if both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-Vice- President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's Partys competent judicial, arbitral or administrative bodies; or (b) To to International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a the Host Contracting Party (1) . Any dispute concerning an investment between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to investor and the disputeother Contracting Party. (2) Any such . If the dispute which has referred to in paragraph 1 of this Article cannot been amicably be settled within a period of six months mayfollowing the date on which written notice of the dispute has been received by one party from the other party to the dispute, if both Parties agree, be submittedthe investor shall have the right to submit the dispute for resolution by international arbitration to one of the following fora: (a) For resolution, in accordance with the law International Centre for Settlement of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or Investment Disputes (bICSID) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other StatesStates done at Washington, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agreeMarch 18, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings1965; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with be set up under the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: Law (UNCITRAL). The appointing authority under Article 7 of the Rules said rules shall be the President, the ViceSecretary-President or the next senior Judge General of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two monthsICSID. 3. The arbitral award tribunal referred to in paragraph 2 (b) of this Article shall, with respect to the procedure, follow the Arbitration Rules of UNCITRAL. 4. Any arbitration under paragraph 3 of this Article shall be made held in a State that is a party to the United Nations Convention on Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958. 5. The arbitral tribunal shall decide the issues in dispute in accordance with the provisions of this Agreement Agreement, the law of the Contracting Party accepting the investment and the applicable rules of international law. 6. Any arbitral award rendered pursuant to this Article shall be final and binding for on the parties in to the dispute. The arbitral tribunal Each Contracting Party shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with carry out without delay the provisions of this Agreement any such award and provide in its territory for the enforcement of such award. 7. Each party to the dispute shall bear the cost of its appointed member of the tribunal and of its representation in the proceedings. The cost of the appointed Chairman and the remaining costs shall be binding for borne in equal parts by the parties in to the dispute. (iv) 8. The arbitral tribunal investors of each Contracting Party shall state have a right of access to the basis competent court of its decision and give reasons upon the request Contracting Party for exercising adjudicatory authority in any dispute. If the investor has resorted to the procedure specified in this paragraph, the provisions paragraph 2 of either partythis Article shall not apply, unless the court refers the matter to international arbitration.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such If the dispute which has not been amicably settled within a period of six months from the date on which it was raised in writing, the dispute may, if both Parties agreeat the choice of investor, be submitted: (a) For resolution, in accordance with To the law competent courts of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodiesis made; or (b) To International conciliation arbitration under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Centre for Settlement of Investment Disputes between States and nationals Nationals of other States, opened for signature at Washington on 18th March, 1965 (hereinafter referred to as the "Centre') provided that both the disputing Contracting Party and the Contracting Party of the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both are parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsICSID Convention; or (c) To an ad hoc arbitral tribunal by arbitration under the Additional Facility of the Centre, provided that either the disputing Contracting Party or the Contracting Party of the investor is a party to the dispute in accordance with ICSID Convention; or (d) To any ad-hoc arbitration tribunal which unless otherwise agreed on by the parties to the dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to Law (UNCITRAL) with the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv3) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) The arbitration award shall be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves to the enforcement of the award. (5) If either Party submits a dispute for resolution under paragraph 2(a), it shall be precluded from invoking the procedure under paragraph 2(b), 2(c) or 2(d) and vice-versa. (6) Neither of the Contracting Parties, which is a Party to a dispute, can raise an objection, at any phase of the arbitration procedure or of the execution of an arbitral award, on account of the fact that the investor, which is the other Party to the dispute, has received an indemnification covering a part or the whole of its losses by virtue of an insurance.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration Arbitratiion procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any If any such dispute which has cannot been amicably thus be settled within a period of six months mayfrom the date on which the dispute was raised by one of the parties, if both Parties agree, it may be submitted: (a) For resolution, in accordance with the law resolution to competent judicial or arbitral bodies of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodieshas been made upon request of the investor; or (b) To International conciliation under For international arbitration according to the Conciliation Rules provisions of paragraph (3) of this Article by either party to the dispute. Provided that where the investor has submitted the dispute to the competent judicial or arbitral bodies of the United Nations Commission on International Trade LawContracting Party in whose territory the investment has been made, the choice once exercised shall be final. (3) Should If the Parties fail to agree on a dispute settlement procedure provided is referred for international arbitration under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement(b) above, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 opened for signature at Washington 18th March 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes (ICSID) such a dispute shall be referred to the CentreICSID; or (b) If When either or both Contracting Parties are not a party to the Convention and if both parties to the dispute so agree, under the dispute shall be referred to the Additional Facility for the Administration of Conciliationconciliation, Arbitration and Fact-Finding proceedings; Proceedings of ICSID: or (c) To an ad hoc adhoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-Vice- President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting PartyAND A CONTRACTING PARTY (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For resolution, in accordance with to the law competent judicial or administrative bodies of the Contracting Party which has admitted the investment to investment, in accordance with the law of that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL), 1976. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article within a period of three months or where a dispute is referred to international conciliation but conciliation these proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred (ICSID), if the Contracting Party of the investor and the other Contracting Party are both Parties to the CentreConvention on the Settlement of Investment disputes between States and Nationals of other States, 1965 and if the investor consents in writing to do so; or (b) If both parties to the dispute so agree, under the Additional Facility of ICSID for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings, if both parties to the dispute so agree; or (c) To to an ad hoc arbitral tribunal by either party to the dispute which, unless otherwise agreed upon by the parties, shall be in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, UNCTTRAL. These Rules shall be subject to the following modifications: : (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-Vice President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, may be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law, if both parties agree. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. of One Contracting Party and a the other Contracting Party (1) Any legal dispute between an investor of one Contracting Party and the other Contracting Party in relation Party, which is directly related to an investment of the former under this Agreement shall, as far as possible, shall be settled amicably through negotiations between the two parties to the disputeconcerned. (2) Any such If the dispute which has cannot been amicably be settled within a period of six months may, if both Parties agree, from the date on which it was raised in writing by a party to the dispute shall be submitted: (a) For resolution, in accordance with at the law request of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties either party to the convention International Centre for Settlement of Investment diffé-rends (ICSID), established by the Convention on the Settlement of Investment Disputes between States and nationals Nationals of Other etats1, done at Washington on 18 March 1965.1, done at Washington on 18 March 1965. (3) If the procedure referred to in paragraph (2) above shall be instituted, the diffé-rend shall be settled by an ad hoc arbitral tribunal. the arbitral tribunal shall be established as follows: (a) Each Party to the dispute shall appoint an arbitrator. the two arbitrators so nominated shall appoint by mutual agreement a third arbitrator who is a national of a third State, who shall be the Chairman of the Tribunal. all arbitrators shall be appointed within two months from the date of notification by one party to the other States, 1965 and the investor consents in writing of its intention to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; orarbitration. (b) If both parties the necessary appointments have not been made within the period specified in subparagraph (a) above, each Party to the dispute so agreemay, under in the Additional Facility for absence of any other agreement, invite the Administration President of Conciliation, Arbitration and Fact-Finding proceedings; orthe International Chamber of Commerce in Paris to make the necessary appointments. (c) To an ad hoc arbitral The tribunal by either party to the dispute shall determine its own rules of procedure in accordance with the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade LawLaw (UNCITRAL). unless the Parties decide otherwise, 1976, subject to the following modifications: The appointing authority under Article 7 place of the Rules arbitration shall be the President, the Vice-President or the next senior Judge seat of the International Permanent Court of Justice, who is not Arbitration at The Hague (The Netherlands). (d) The Tribunal shall act by a national majority of either Contracting Partyvotes. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award its decisions shall be made taken in accordance conformity with the provisions of this Agreement Agreement, the laws of the Contracting Party Party to the dispute and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis principles of its decision and give reasons upon the request of either partyinternational law. (ie) The appointing authority under Article 7 Each Party to the dispute shall bear the cost of the Rules arbitrator it has appointed and of its representation in the arbitral proceedings. the cost of the Chairman and the remaining costs shall be divided equally between the Presidentparties to the dispute. the Tribunal may, taking into account the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyspecific circumstances and decide otherwise. (ii) The parties shall appoint their respective arbitrators within two months. (iii4) The arbitral award shall be made in accordance with final and binding upon the provisions of this Agreement parties to the dispute and shall be binding for executed according to the parties in disputenational legislation. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any legal dispute between an investor of one Contracting Party and the other Contracting Party in relation relating to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within shall, after a period of six months may, if both Parties agreefrom written notification of a claim, be submittedsubmitted to international arbitration if the investor concerned so wishes. (2) Where the dispute is referred to international arbitration, the investor and the Contracting Party concerned in the dispute may agree to refer the dispute either to: (a) For resolution, in accordance with the law international Centre for the Settlement of Investment Disputes (ICSID) established by the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing opened for signature at Washington DC on 18 March 1965, when each Contracting Party has become a party to submit said Convention. As long as this requirement is not met, each Contracting Party agrees that the dispute to may be settled under the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under rules governing the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings by the Secretariat of ICSID; or (b) an international arbitrator or ad hoc arbitration tribunal to be established by agreement between the parties to the dispute; or (c) To an ad hoc arbitral tribunal arbitration under the Cairo Regional Centre for International. Commercial Arbitration. (3) If after a period of three months from written notification of the investor's decision to refer the dispute to international arbitration there is no agreement on one of the alternative procedures referred to in paragraph (2), the dispute shall, at the request in writing of the investor concerned, be dealt with in terms of the procedure preferred by either party the investor. (4) The decision in resolution of the dispute shall be derived by application of the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in accordance with whose territory the Arbitration Rules of the United Nations Commission on International Trade Lawinvestment has been made, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and Agreement, the terms of the specific agreement which may have been entered into regarding the,investment as well as the principles of international law.. (5) The award made by the arbitrator concerned in terms of paragraphs (2) or (3) shall be final and binding for on the parties in to the dispute. The arbitral tribunal Each Contracting Party shall state give effect to the basis of award under its decision and give reasons upon the request of either partynational law. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute arising out of an investment between an investor of one Contracting Party and an investor of the other Contracting Party in relation to an investment of the former under this Agreement shallparty should, as far as whenever possible, be settled amicably through negotiations between the two parties to the disputeconcerned. (2) Any such . If the dispute which has not been amicably settled within a period of six months three 3 months, from the date at which it was raised in writing, the dispute may, if both Parties agreeat the choice of the investor, be submitted: (a) For resolution, in accordance with To the law competent courts of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodiesis made; or (b) To arbitration by the International conciliation under Centre for the Conciliation Rules Settlement of Investment Disputes ICSID, established by the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre opened for signature at Washington on 18 March 1965; orConvention on the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agreebetween States and Nationals of other States, under the Additional Facility opened for the Administration of Conciliation, Arbitration and Fact-Finding proceedingssignature at Washington on 18 March 1965; or (c) To an An ad hoc arbitral tribunal arbitration tribunal, which unless otherwise agreed upon by either party the parties to the dispute in accordance with dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL).Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). 3. An investor who has submitted the dispute to national court referred to in paragraph 2 (a) of this Article may nevertheless have recourse to one of the Arbitral Tribunals mentioned in paragraph 2 (b) and 2 (c) of this Article, 1976, if the investor has withdrawn his case from national court before judgement has been delivered on the subject matter. In that case the Contracting Party to the following modifications: The appointing authority under Article 7 dispute shall agree to the submission of the Rules shall be the President, the Vice-President or the next senior Judge dispute between it and investor of the International Court other Contracting Party to international arbitration in accordance with this Article.paragraph 2 (a) of Justicethis Article may nevertheless have recourse to one of the Arbitral Tribunals mentioned in paragraph 2 (b) and 2 (c) of this Article, who is not a if the investor has withdrawn his case from national court before judgement has been delivered on the subject matter. In that case the Contracting Party to the dispute shall agree to the submission of either the dispute between it and investor of the other Contracting PartyParty to international arbitration in accordance with this Article. 4. The third arbitrator Arbitral Tribunal mentioned in paragraph 2 (c) shall not be a national consist of either Contracting partythree arbitrators. The parties Tribunal shall appoint their respective arbitrators within two monthsreach its award by a majority of votes.paragraph 2 (c) shall consist of three arbitrators. The arbitral Tribunal shall reach its award by a majority of votes. 5. The Tribunal shall be made adjudicate in accordance with the provisions of this Agreement Agreement, the law of the Contracting Party involved in the dispute (including the rules on the conflict of laws) and the rules of international law applicable to both Contracting Parties. 6. The award shall be final and binding for the parties in dispute. The arbitral tribunal shall state to the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement dispute and shall be binding for the parties in disputeexecuted according to national law. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For resolution, resolution in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; : or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Lawinternational conciliation. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad ad-hoc arbitral tribunal Tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.manner: (i) The appointing authority under Article 7 arbitral tribunal shall consist of three arbitrators. Each Party shall select an arbitrator. These two arbitrators shall appoint by the Rules mutual agreement a Chairman who shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.a third State which has diplomatic relations with the Governments of the parties to the dispute. The arbitrators shall be appointed within two months from the date on which one of the parties to the dispute informed the other of its intention to submit the disputes to arbitration; (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for Agreement, the parties relevant national laws including the rules on the conflict of laws of the Contracting Party where the investment dispute arises as well as the generally recognized principles of international law; (iii) If the necessary appointments are not made within the period specified in dispute.paragraph (3) (b) (i), either party may, in the absence of any other agreement. request the Secretary General of the Permanent Court of Arbitration to make the necessary appointments; (iv) The tribunal shall reach Its decision by a majority of votes; (v) The decision of the arbitral tribunal shall be final and binding and the parties shall abide by and comply with the terms of its award. The award shall be enforced In accordance with national laws of the Contracting Party where the investment has' been made; (vi) The arbitral tribunal shall state the the, basis of its decision and give state reasons upon the request of either party; (vii) Each party shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairman in discharging his arbitral function and the remaining costs of the tribunal shall be borne equally by the parties concerned; (viii) During conciliation or arbitration proceedings or the enforcement of an award, the Contracting Party Involved In the dispute shall not raise the objection that the investor of the other Contracting Party has received compensation under an insurance contract in respect of all or part of the damage. In this case the other Contracting Party will respect the award made in the arbitration or conciliation proceedings and shall not initiate fresh proceedings for the same matter as covered in the award.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties Parties to the dispute. (2) . Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted:; (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law.Conciliation Rules of the United Nations Commission on International Trade Law. (3) . Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 2 of this Article article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows:paragraph 2 of this article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties Parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 1965, and both Parties to the investor consents dispute consent in writing to submit the dispute to the International Centre for Settlement of Investment Disputes such a dispute shall be referred to the Centre;Convention on the Settlement of Investment Disputes between States and Nationals of other States, 1965, and both Parties to the dispute consent in writing to submit the dispute to the International Centre for Settlement of Investment Disputes such a dispute shall be referred to the Centre; or; (b) If both parties Parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party Party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 provisions;ad hoc arbitral tribunal by either Party to the dispute in accordance with the Arbitration Rules of the Rules United Nations Commission on International Trade Law, 1976, subject to the following provisions; (i) The Arbitral Tribunal shall consists of three arbitrators. Each Party shall select an arbitrator. These two arbitrators shall appoint by mutual agreement a third arbitrator, the Chairperson, who shall be a national of a third State. All arbitrators shall be appointed within two months from the Presidentdate when one of the Parties to the dispute informs the other of its intention to submit the dispute to arbitration; (ii) If the necessary appointments are not made within the period specified in sub-paragraph (c)(i), either Party may, in the Vice-absence of any other agreement, request the President or the next senior Judge of the International Court of JusticeJustice to make the necessary appointments;sub-paragraph (c)(i), who is not a national either Party may, in the absence of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with any other agreement, request the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months.Justice to make the necessary appointments; (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute.Agreement; (iv) The tribunal shall reach its decision by a majority of votes; (v) The decision of the arbitral tribunal shall be final and binding and the Parties shall abide by and comply with the terms of its award; (vi) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty; (vii) Each Party concerned shall bear the cost of its own arbitrator and its representation in the arbitral proceedings. The cost of the Chairperson in discharging his or her arbitral function and the remaining costs of the tribunal shall be borne equally by the Parties concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two Parties, and this award shall be binding on both Parties. 4. Once an action referred to in paragraphs 2 and 3 of this Article has been taken, neither Contracting Party shall pursue the dispute through diplomatic channels unless:paragraphs 2 and 3 of this Article has been taken, neither Contracting Party shall pursue the dispute through diplomatic channels unless: (a) The relevant judicial or administrative body, the Secretary General of the Centre, the arbitral authority or tribunal or the conciliation commission, as the case may be, has decided that it has no jurisdiction in relation to the dispute in question; or (b) The other Contracting Party has failed to abide by or comply with any judgement, award, order or other determination made by the body in question.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International the international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the International Centre for the Settlement of Investment Disputes Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsproceedings governed by Additional Facility Rules, 1979; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral or administrative bodies; or (b) To International to the international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the International Centre for the Settlement of Investment Disputes Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsproceedings governed by Additional Facility Rules, 1979; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) Neither Contracting Party shall pursue through diplomatic channels any dispute submitted to a body or conciliation forum under paragraph(2), or referred to arbitration under paragraph (3) until the proceedings have terminated and a contracting Party has failed to abide by or to comply with the award or decision rendered by such body or conciliation Forum or Arbitration Forum.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree agree, within a period of three months, on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyparty and shall be a national of the State with which both Contracting Parties have diplomatic relationship. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For resolution, in accordance with To the law competent judicial or administrative bodies of the Contracting Party which has admitted the investment to investment, in accordance with the law of that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade LawLaw (UNCTTRAL), 1976. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article article within a period of three months or where a dispute is referred to international conciliation but conciliation these proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If To the International Centre for the Settlement of Investment Disputes (ICSID), if the Contracting Party of the Investor investor and the other Contracting Party are both parties Parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 1965, and if the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centredo so; or (b) If both parties to the dispute so agree, under Under the Additional Facility of ICSID for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings, if both parties to the dispute so agree; or (c) To an ad hoc arbitral tribunal by either party to the dispute which, unless otherwise agreed upon by the parties, shall be in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, UNCITRAL. These Rules shall be subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Partya (1) Any dispute between an investor of one Contracting Party and the other Contracting Party contracting party in relation to connection with an investment of the former under this Agreement shall, shall be settled as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such If a dispute which has cannot been be settled amicably settled within a period of six (6) months may, if both Parties agree, from the date when it was raised by either party may be submitted:submitted for resolution; (a) For resolution, in In accordance with the law laws of the Contracting Party which has admitted accepting the investment to that Contracting Party's before competent judicial, arbitral or administrative bodiesauthorities of that Contracting Party; or (b) To International Under international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should If either party has recourse to the Parties fail to agree on a dispute settlement procedures mentioned in paragraphs 2 (a) or 2 (b), this shall include the preclusion of subsequently adopting another form of reparation. However, in the framework of the procedure provided under paragraph (2) of this Article or where a dispute is referred to in Paragraph 2 (b), if the conciliation but conciliation proceedings are terminated other than by signing ends without the conclusion of a settlement agreementan agreement to resolve the matter, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) If the Contracting Party contracting party of the Investor investor and the other Contracting Party contracting party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 Other States and the 1965 investor consents in writing to submit the submission of the dispute to the International Centre for the Settlement settlement of Investment Disputes such a disputes, the dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under in accordance with the Additional Facility procedures relating to the additional facility for the Administration administration of Conciliation, Arbitration fact-finding or conciliation and Fact-Finding proceedings; orarbitration; (c) To Before an ad hoc arbitral tribunal by either party to the dispute dispute, in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, Law 1976 subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules rules shall be the President, the Vice-President or the next senior Judge judge of the International Court of Justice, provided more seniority who is not a national of either of the Contracting PartyParties. The third arbitrator shall not be a national of either the Contracting partyParties. (ii) The parties Parties shall appoint their respective arbitrators within two months. (iii4) The arbitral award tribunal shall be made reach its decision in accordance with application of the provisions of this Agreement and and, if necessary, in accordance with the laws of the Contracting Party, which is a party to the dispute including its rules on the Conflict of Laws, as well as any specific agreement on investment in question in accordance with the principles of international law. (5) The arbitrators' decisions shall be final and binding for on both parties to the parties in dispute. (iv6) Neither Contracting Party shall conduct an international claim concerning a dispute has been submitted to the procedures of this article unless the other contracting party has failed to comply with the ruling of the arbitral tribunal or the judicial authorities of the latter Contracting party has breached an international standard, including the denial of justice or the provisions of this Agreement. (7) The arbitral tribunal shall state the basis of its decision and give reasons upon explain if so requested by any of the request of either partyParties.

Settlement of Disputes between an Investor. and a Contracting PartyAND A CONTRACTING PARTY (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any If such dispute which has cannot been amicably be settled according to the provisions of paragraph (1) of this Article within a period of six months mayfrom the date of request for settlement, if both Parties agree, be submittedthe investor may submit the dispute to: (a) For resolution, arbitration in accordance with to the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between Between States and nationals Nationals of other Other States, of March 18, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (bc) If both parties to the dispute so agree, international conciliation under the Additional Facility for Conciliation Rules of the Administration of Conciliation, Arbitration and Fact-Finding proceedingsUnited Nations Commission on International Trade Law; or (cd) To to an ad hoc arbitral tribunal by either party to the dispute set up in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Arbitration Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (3) Where a dispute has been submitted for resolution under paragraph 2 (a), 2 (b), 2 (c) or 2 (d) above, the choice so exercised shall not be changed except with the consent of the Contracting Party which is party to the dispute. (4) Notwithstanding anything contained in paragraph (2) above, the Contracting Party which is a party to the dispute shall have the option to submit the dispute for resolution to international arbitration in accordance with procedure set out in paragraph 2(d) above.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To to International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the ihe Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting PartyPart) 7. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a the Contracting PartyParties (1) . Any dispute between a Contracting Party and an investor of one Contracting Party and the other Contracting Party in relation to concerning an investment investment, including a dispute concerning the amount of the former under this Agreement shall, compensation shall be settled as far as possible, be settled amicably possible through negotiations between the parties to the disputeconsultation and negotiation. (2) Any such . If the investor and a body of either Contracting Party has entered into an investment agreement, the procedure laid down by the Investment Agreement applies. 3. If, as provided for in paragraph 1 of this article, the dispute which has is not been amicably settled within a period of six months mayfrom the date of the written request for this purpose, if both Parties agreethe investor concerned may submit the dispute to one of the bodies designated ci- aprèsparagraphe 1 of this article, be submitted:the dispute is not settled within six months from the date of the written request for this purpose, the investor concerned may submit the dispute to one of the following bodies designated. (a) For resolution, in accordance with the law The competent court of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; orhaving territorial jurisdiction, (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL), 1976the host Contracting Party undertakes in accépter to submit to arbitration, c) The International Centre for Settlement of Investment Disputes (ICSID), subject for the implementation of the arbitral proceedings under the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States, on 18 March 1965 if or when both contracting parties have adhered 4. According to paragraph 3 (b) of this article, the arbitration shall be conducted in accordance with the following modifications: provisions The appointing authority under Article 7 Arbitral Tribunal shall consist of the Rules shall be the Presidentthree arbitrators, the Vice-President or the next senior Judge of the International Court of Justicewho, who is if they are not a national nationals of either Contracting Party, shall be nationals of States having diplomatic relations with both Contracting Parties, appointed by the President of the Arbitration Institute of the Stockholm/Paris Chamber as the Appointing Authority. The third arbitrator arbitration shall not be a national take place in Stockholm/Paris, unless otherwise agreed between the Parties concerned. In rendering its decision, the Arbitral Tribunal shall apply the provisions of either the present Agreement, as well as the principles of international law recognized by both Contracting party. The parties shall appoint their respective arbitrators within two monthsParties. The arbitral award decision in the territory of the Contracting Parties shall be made executed in accordance with the provisions of this Agreement respective national legislation and shall be binding for the parties in disputeinternational conventions on the subject to which they have acceded. 5. The Contracting Parties shall avoid negotiation through diplomatic channels any matter relating to arbitration or judicial proceeding unless those proceedings have not been concluded, where one of the Contracting Parties has not complied with the decision of the arbitral tribunal shall state or the Ordinary Court within the period laid down by decision or within a period to be established on the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of domestic or the International Law Applicable in this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.case

Settlement of Disputes between an Investor. and a Contracting Partyparty (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (a) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, judicial arbitral or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be maybe referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; : or (b) If if both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-Vice- President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. of the State of One Contracting Party and a the other Contracting Party (1) Any dispute between an investor of the State of one Contracting Party and the other Contracting Party in relation to connection with an investment in the territory of the former under this Agreement State of the latter Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such If the dispute which has cannot been amicably thus be settled within a period of six months mayfollowing the date on which the dispute was raised by one or other party, if both Parties agree, it may be submitted, upon request of the investor, either to: (a) For resolution, in accordance with the law competent court of the State of the Contracting Party which has admitted in whose State territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodieshas been made; or (b) To International conciliation under the Conciliation Rules international arbitration to the provisions of paragraph (3); Where an investor has submitted the case to a court of the United Nations Commission on International Trade LawState of the involved Contracting Party or to the international arbitration, the choice of one or other of these procedures shall be final. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) In case of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreementinternational arbitration, the dispute may be referred to Arbitration. The Arbitration procedure shall be as followssubmitted, at the investor's choice, to: (a) If the Contracting Party International Center for Settlement of the Investor and the other Contracting Party are both parties Investment Disputes (ICSID) established pursuant to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of the other States, 1965 and the investor done at Washington, on March 18, 1965, when each State, Party of this Agreement, has acceded thereto. As far as this provision is not fulfilled, each Contracting Party consents in writing to submit that the dispute be submitted to arbitration, under the International Centre for rules of additional facility of the Settlement of Investment Disputes such a dispute shall be referred to the CentreICSID; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with established under the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. Law (UNCITRAL). (4) The arbitral award tribunal shall be made in accordance with take its decisions under the provisions of this Agreement and the present Agreement, the national laws of the Contracting Party involved in the dispute, including rules of conflict of law, as well as the principles of concerned international law. (5) The arbitral decisions shall be final and binding for the parties in the dispute. The arbitral tribunal Each Contracting Party shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made execute them in accordance with the provisions of this Agreement and shall be binding for the parties in disputeits national legislation. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. of One Contracting Party and a the other Contracting Party (1) . Any legal dispute arising directly out of an investment between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, shall be settled amicably through negotiations between the two parties to the disputeconcerned. (2) Any such . If a dispute which has cannot been amicably be settled within a period of six three months mayfrom the date at which settlement was requested in writing, if both Parties agreethe investor concerned may submit the dispute for settlement as follows, be submitted:either to; (a) For resolution, in accordance with the law competent court of the Contracting Party in the territory of which has admitted the investment to that Contracting Party's competent judicialhas been made, arbitral or administrative bodies; or (b) To the International conciliation under Centre for Settlement of Investment Disputes (ICSID) provided for by the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other Statesstates, 1965 opened for signature at Washington on March 18, 1965, if its rules are applicable or if not, to the rules of the Additional Facility of the ICSID, or c) an ad hoc Arbitral tribunal. If the dispute is submitted to the competent court of the Contracting Party in accordance with paragraph 2 a) of this Article, the investor cannot seek international arbitration. If the dispute is filed for international arbitration in accordance with paragraph 2 b) of this Article, the award shall be binding and shall not be subject to any appeal or remedy other than those provided for in the said Convention. The award shall be enforced in accordance with national law. 3. The ad hoc Arbitral tribunal specified under paragraph 2 c) shall be established as follows: a) Each party to the dispute shall appoint one arbitrator, and the investor consents in writing two arbitrators thus appointed shall appoint by mutual Agreement a third arbitrator, who must be a citizen of a third country, and who shall be designated as Chairman of the Tribunal by the two parties. All the arbitrators must be appointed within two months from the date of notification by one party to the other party of its intention to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; orarbitration. (b) If both parties to the dispute so agreeperiods specified in the section a) of this paragraph have not been respected, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute dispute, in the absence of any other agreement, may invite the Secretary General of the Permanent Court of Arbitration at the Hague to make the necessary appointments. c) The Tribunal shall reach its decisions by a majority of votes. These decisions shall be final and legally binding upon the parties and shall be enforced in accordance with national law. They shall be taken in conformity with the provisions of this Agreement, the related principles of international law and the laws of the Contracting Party to the dispute. d) The Tribunal shall set its rules of procedure in conformity with the Arbitration Rules of the United Nations Commission on for International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules Law (UNCITRAL). e) It shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral interpret its award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon at the request of either partyparty to the dispute. Unless otherwise agreed by the parties to the dispute, the venue of arbitration is the seat of the Permanent Court of Arbitration at the Hague (Netherlands). (i) 4. The appointing authority 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 Article 7 an insurance contract covering the whole or part of the Rules shall be the President, the Vice-President incurred damage or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyloss. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties parties agree, be submitted: (ai) For for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's Partys competent judicial, arbitral or administrative bodies; or (bii) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (ai) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and both parties to the investor consents dispute consent in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (bii) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (ciii) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (ia) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.Party; (iib) The parties shall appoint their respective arbitrators within two months.; (iiic) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute.; and (ivd) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) . Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) . Any such dispute which has not been amicably settled within a period of six months maymonths, from the date on which either party to the dispute requested amicable settlement, if both Parties agreeinvestor concerned agrees, may be submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) . Should the Parties fail investor choose not to agree on a invoke the dispute settlement procedure provided under paragraph (2) 2 of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) 3.1 If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 (hereinafter referred to as: "ICSID Convention") and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes (hereinafter referred to as: "Centre"), such a dispute shall be referred to the Centre; or (b) 3.2 If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Fact- Finding proceedingsProceedings; or (c) 3.3 To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 19761976 (UNCITRAL), subject to the following modifications: a) The appointing authority under Article 7 of the UNCITRAL Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyParty. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute dispute, which has not been amicably settled within a period of six months may, if both Parties agree, be submitted:; (a) For resolution, for resolution in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's ’s competent judicial, arbitral judicial or administrative bodies; or (b) To International to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If if the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If if both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Factfact-Finding proceedingsfinding Proceedings; or (c) To to an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The : (i) the appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, justice who is not a national of either Contracting contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The the arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The the arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting AN INVESTOR OF ONE contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submitted: (a) For To resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under in paragraph (2) 2 of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitrationarbitration. The Arbitration arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investors and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of or Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.Party (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any If such dispute which has cannot been amicably be settled according to the provisions of paragraph (1) of this Article within a period of six months mayfrom the date of request for settlement, if both Parties agree, be submittedthe investor may submit the dispute to: (a) For resolution, Arbitration in accordance with to the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other Statesstates, of March 18, 1965 and the investor consents in writing to submit the dispute to the International Centre centre for the Settlement settlement of Investment Disputes Disputes, such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedingscentre; or (c) To international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law; or (d) To an ad hoc arbitral tribunal by either party to the dispute set up in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: : (i) The appointing authority under Article 7 of the Arbitration Rules shall be the President, the Vice-President or the next senior Judge judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for on the parties in to the dispute. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (3) Where a dispute has been submitted for resolution under paragraph 2(a), 2(b), 2(c) or 2(d) above, the choice so exercised shall not be changed except with the consent of the Contracting Party which is party to the dispute. (4) Notwithstanding anything contained in paragraph (2) above, the Contracting Party which is a party to the dispute shall have the option to submit the dispute for resolution to international arbitration in accordance with procedure set out in paragraph 2(d) above.

Settlement of Disputes between an Investor. and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if . If both Parties agree, be submitted:; (a) For resolution, in . In accordance with the law of the Contracting Party which has admitted the investment Investment to that Contracting Party's competent judicial, arbitral judicial or administrative bodies; or (b) To International conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law. (3) Should the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute disputes may be referred to Arbitration. The Arbitration procedure shall be as follows:; (a) If the Contracting Party of the Investor investor and the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and the investor Investor consents in writing to submit the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Fact Finding proceedingsProceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with the provisions of this Agreement and shall be binding for the parties in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.: (i) The appointing authority under Article 7 of the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyParty. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in In accordance with the provisions of this Agreement and shall be binding for the parties in disputeAgreement. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.