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 connection with an investment in the territory of the other Contracting Party shall be settled amicably. 2. In the event that such a dispute cannot be settled within six months, either party to the dispute may, in accordance with the laws and regulations of the Contracting Party in whose territory the investment was made, submit the dispute to the competent court of that Contracting Party. 3. If any dispute cannot be settled as specified in paragraph 1 of this Article within six months, it may be submitted to an ad hoc arbitral tribunal. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures specified in paragraph 2 of this Article. 4. The ad hoc arbitral tribunal shall be constituted for each individual case in the following manner: Each party to the dispute shall appoint an arbitrator, and these two arbitrators shall appoint as Chairman a national of a third state which has diplomatic relations with both Contracting Parties. The first two arbitrators shall be appointed within two months, and the Chairman within four months, of the date on which one party concerned notifies the other party of its submission of the dispute to arbitration. 5. If the tribunal has not been constituted within the period specified in paragraph 4, either party to the dispute may, in the absence of any other agreement, request the Secretary General of the International Center for Settlement of Investment Disputes to make the necessary appointment. 6. The tribunal shall determine its own procedures with reference to the provisions of the Convention on the Settlement of Investment Disputes, done at Washington, D.C. on 18 March 1965. 7. The tribunal shall adjudicate in accordance with the laws of the Contracting Party to the dispute, the provisions of this Agreement as well as generally recognized principles of international law accepted by both Contracting Parties. 8. 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 arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions in accordance with its law. 9. 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 cost in the arbitral proceedings shall be borne in equal parts by the parties to the dispute.

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 connection with an investment in the territory of the other Contracting Party shall shall, as far as possible, be settled amicablyamicably through negotiations between the parties to the dispute. (2. In ) If the event that such a dispute cannot be settled through negotiations within six months, either party to the dispute may, in accordance with shall be entitled to initiate judicial action before the laws and regulations competent court of the Contracting Party in whose territory accepting the investment was made, submit the dispute to the competent court of that Contracting Partyinvestment. (3. ) If any a dispute 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 (1) of this Article within six monthsby the investor concerned, it may be submitted to an ad hoc international arbitral tribunaltribunal established by both parties. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures procedure specified in paragraph 2 (2) of this Article. (4. ) The ad hoc international arbitral tribunal mentioned above shall be specially constituted for each individual case in the following manner: . Each party to the dispute shall appoint an arbitrator, and these . The two arbitrators shall appoint as Chairman a national of a third state which has diplomatic relations with both Contracting Partiesarbitrator as Chairman. The first two arbitrators shall be appointed within two months, months and the Chairman within four months, of months from the date on which one party concerned notifies notified the other party of its submission of the dispute to arbitration. (5. ) If the tribunal has necessary appointments are not been constituted made within the period specified in paragraph (4), either party to the dispute may, in the absence of any other agreement, request the Secretary General Chairman of the International Center for Settlement Arbitration Institute of Investment Disputes the Stockholm Chamber of Commerce to make the necessary appointmentappointments. (6. ) The arbitral tribunal shall shall, apart from what is stated below, determine its own arbitral procedures with reference to the provisions of the Convention on the Settlement of Investment DisputesDisputes between States and Nationals of Other States, done at Washington, D.C. Washington on 18 March 1965. (7. The tribunal shall adjudicate in accordance with the laws of the Contracting Party to the dispute, the provisions of this Agreement as well as generally recognized principles of international law accepted by both Contracting Parties. 8. ) The tribunal shall reach its decision by a majority of votes. Such . (8) The decision of the arbitral tribunal shall be final and binding on both parties to the dispute. parties. (9) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions in accordance with its law. 9. (10) Each party to the dispute concerned shall bear the cost of its appointed member of the tribunal own arbitrator and of its representation in the arbitral proceedings. The cost of the appointed Chairman in discharging his arbitral function and the remaining cost in costs of the arbitral proceedings tribunal shall be borne in equal parts equally by the parties to concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the disputetwo 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 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 connection with an investment in the territory of the other Contracting Party shall shall, as far as possible, be settled amicablyamicably through negotiations between the parties to the dispute. (2. In ) If the event that such a dispute cannot be settled through negotiations within six months, either party to the dispute may, in accordance with shall be entitled to initiate judicial action before the laws and regulations competent court of the Contracting Party in whose territory which the investment was is made, submit the dispute to the competent court of that Contracting Party. (3. ) If any a dispute 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 (1) of this Article within six monthsby the investor concerned, it may be submitted to an ad hoc international arbitral tribunaltribunal established by both parties. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures procedure specified in paragraph 2 (2) of this Article. (4. ) The ad hoc international arbitral tribunal mentioned above shall be specially constituted for each individual case in the following manner: . Each party to the dispute shall appoint an arbitrator, and these . The two arbitrators shall appoint as Chairman a national of a third state which has diplomatic relations with both Contracting Partiesarbitrator as Chairman. The first two arbitrators shall be appointed within two months, months and the Chairman within four months, of months from the date on which one party concerned notifies notified the other party of its submission of the dispute to arbitration. (5. ) If the tribunal has necessary appointments are not been constituted made within the period specified in paragraph (4), either party to the dispute may, in the absence of any other agreement, request the Secretary General Chairman of the International Center for Settlement Arbitration Institute of Investment Disputes the Stockholm Chamber of Commerce to make the necessary appointmentappointments. (6. ) The arbitral tribunal shall shall, apart from what is stated below, determine its own arbitral procedures with reference to the provisions of the Convention on the Settlement of Investment DisputesDisputes Between States and Nationals of Other States, done at Washington, D.C. Washington on 18 March 1965. (7. The tribunal shall adjudicate in accordance with the laws of the Contracting Party to the dispute, the provisions of this Agreement as well as generally recognized principles of international law accepted by both Contracting Parties. 8. ) The tribunal shall reach its decision by a majority of votes. Such . (8) The decision of the arbitral tribunal shall be final and binding on both parties to the dispute. parties. (9) The arbitral tribunal shall state the basis of its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions in accordance with its law. 9. (10) Each party to the dispute concerned shall bear the cost of its appointed member of the tribunal own arbitrator and of its representation in the arbitral proceedings. The cost of the appointed Chairman in discharging his arbitral function and the remaining cost in costs of the arbitral proceedings tribunal shall be borne in equal parts equally by the parties to concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the disputetwo 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 Party 1. Any dispute between an investor of one Contracting Party and the other Contracting Party in connection with relation to an investment in the territory of the other former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. In the event of a dispute the Contracting Party in whose territory the investment was made shall be settled amicablynotified in writing by the investor. 2. In the event that case of any such a dispute canwhich has not be been amicably settled within a period of six monthsmonths from the date of the written notification under paragraph 1, either party the investor may choose to submit the dispute for settlement: A) to the dispute may, in accordance with the laws and regulations relevant courts or competent tribunals or administrative bodies of the Contracting Party in whose territory the investment was made, submit ; or B) to International conciliation under the dispute Conciliation Rules of the United Nations Commission on International Trade Law (UNCITRAL); or C) to arbitration in accordance with the competent court following: i) If the Contracting Party of that Contracting Party. 3. If any dispute cannot be settled as specified in paragraph 1 of this Article within six months, it may be submitted to an ad hoc arbitral tribunal. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures specified in paragraph 2 of this Article. 4. The ad hoc arbitral tribunal shall be constituted for each individual case in the following manner: Each party to the dispute shall appoint an arbitrator, and these two arbitrators shall appoint as Chairman a national of a third state which has diplomatic relations with both Contracting Parties. The first two arbitrators shall be appointed within two months, Investor and the Chairman within four months, of the date on which one party concerned notifies the other party of its submission of the dispute Contracting Party are both parties to arbitration. 5. If the tribunal has not been constituted within the period specified in paragraph 4, either party to the dispute may, in the absence of any other agreement, request the Secretary General of the International Center for Settlement of Investment Disputes to make the necessary appointment. 6. The tribunal shall determine its own procedures with reference to the provisions of the Convention on the Settlement of Investment DisputesDisputes between States and Nationals of Other States, done at Washington1965 (ICSID) and the investor consents in writing to submit the dispute to the ICSID, D.C. on 18 March 1965.such a dispute shall be referred to the ICSID; or 7. The ii) In the event that one of the Contracting Parties has not adhered to the above-mentioned Convention, the dispute may be resolved in accordance with ICSID rules governing the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or iii) to an ad hoc arbitral tribunal shall adjudicate by either party to the dispute in accordance with the laws Arbitration Rules of the Contracting Party United Nations Commission on International Trade Law, 1976, subject to the disputefollowing modifications: a) The appointing authority under Article 7 of the Rules shall be the President, the provisions Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. b) The third arbitrator shall not be a national of either Contracting Party. c) The parties shall appoint their respective arbitrators within two months. 3. The choice made by the investor to submit a dispute either under paragraph 2 (A) or (B) or (C) of this Agreement as well as generally recognized principles of international law accepted by both Contracting PartiesArticle shall be final. 84. The tribunal shall reach its decision by a majority awards of votes. Such decision arbitration shall be final and binding on both the parties to the dispute. The arbitral tribunal Each Contracting Party shall state the basis of its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions carry out without delay any such award, recognised in accordance with its law. 9. Each party to the dispute shall bear the cost of its appointed member laws and regulations of the tribunal respective Contracting Party, and shall provide for the effective enforcement of such awards in its representation in the proceedings. The cost of the appointed Chairman and the remaining cost in the arbitral proceedings shall be borne in equal parts by the parties to the disputeterritory.

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 connection with relation to an investment in the territory of the other former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the dispute. In the event of a dispute the Contracting Party in whose territory the investment was made shall be settled amicablynotified in writing by the investor. 2. In the event that case of any such a dispute canwhich has not be been amicably settled within a period of six monthsmonths from the date of the written notification under paragraph 1, either party the investor may choose to submit the dispute may, in accordance with for settlement: A) To the laws and regulations relevant courts or competent tribunals or administrative bodies of the Contracting Party in whose territory the investment was made, submit ; or B) To International conciliation under the dispute to Conciliation Rules of the competent court United Nations Commission on International Trade Law (UNCITRAL); or C) To arbitration in accordance with the following: i) If the Contracting Party of that Contracting Party. 3. If any dispute cannot be settled as specified in paragraph 1 of this Article within six months, it may be submitted to an ad hoc arbitral tribunal. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures specified in paragraph 2 of this Article. 4. The ad hoc arbitral tribunal shall be constituted for each individual case in the following manner: Each party to the dispute shall appoint an arbitrator, and these two arbitrators shall appoint as Chairman a national of a third state which has diplomatic relations with both Contracting Parties. The first two arbitrators shall be appointed within two months, Investor and the Chairman within four months, of the date on which one party concerned notifies the other party of its submission of the dispute Contracting Party are both parties to arbitration. 5. If the tribunal has not been constituted within the period specified in paragraph 4, either party to the dispute may, in the absence of any other agreement, request the Secretary General of the International Center for Settlement of Investment Disputes to make the necessary appointment. 6. The tribunal shall determine its own procedures with reference to the provisions of the Convention on the Settlement of Investment DisputesDisputes between States and Nationals of Other States, done at Washington1965 (ICSID) and the investor consents in writing to submit the dispute to the ICSID, D.C. on 18 March 1965.such a dispute shall be referred to the ICSID; or 7. The ii) In the event that one of the Contracting Parties has not adhered to the above-mentioned Convention, the dispute may be resolved in accordance with ICSID rules governing the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or iii) To an ad hoc arbitral tribunal shall adjudicate by either party to the dispute in accordance with the laws Arbitration Rules of the Contracting Party United Nations Commission on International Trade Law, 1976, subject to the disputefollowing modifications: a) The appointing authority under Article 7 of the Rules shall be the President, the provisions Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Party. b) The third arbitrator shall not be a national of either Contracting Party. c) The parties shall appoint their respective arbitrators within two months. 3. The choice made by the investor to submit a dispute either under paragraph 2 (A) or (B) or (C) of this Agreement as well as generally recognized principles of international law accepted by both Contracting PartiesArticle shall be final. 84. The tribunal shall reach its decision by a majority awards of votes. Such decision arbitration shall be final and binding on both the parties to the dispute. The arbitral tribunal Each Contracting Party shall state the basis of its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions carry out without delay any such award, recognised in accordance with its law. 9. Each party to the dispute shall bear the cost of its appointed member laws and regulations of the tribunal respective Contracting Party, and shall provide for the effective enforcement of such awards in its representation in the proceedings. The cost of the appointed Chairman and the remaining cost in the arbitral proceedings shall be borne in equal parts by the parties to the disputeterritory.

Settlement of Disputes between an Investor. and a Contracting PartyHost State (1. ) Any dispute between an investor of one Contracting Party and the other Contracting Party in connection with relation to an investment in of the territory 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 from written notification of a claim may be submitted to international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law, if the parties to the dispute so agree. (3) Where the dispute is not referred to international conciliation, or where it is so referred but conciliation proceedings are terminated other than by the signing of a settlement agreement, the dispute may be referred to arbitration as follows: (a) if the Contracting Party of the investor and the other Contracting Party shall be settled amicably. 2. In are both parties to the event that Convention on the Settlement of Investment Disputes between States and National 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 cannot shall be settled within six monthsreferred 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 to an ad hoc arbitral tribunal by either party to the dispute may, in accordance with the laws and regulations Arbitration Rules of the Contracting Party in whose territory the investment was madeUnited Nations Commission on International Trade Law, submit the dispute to the competent court 1976. In respect of that Contracting Party. 3. If any dispute cannot be settled as specified in paragraph 1 of this Article within six monthssuch arbitral proceedings, it may be submitted to an ad hoc arbitral tribunal. The provisions of this paragraph shall not apply if the investor concerned has resorted to the procedures specified in paragraph 2 of this Article. 4. The ad hoc arbitral tribunal shall be constituted for each individual case in the following manner: shall apply: (i) The Arbitral Tribunal shall consist of three arbitrators. Each party to the dispute shall appoint select an arbitrator, and these . These two arbitrators shall appoint as Chairman by mutual agreement a third arbitrator, the Chairman, who shall be a national of a third state which has diplomatic relations with both Contracting PartiesState. The first two arbitrators shall be appointed within two months, and months from the Chairman within four months, date when one of the date on which one party concerned notifies parties to the dispute informs the other party of its submission of intention to submit the dispute to arbitration.arbitration within the period of the six months mentioned earlier in paragraph (2) of this Article; 5. (ii) If the tribunal has necessary appointments are not been constituted made within the period specified in sub- paragraph 4(b) (1), either party to the dispute may, in the absence of any other agreement, request the Secretary General President of the International Center for Settlement Court of Investment Disputes Justice to make the necessary appointment.appointments; 6. (iii) The tribunal arbitral award shall determine its own procedures with reference to the provisions of the Convention on the Settlement of Investment Disputes, done at Washington, D.C. on 18 March 1965. 7. The tribunal shall adjudicate be made in accordance with the laws of the Contracting Party to the dispute, the provisions of this Agreement as well as generally recognized principles of international law accepted by both Contracting Parties.Agreement; 8. (iv) The tribunal shall reach its decision by a majority of votes. Such ; (v) The decision of the arbitral tribunal shall be final and binding on both and the parties to shall bide by and comply with the dispute. terms of its award; (vi) The arbitral tribunal shall state the basis of its decision and state give reasons upon the request of either party. Each Party undertakes to execute the decisions in accordance with its law.; 9. (vii) Each party to the dispute concerned shall bear the cost of its appointed member of the tribunal own arbitrator and of its representation in n the arbitral proceedings. The cost of the appointed Chairman in discharging his arbitral function and the remaining cost in costs of the arbitral proceedings tribunal shall be borne in equal parts equally by the parties to concerned. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the disputetwo proportion of costs shall be borned by one of the two parties, and this award shall be binding on both parties.

Settlement of Disputes between an Investor. and a Contracting Party 1. Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall shall, as far as possible, be settled amicablyamicably through negotiations between the parties to the dispute. 2. In If the event that such dispute cannot be settled through negotiation within a period of six months, one of the Parties to the dispute shall be entitled to submit the dispute to a competent court of the Contracting Party accepting the investment. 3. If a dispute cannot be settled within a period of six months, either party months after recourse to the negotiations as provided for in paragraph 1 of this article shall be submitted, at the request of one of the Parties. a) To the International Centre for Settlement of Investment Disputes (ICSID) under the Convention on the settlement of disputes between States and Nationals of Other Countries adopted at Washington on 18 March 1965; or b) To an ad hoc arbitral tribunal. Provided that the Contracting Party involved in the dispute may, in accordance with request by the investor concerned to exhaust the procedure local administrative review specified by the laws and regulations of the Contracting Party in whose territory prior to the investment was made, submit submission of the dispute to the competent court procedure of that Contracting Party. 3the aforementioned arbitration. If any dispute cannot be settled as specified in paragraph 1 of this Article within six monthsHowever, it may be submitted to an ad hoc arbitral tribunal. The provisions of this paragraph shall not apply if the investor concerned has resorted had recourse to the procedures procedure specified in paragraph 2 of this Articlearticle, the provisions of this paragraph will not apply. 4. The Subject to paragraph 3 of this Article, the ad hoc arbitral tribunal referred to in paragraph 3 (b) shall be constituted for each individual case in the following manner: Each each party to the dispute shall appoint an one arbitrator, and these two arbitrators both parties shall appoint as Chairman a national of a third state which has country, having diplomatic relations with both Contracting Partiesparties. Contractors as President. The first two arbitrators shall will be appointed within two months, and the Chairman within four months, months of the date on which one party concerned notifies the other party of its submission of the dispute to arbitration. 5written notification. If the tribunal has not been constituted within the period specified in paragraph 4, either requesting arbitration by each party to the dispute mayto the other and the President will be chosen within the next four months. If, in within the absence period above mentioned, the Tribunal has not been constituted, each of any other agreement, request the parties to the to the conflict may invite the Secretary General of the International Center Centre for the Resolution of Disputes in respect of Investments of make the necessary appointments. 5. The ad hoc arbitral tribunal shall determine its own procedure. However, the Tribunal may, in the determination procedure, take as a guide the Arbitration Rules of the International Centre for Settlement of Investment Disputes to make the necessary appointmenton investments. 6. The tribunal shall determine its own procedures with reference referred to the provisions of the Convention on the Settlement of Investment Disputes, done at Washington, D.C. on 18 March 1965. 7. The tribunal shall adjudicate in accordance with the laws of the Contracting Party to the dispute, the provisions paragraph 3 (a) and (b) of this Agreement as well as generally recognized principles of international law accepted Article shall obtain its arbitral award by both Contracting Parties. 8. The tribunal shall reach its decision by a majority of votesvote. Such decision arbitral award shall be final and binding on both parties to the dispute. Both Contracting Parties shall undertake to apply the arbitral award. 7. The arbitral tribunal referred to in paragraph 3 (a) and (b) of this Article shall state the basis of take its decision and state reasons upon the request of either party. Each Party undertakes to execute the decisions in accordance with the laws of the Contracting Party to the dispute accepting the investments, including its rules on conflicts of jurisdiction, the provisions of this Agreement and the applicable principles of international law. 98. Each party Party to the dispute shall bear the cost costs of its appointed member of the tribunal own arbitrator and of its representation in the arbitral proceedings. The cost the relevant costs of the appointed Chairman and the remaining cost in the arbitral proceedings Tribunal shall be borne in equal parts by the parties to the dispute. in its decision that the Tribunal may indicate a higher proportion of costs be borne by one of the Parties to the dispute.