Common use of Settlement of Disputes between Contracting Parties Clause in Contracts

Settlement of Disputes between Contracting Parties. 1 . The Contracting Parties shall consult when necessary on matters concerning the operation of this Agreement. 2 . The Contracting Parties shall endeavour to resolve any dispute between them on the interpretation or application of this Agreement by prompt and friendly negotiations and consultations. If a disputes is not resolved by such means within sixty days of one Contracting Party seeking in writing such negotiations or consultations, it shall be submitted at the request of either Contracting Party to an Arbitral Tribunal established in accordance with the provisions of Annex B of this Agreement, or, by agreement, to any other international tribunal.Annex B of this Agreement, or, by agreement, to any other international tribunal.