Common use of Settlement of disputes between investors Clause in Contracts

Settlement of disputes between investors. and contracting parties 1. Any dispute between a Contracting Party and an investor of the other Contracting Party, related to an investment, shall be settled amicably as far as possible. 2. If any dispute between an investor of one Contracting Party and the other Contracting Party continues to exist after a period of six months, the investors shall be entitled to submit the case either to: a) The competent court of the Contracting Party in the territory of which the investment has been made; or b) To the International Center for the Settlement of Investment Disputes (ICSID). Related to investments established by the Convention on the Settlement of Investment Disputes between states and nationals of other states done at Washington, March 18, 1965, in the event both Contracting Parties shall have become a party to this Convention; or c) An arbitrator or international ad hoc arbitral tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). 3. The investor shall be entitled to submit the dispute to ICSID or to UNCITRAL according to the paragraph 2 only if: a) The dispute has not been submitted by investors for resolution in accordance with any applicable previously agreed dispute settlement procedures, and b) The investors concerned has not brought the dispute before the courts of justice or administrative tribunals or agencies of competent jurisdiction of the Contracting Party that is a party to the dispute. 4. The 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 immunity or the fact that the investor has received compensation under an insurance contract covering the whole or part of the incurred damage or loss. 5. The arbitral award shall be final and binding for the parties to the dispute and shall be executed according to national law.