Common use of Settlement of Disputes between One Contracting Party and Investors Clause in Contracts

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicably. 2. Any such dispute, which has not been settled amicably within six (6) months following the date on which the dispute has been raised by the investor through written notification to the Contracting Party, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy the investment has been made, or (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by "the Convention on Settlement of Investment Disputes Between States and Nationals of other States"; (ii) an ad hoc arbitration tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates are totally under the jurisdiction of the courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf Investment Disputes (ICSID) or any other international dispute settlement mechanism. 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made including its rules on the conflict of laws and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including included detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the written notification mentioned in paragraph 1, the dispute has been raised by can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or, (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Contracting Parties become Parties of this Convention, (iic) an ad hoc arbitration arbitral tribunal established laid down under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law Law, as revised in 2010 (UNCITRAL). 3. Once the investor has submitted the dispute to the one or the other of the dispute settlement procedures mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission requiredany, in conformity with the relevant legislation of the Republic of Turkey host Contracting Party on foreign capital, capital and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates in the territory Of the Contracting Parties are totally under the jurisdiction of the courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism.; 5. The arbitration arbitral tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws law and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws law) and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her the investment, shall be notified in writing, including detailed information, writing by the investor to the recipient Contracting Party of the investment. The notification shall include detailed information about the dispute. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such dispute, which has If these disputes cannot been be settled amicably in this way within six (6) months following the date on which of the written notification mentioned in paragraph 1, the dispute has been raised by can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the The competent court or administrative tribunal of the Contracting Party in whose territoiy which is the investment has been made, orparty to the dispute; (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by "the Convention on Settlement of Investment Disputes Between States and Nationals of other States"; (ii) an An ad hoc court of arbitration tribunal established laid down under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL), the Parties to the dispute may agree in writing to modify these Rules; (c) The International Center for Settlement of Investment Disputes (ICSID) set up by the "Convention on the Settlement of Investment Disputes between States and Nationals of Other States". 3. Once The arbitral tribunal shall decide on the investor has submitted the dispute to one or the other basis of the dispute settlement procedures mentioned law, taking into account all sources of the law in paragraph 2 the following sequence: (a) The provisions of this ArticleAgreement; (b) Other relevant Agreements between the Contracting Parties; (c) The national laws and regulations of the Contracting Party in whose territory the investment was made, including the choice rules related to conflicts of one law; (d) The provisions of these procedures is finalspecial agreements relating to the investment. 4. Notwithstanding the provisions of paragraph 2 of this Article;: (a) only Only the disputes arising directly out of in connection with an investment activities which have obtained necessary permission, if there is any permission required, made in conformity with the relevant legislation of the Republic of Turkey on foreign capitalor approved, under Article 2, and that which has been effectively started shall established, may be subject submitted to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the The disputes, related to the property and real rights upon the real estates are totally under the jurisdiction of the national courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism.; and (c) With regard to the Article 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States": 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made including its rules on the conflict of laws and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor endeavour to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such dispute, which has If these disputes cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the The competent court of the Contracting Party in whose territoiy territory the investment has been made, or; Or (b) except Except as provided under paragraph 4 (a4) and (b) of this ofthis Article, ; to: (i) the The International Center for Settlement of Investment Disputes (ICSIDthe Centre) set up by "established pursuant to the Convention on Settlement of Investment Disputes Between States and Nationals of other Other States", opened for signature as Washington, D.C., 18 March 1965 (the Washington Convention), if both Contracting Parties are parties to the Washington Convention and the Washington Convention is applicable to the dispute; (ii) an The Centre, under the rules governing the Additional Facilities for the Administration of Proceedings by the Secretariat of the Centre (the Additional Facility Rules), if the Contracting Party ofthe investor or the State ofthe Contracting Party to the dispute, but not both, is a party to the Washington Convention; (iii) The Court of Arbitration of the Paris International Chamber of Commerce; (iv) An ad hoc arbitration arbitral tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the ofthe dispute settlement procedures forums mentioned in paragraph 2 of this Article, the choice of one of these procedures is forums shall be final. 4. Notwithstanding the provisions of paragraph 2 of this ofparagraph (2) ofthis Article; (a) only ; Only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey host Contracting Party on foreign capitalinvestment, and that effectively started shall shalll be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID). 5. The arbitral tribunal shall decide on the basis of the law, talking into account all sources of the law in the following sequence: (a) or any other international dispute settlement mechanism as agreed upon by the Contracting PartiesThe provisions ofthis Agreement; (b) the disputes, related to the property and real rights upon the real estates are totally under the jurisdiction of the courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf Investment Disputes (ICSID) or any other international dispute settlement mechanism. 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws and the laws); and (c) The relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to itselfto execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. , As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which xxxx of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Contracting Parties became Parties of this Convention, (ii) an ad hoc arbitration arbitral tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures forms mentioned in paragraph 2 of this Article, the choice of one of these procedures is forums shall be final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey hosting Contracting Parly on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates within the territory of the hosting Contracting Party are totally under the jurisdiction of the that hosting Contracting Party's courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism; und (c) In the implementation of Article 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States", the following provision shall apply: The Contracting Parties shall not accept the referral of any disputes arising between them and any other Contracting State concerning the interpretation or application of "Convention on the Settlement of Investment Disputes between States and Nationals of other States", which is not settled by negotiation, to the International Court of Justice. 5. The arbitration arbitral tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws laws) and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or (b) except as provided under paragraph 4 (a4) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by "the " Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Contracting Parties become Parties of this Convention, (ii) an ad hoc arbitration arbitral tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures forums mentioned in paragraph 2 of this Article, the choice of one of these procedures is forums shall be final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties;: (b) the disputes, related to the property and real rights upon the real estates within the territory of the Republic of Turkey are totally under the jurisdiction of the Turkish courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism.; and (c) In the implementation of Article 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States", the following provision shall apply: The Republic of Turkey shall not accept the referral of any disputes arising between the Republic of Turkey and any other Contracting State concerning the interpretation or application of "Convention on the Settlement of Investment Disputes between States and Nationals of other States", which is not settled by negotiation, to the International Court of Justice, 5. The arbitration arbitral tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws laws} and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. , Each Contracting Party commits itself to fo execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. .. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the written notification mentioned in paragraph 1, the dispute has been raised by can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, ; or (b) except as provided under paragraph 4 (a) and (b) of this Article, toInternational arbitration under: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by "the " Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Parties become signatories of this Convention, (ii) an ad hoc court of arbitration tribunal established laid down under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). (iii) arbitration court of Paris International Chamber of Commerce (ICC) or any other form of dispute settlement as agreed upon by the parties to the dispute. 3. Once If the dispute is submitted in accordance with paragraph (2) to the competent Court of the Contracting Party, the investor has submitted cannot at the same time seek the international arbitration. If the dispute is filed for arbitration the award shall be binding and shall not be subject to one any appeal or remedy other than those provided for in the other of the dispute settlement procedures mentioned said convention. The award shall be enforced in paragraph 2 of this Article, the choice of one of these procedures is finalaccordance with domestic law. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, been legally admitted in conformity with the relevant legislation of the Republic of Turkey on foreign capitaland the Sultanate of Oman, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates are shall be totally under subject to the jurisdiction of the courts of the host Contracting Party in whose territory the investment is made and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism; and (c) With regard to the Article 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States": Any dispute arising between the Contracting Parties concerning the interpretation or application of "Convention on the Settlement of Investment Disputes between States and Nationals of other States", which is not settled by negotiation, can only be submitted to the International Court of Justice with the consent of both Contracting Parties. 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the A Contracting Party involved in which is a party to a dispute shall not at any stage of arbitration proceeding or enforcement of an arbitration award, raise the objection that the investor who is the other party to the dispute on which territory the investment is made including has received an indemnity to cover all or part of its rules on the conflict losses by virtue of laws and the relevant principles of international law as accepted by both Contracting Partiesguarantee, or insurance contract. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, (ii) an ad hoc arbitration tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures forums mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties;: (b) the disputes, related to the property and real rights upon the real estates are totally under the jurisdiction of the competent courts of the host Contracting Party country and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism. 5. The arbitration tribunal shall take its decisions in accordance with (c) In the provisions implementation of this AgreementArticle 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States", the laws and regulations following provision shall apply: The Contracting Parties shall not accept the referral of any disputes arising between themselves concerning the interpretation or application of the Contracting Party involved in the dispute on which territory the investment is made including its rules "Convention on the conflict Settlement of laws Investment Disputes between States and Nationals of Other States", which is not settled by negotiation, to the relevant principles International Court of international law as accepted by both Contracting PartiesJustice. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. The place of the negotiations shall be the capital city of the Contracting Party to the dispute unless the disputing parties otherwise agree. An Investor's right to submit a dispute to dispute settlement procedures set out in subparagraph 2 of this Article, shall not be frustrated or denied merely by the refusal of the Contracting Party to the dispute to participate in negotiations. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or, (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Contracting Parties become signatories of this Convention, (ii) an ad hoc arbitration tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey host Contracting Party on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates in the territory of the host Contracting Party are totally under the jurisdiction of the courts of the such host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism.; 5. At any stage of the arbitration proceedings or of the execution of an arbitral award, none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor who is the opposing party in the dispute has received compensation totally or partly covering his losses pursuant to an insurance policy or to the guarantee provided for in Article 9 of this Agreement. A dispute shall, however, not be submitted to international arbitration by the insurer under the provisions of this Article, if the same dispute has been brought before international arbitration by the 6. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws law) and the relevant principles of international law as accepted by both Contracting Parties. 67. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 1, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the The competent court of the Contracting Party in whose territoiy territory the investment has been made, or (b) except Except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the The International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, in case both Contracting Parties become signatories of this Convention, (ii) an The Center under the rules governing the Additional Facility for the Administration of Proceedings by the Secretariat of the Center if the Contracting Party of the investor or the Contracting Party, party to the dispute, but not both, is a party to the ICSID Convention, (iii) An ad hoc arbitration tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only Only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the The disputes, related to the property and real rights upon the real estates within the territory of the Republic of Turkey are totally under the jurisdiction of the Turkish courts of the host Contracting Party and therefore shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism; and (c) With regard to the Article 64 of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States": The Republic of Turkey shall not accept the referral of any disputes arising between the Republic of Turkey and any other Contracting State concerning the interpretation or application of "Convention on the Settlement of Investment Disputes between States and Nationals of other States", which is not settled by negotiation, to the International Court of Justice. 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws laws) and the relevant principles of international ofinternational law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. This Article shall apply to disputes between one Contracting Party and an investor of the other Contracting Party concerning an alleged breach of an obligation of the former under this Agreement, which causes loss or damage to the investor or its investments. 2. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her its investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 23. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the dispute has been raised by written notification mentioned in paragraph 2, the disputes can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States";, or (iic) an ad hoc arbitration arbitral tribunal established under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL), approved by the United Nations General Assembly on December 15, 1976, as revised in 2010, or (d) any other arbitration institution or any other arbitration rules, if the disputing parties so agree. 34. Once the investor has submitted the dispute to one or the other of the dispute settlement procedures forums mentioned in paragraph 2 of this Article3, the choice of one of these procedures is forums shall be final. 45. Notwithstanding In deciding whether an investment dispute is within the provisions jurisdiction of ICSID and competence of the tribunal, the arbitral tribunal established under paragraph 2 of this Article; (a3(b) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission required, in conformity shall comply with the relevant legislation of notification submitted by the Republic of Turkey on foreign capitalMarch 3, and that effectively started shall be subject 1989 to ICSID in accordance with Article 25(4) of ICSID Convention, concerning classes of disputes considered suitable or unsuitable for submission to the jurisdiction of the International Center for Settlement ICSID, as an integral part of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the this Agreement. 6. Contracting Parties; (b) the disputes, related Parties hereby consent to the property submission of a dispute to the competent judicial body or arbitration under subparagraphs 3(a), 3(b), 3(c) and real rights upon 3(d) in accordance with the real estates are totally under provisions of this Article, conditional upon; the jurisdiction submission of the courts dispute to such arbitration taking place within five years of the host Contracting Party and therefore shall not be submitted time at which the claimant became aware, or should reasonably have become aware, of a breach of an obligation under this Agreement causing loss or damage to jurisdiction of the International Center for Settlement pf Investment Disputes (ICSID) claimant or any other international dispute settlement mechanismits investment. 57. The arbitration arbitral tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws laws), and the relevant principles of international law as accepted by both applicable between the Contracting Parties. 68. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to shall execute tire the award according to its national law.

Settlement of Disputes between One Contracting Party and Investors. of the other Contracting Party 1. Disputes between one of the Contracting Parties and an investor of the other Contracting Party, in connection with his or her investment, shall be notified in writing, including detailed information, by the investor to the recipient Contracting Party of the investment. As far as possible, the investor and the concerned Contracting Party shall endeavor to settle these disputes amicablyby consultations and negotiations in good faith. 2. Any such disputeIf these disputes, which has cannot been be settled amicably in this way within six (6) months following the date on which of the written notification mentioned in paragraph 1, the dispute has been raised by can be submitted, as the investor through written notification to the Contracting Partymay choose, shall be submitted to: (a) the competent court of the Contracting Party in whose territoiy territory the investment has been made, or; (b) except as provided under paragraph 4 (a) and (b) of this Article, to: (i) the International Center for Settlement of Investment Disputes (ICSID) set up by the "the Convention on Settlement of Investment Disputes Between States and Nationals of other States", in case both Contracting Parties become signatories of this Convention; (iic) an ad hoc court of arbitration tribunal established laid down under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). 3. Once the investor has submitted the dispute to the one or the other of the dispute settlement procedures mentioned in paragraph 2 of this Article, the choice of one of these procedures is final. 4. Notwithstanding the provisions of paragraph 2 of this Article; (a) only the disputes arising directly out of investment activities which have obtained necessary permission, if there is any permission requiredany, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that effectively started shall be subject to the jurisdiction of the International Center for Settlement of Investment Disputes (ICSID) or any other international dispute settlement mechanism as agreed upon by the Contracting Parties; (b) the disputes, related to the property and real rights upon the real estates estate are totally under the jurisdiction of the courts of the host Contracting Party where the investment is made and therefore therefore, shall not be submitted to jurisdiction of the International Center for Settlement pf of Investment Disputes (ICSID) or any other international dispute settlement mechanism. 5. The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made including its rules on the conflict of laws and the relevant principles of international law as accepted by both Contracting Parties. 6. The arbitration awards shall be final and binding for all parties in dispute. Each Contracting Party commits itself to execute tire the award according to its national law. 6. In any proceedings, judicial, arbitral or otherwise or in an enforcement of any decision or award, concerning an investment dispute between a Contracting Party and an investor of the other Contracting Party, a Contracting Party shall not assert, as a defense, its sovereign immunity. At any stage of the arbitration proceedings or of the execution of an arbitral award, none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor who is the opposing party in the dispute has received compensation totally or partly covering his losses pursuant to an indemnity or guarantee provided in Article 7 of this Agreement. A dispute shall, however, not be submitted to international arbitration by the Indemnifying Party under the provisions of this Article, if the same dispute has been brought before international arbitration by the investor.