Common use of Settlement of Disputes 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 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 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 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 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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute The disputes which arise within the terms of this Agreement, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party who has made investments in relation to an investment the territory of the former under this Agreement first, shall, as far as to the extent possible, be settled amicably through negotiations consultations. (2) If these consultations do not result in a solution within four months from the date of request for settlement, the investor may submit the dispute, at his choice, for settlement to: (a) The competent tribunal of the Contracting Party in the territory of which the investment has been made; or (b) The International Centre for Settlement of Investment Disputes (ICSID) having regard to the applicable provisions of the Convention on the Settlement of Investment Disputes between States and Nationals of the other States opened for signature at Washington D.C. on March 18, 1965, in the event Contracting Parties shall have become a party to this Convention; or (c) An ad hoc arbitral tribunal which, unless otherwise agreed upon by the parties to the dispute, shall be established under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). (23) Any such Each Contracting Party hereby gives its irrevocable consent for any dispute which has not been amicably settled within a period of six months may, if both Parties agree, this kind to be submitted:submitted to any of the arbitration tribunals mentioned under literal (b) and (c) of the foregoing numeral. (a4) For resolutionOnce the investor has submitted the dispute to the competent tribunal of the Contracting Party in whose territory the investment has been made or to any of the above mentioned arbitration tribunals, the choice of either procedure shall be final. (5) The arbitration awards shall be final and binding on both parties and shall be enforced in accordance with the law of the Contracting Party which has admitted in whose territory 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 Lawwas made. (36) Should The Contracting Parties shall refrain from treating through diplomatic channels matters related to the Parties fail disputes referred to agree on a dispute settlement procedure provided under paragraph (2) of local tribunal or international arbitration in accordance with this Article or until the proceedings have been concluded, except 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 has failed to the dispute in accordance abide or comply with the Arbitration Rules of court decision or arbitratin award in the United Nations Commission on International Trade Law, 1976, subject to terms established by the following modifications: The appointing authority under Article 7 of the Rules shall be the President, the Vice-President respective decision 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 partyaward. (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 partyparties (1) Any dispute . Disputes between an investor the Contracting Parties concerning the interpretation or application of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shall, as far as if possible, be settled amicably through negotiations between the parties consultations or diplomatic channels prior to the disputesubmission of the dispute to an arbitration tribunal. 2. If an agreement is not reached within six (26) Any such months from the date on which the dispute which has not been amicably settled within a period of six months maywas notified, if both Parties agree, it shall be submitted: (a) For resolution, upon request of either Contracting Party to an ad-hoc Arbitration Tribunal, in accordance with the law provisions 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 Lawthis Article. (3) Should . Such an Arbitral Tribunal shall be constituted for each individual case in the Parties fail to agree on a dispute settlement procedure provided under paragraph following way: Within two (2) months from the date of receipt of the request for arbitration, each Contracting Party shall appoint one member of the Tribunal. Those two arbitrators shall then, within two (2) months from the date of the last appointment, agree upon a third member who shall be a national of a third State with which both Contracting Parties maintain diplomatic relations, and who shall preside over the tribunal. The appointment of the Chairman shall be approved by the Contracting Parties within thirty (30) days from the date of his nomination. 4. If the necessary appointments have not been made within the periods specified in paragraph 3 of this Article or where Article, a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreement, the dispute request may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If the made by either 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 JusticeJustice to make such appointments. If the President is a national of either Contracting Party or otherwise prevented from discharging the said function, the Vice- President shall be invited to make the appointments. If the Vice-President is also a national of either Contracting Party or prevented from discharging the said function, the member, next in seniority, of the International Court of Justice who is not a national of either Contracting PartyParty shall be invited to make the appointments. 5. The third arbitrator Arbitration tribunal 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 rule based on the provisions of this Agreement and Principles of International Law applicable to the subject matter. The Tribunal shall reach its decisions by a majority of votes and shall determine its own procedural rules. 6. Unless otherwise agreed by the Contracting Parties, the Chairman of the Tribunal Shall determine whether the Contracting Parties shall equally bear the costs of the party-appointed arbitrators or not. The costs of the Chairman and any remaining costs shall be binding for the parties borne in disputeequal parts by both Contracting Parties. The arbitral tribunal Tribunal may, however, in Its decision direct that a higher proportion of costs shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 be borne by one 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 two Contracting Party. The third arbitrator shall not be a national of either Contracting partyParties. (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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to concerning an investment of the former under investor covered by this Agreement shall, as far as possible, be settled amicably through negotiations consultation between the parties to the dispute. (2) Any such dispute which has not been amicably settled within To start consultation, the investor shall deliver to the Contracting Party a period of six months may, if both Parties agree, be submittedwritten notice. The notice shall specify: (a) For resolution, in accordance with the law The name and address of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; ordisputing investor; (b) To International conciliation under The provisions of this Agreement alleged to have been breached; (c) The factual and legal basis for the Conciliation Rules claim; and (d) The remedy sought and the amount of the United Nations Commission on International Trade Lawdamages claimed. (3) Should When required by the Parties fail Contracting Party, if the dispute cannot be settled amicably within six months from the date of receipt of the written notice, it shall be submitted to agree on a the competent authorities of that Contracting Party or arbitration centres thereof, for conciliation. (4) This Article shall not be construed so as to prevent an investor of either Contracting Party from submitting the dispute settlement procedure provided under to the competent courts of the Contracting Party where the investment is made. (5) If the dispute cannot be settled amicably within six months from the date of receipt of the written notice or from the start of the conciliation referred to in paragraph (23) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreementArticle, the dispute may shall upon the request of the investor be referred to Arbitration. The Arbitration procedure shall be as followssettled by arbitration by submitting the dispute to: (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 An 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: as revised in 2010; or (b) The appointing authority under Article 7 International Court of the Rules shall be the President, the Vice-President or the next senior Judge Arbitration of the International Court Chamber 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 Commerce for settlement by an arbitral award shall be made tribunal in accordance with the provisions Rules 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 Arbitration of the International Court Chamber of Justice, who is not a national Commerce as in force as of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.1 January 2012; or (iic) The parties shall appoint their respective arbitrators within two months. (iii) The Arbitration Institute of the Stockholm Chamber of Commerce for settlement by an arbitral award shall be made tribunal in accordance with the provisions Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce as in force as of 1 January 2010. Each Contracting Party, by this Agreement consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and shall be binding for the investor, to submit any such dispute to any of the above-mentioned tribunals. The parties to the dispute may agree in disputewriting to modify the above-mentioned arbitration rules applicable to the arbitration. (iv6) The For greater certainty, in the event that an investor has submitted the dispute to a competent court within the area of the other Contracting Party, the same dispute shall not be submitted to arbitration referred to in paragraph (5). (7) Provided that the above-mentioned arbitration rules applicable to the arbitration and the award have been met, the award shall be final and binding on the disputing parties. Each Contracting Party shall ensure the recognition and enforcement of the arbitral tribunal award in accordance with its laws and regulations. (8) If there is a written contract or agreement between a Contracting Party and an investor of the other Contracting Party whereby the dispute thereunder shall state be resolved only in accordance with the basis procedure specified therein, this Article shall not be applied. (9) This Article shall not be applied if more than five years have elapsed from the date on which the investor first acquired, or should have first acquired, knowledge of its decision the alleged breach and give reasons upon knowledge that the request of either partyinvestor has incurred loss or damage thereby.

Settlement of Disputes. between Between an investor Investor of a Contracting Party and the Other Contracting Party 1. If any dispute arises, as a contracting party (1) Any dispute result of breaching of an obligation under this Agreement, between an investor of one a Contracting Party and the other Contracting Party, it shall be notified in writing by the investor of a Contracting Party to the other Contracting Party, and the investor of a Contracting Party and the other Contracting Party in relation shall endeavour to an investment of settle the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the disputedispute amicably. (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 notified in writing by the investor of a Contracting Party to the other Contracting Party, if both Parties agree, it shall be submitted, at the request in writing and choice of the investor of a Contracting Party for settlement to: (a) For resolution, in accordance with the law competent court of the other Contracting Party in the Territory of which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; orhas been made; (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 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); or (c) an arbitral tribunal established under the Convention on the Settlement of Investment Disputes between States and Nationals of other States (ICSID Convention), 1976, subject if both Contracting Parties are parties to the following modifications: The appointing authority under Article 7 Convention. For greater certainty, the dispute may be submitted to the competent court referred to in sub-paragraph (a) before the expiration of that six-month period. 3. A dispute primarily referred to the competent courts of the Rules host Contracting party, as long as it is pending, cannot be referred to arbitration without agreement between the parties to the dispute, and after that a final judgment is rendered, it cannot be referred to arbitration. 4. The ad hoc arbitral tribunal specified under subparagraph 2(b) of this Article shall be established as follows: (a) Each party to the Presidentdispute shall appoint one arbitrator, and the Vice-President or the next senior Judge of the International Court of Justicetwo arbitrators thus appointed shall appoint by mutual agreement a third arbitrator, who is not a national of either Contracting Party. The third arbitrator shall not must be a national of the third country, and who shall be designated as Chairperson of the arbitral tribunal. All the arbitrators must be appointed within three months from the receipt of the request for arbitration referred to in paragraph 2. (b) If the necessary appointments of arbitrators have not been made in the period specified in the subparagraph (a) above, either Contracting party. The parties shall appoint their respective arbitrators within two months, 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. 5. The arbitral award shall be made final and binding upon the parties to the dispute. The arbitral award shall be issued in accordance with the provisions of this Agreement and shall be binding for the parties in disputeapplicable principles of international law. The arbitral tribunal shall state the basis make its award by a majority of its decision and give reasons upon the request of either partyvotes. (i) The appointing authority 6. Each Contracting Party hereby consents to the submission of a claim to arbitration 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 partythis Article. (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 a Party and an investor and a contracting partyInvestor of the other Party (1) Any dispute arising out of an investment between a Contracting Party and 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 disputenegotiations. (2) Any such If the 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 (21) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing cannot be settled within six (2) months of a settlement agreementwritten notice, the dispute may be referred to Arbitration. The Arbitration procedure it shall be settled at the request of the investor as follows: (a) If By a competent court of the Contracting Party Party; or (b) By conciliation or arbitration by the International Centre for Settlement of Disputes Investment (ICSID) established under 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 StatesOther States open for signature in Washington on 18 March 1995. In the case of arbitration, 1965 each Party hereby agrees in advance to irrevocable consent, even in the absence of a single arbitration agreement between a Contracting Party and the investor consents in writing an investor, to submit the any such dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall centre. This consent implies the waiver of the requirement that internal administrative and judicial remedies should 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 proceedingsexhausted; or (c) To an ad hoc arbitral tribunal By arbitration by either party to the dispute three arbitrators in accordance with the Arbitration Rules rules of the United Nations Commission on International Trade LawLaw (UNCITRAL), 1976as amended by the latest amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitral proceedings. In the case of arbitration, subject each Contracting Party agrees to an irrevocable agreement in advance, even in the absence of a single arbitration agreement between the Contracting Party and the Investor, to submit any such dispute to the following modifications: said arbitral tribunal. (3) The appointing authority under Article 7 arbitration decision shall be final and binding, and its implementation shall be in accordance with national law. Each Contracting Party shall ensure that the arbitration award is recognized and implemented with the relevant laws and regulations. (4) Any Contracting Party which is a party to the dispute shall be unable to raise an objection at any stage of the Rules shall be conciliation or arbitration proceedings or enforcement of an award that the President, the Vice-President or the next senior Judge of the International Court of Justiceinvestor, who is not the other party to the dispute, has received compensation for damages under a guarantee in full or part of its losses. (5) The investor who submitted the dispute to 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 court in accordance with the provisions paragraph 2 (a) of this Agreement and article or to an arbitral tribunal referred to in paragraphs 2 (b) to (c) shall be binding for not have the parties right to pursue his claim in disputeany other court or arbitration court. 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 choice of the Rules shall investor in court or arbitration will 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 partyfinal and binding. (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 Investor and a contracting partyContracting 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 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 to 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) If 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) If 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) To 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: The : 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 Party. b) the parties shall appoint their respective arbitrators within two months. The arbitral months from the date of notification by one party to the other party of its intention to submit the dispute to the UNCITRAL arbitration. c) the arbitration award shall be made in accordance with with: - the provisions of this Agreement Agreement, - laws and rules of the Contracting Party in whose territory the investment has been made, and shall be binding for the on both parties in dispute. The . d) the arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority 4. 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 for the President, the Vice-President or the next senior Judge purpose of Article 25 (2) (b) of the International Court ICSID Convention be treated as the company of Justicethe other Contracting Party. 5. Neither Contracting Party shall pursue through the diplomatic channels any dispute referred to the Centre unless: a) the Secretary-General of the Centre, or a conciliation commission or an arbitral tribunal constituted by the Centre, decides that the dispute is not within the jurisdiction of the Centre; or b) the other Contracting Party fails to abide by or to comply with any award rendered by an arbitral tribunal. 6. During the arbitral or execution proceedings neither Contracting Party shall 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 alleged damages has been received or will be 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 the contracting parties 1. Disputes between the two Contracting Parties concerning the interpretation or application of the Agreement should as far as possible be settled amicably through diplomatic channels. 2. In this regard, the Contracting Parties agree to engage in direct and meaningful negotiations to arrive at such solutions. If the Contracting Parties cannot reach an investor and agreement within six months after the beginning of disputes between themselves through the foregoing procedure, the disputes may be submitted, upon the request of either Contracting Party, to an arbitral tribunal. 3. Such arbitration tribunal shall be constituted ad hoc as follows: Within two months of receipt of a contracting party (1) Any dispute between an investor of one request, each Contracting Party and shall appoint an arbitrator. The two arbitrators shall select a third arbitrator as Chairman, who is a national of a third State. In the event either Contracting Party fails to appoint an arbitrator within the specified time, the other Contracting Party in relation to an investment may request the President of the former under this Agreement shall, as far as possible, International Court of Justice to make the appointment. Such Chairman shall be settled amicably through negotiations between appointed within three months from the parties to the dispute. (2) Any such dispute date on 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 either 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 informed 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 that it intends to submit the dispute to an arbitration tribunal. 4. If both arbitrators cannot reach an agreement about the International Centre for choice of the Settlement of Investment Disputes such a dispute Chairman within one month after their appointment, the Chairman shall be referred to appointed upon the Centre; or (b) If both parties to request of either Contracting Party by 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. 5. If, in the cases specified under paragraphs (3) and (4) of this Article, the President of the International Court of Justice is prevented from carrying out the said function or if he is a national of either Contracting Party, the appointment shall be made by the Vice-President, and if the Vice-President is prevented from carrying out the said function or if he is a national of either Contracting Party, the appointment shall be made by the most senior member of the Court who is not a national of either Contracting Party. 6. The third arbitrator arbitration tribunal shall reach its decisions by a majority of votes. Such decisions shall be final and binding. Each Contracting Party shall bear the cost of its own member and the cost of counseling in the arbitration proceedings. The cost of the Chairman and the remaining costs shall be borne in equal parts by the Contracting Parties. The arbitration tribunal may make a different regulation concerning costs. In all other respects, the arbitration tribunal shall determine its own procedure. 7. A dispute 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 submitted to an international arbitration court under the provisions of this Agreement and shall be binding for Article, if 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 same dispute has been brought before another international arbitration court 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 Article 10 and shall be binding for is still in the parties court. This will not impair the engagement in disputedirect and meaningful negotiations between both Contracting Parties. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes. between a Contracting Party and an investor and a contracting partyInvestor of the other 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, shall be settled amicably through negotiations between the parties to the disputeconsultation and negotiation. (2) Any . If any such dispute which has cannot been amicably be settled within a period of six months following the date on which the dispute has been raised through written notification, the dispute may, if both Parties agreeat the selection of the investor concerned, be submittedsubmitted to arbitration: (a) For resolutionTo the International Center for Settlement of Investment Disputes (ICSID), 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 established pursuant to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of the other States, opened for signature at Washington 18 March, 1965 (ICSID Convention), provided that both the disputing Contracting Party and the Contracting Party of the investor consents in writing to submit the dispute are parties to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred to the CentreICSID Convention; or (b) If both parties to the dispute so agree, under Under the Additional Facility for Rules of ICSID, provided that one of the Administration of Conciliation, Arbitration and Fact-Finding proceedingsContracting Parties is a party to the ICSID Convention; or (c) To an international arbitrator or ad hoc arbitral arbitration 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: Law (UNCITRAL). The appointing authority under Article 7 of the UNCITRAL 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 PartyICSID. 3. 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 Any arbitration under paragraph 2 shall be made held in a state that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958. 4. In case the investor selects to submit the dispute to arbitration under the ICSID as stated in paragraph 2 (a), each Contracting Party shall consent to such submission 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 partysaid Convention. (i) The appointing authority under Article 7 5. Each Contracting Party hereby consents to the submission 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 any investment dispute for settlement by arbitration in accordance with the choice of the investor under paragraph 2 (b) and (c). 6. The consent given by each Contracting Party in paragraph 5 and the submission of the dispute by an investor under the said paragraphs shall satisfy the requirements of: (a) The Additional Facility Rules of ICSID for written consent of the parties to a dispute; and (b) Article I of the UNCITRAL Arbitration Rules for an agreement in writing on referral to arbitration by the parties to a contract; and (c) Article II of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958, for "an agreement in writing". 7. Any arbitral award rendered pursuant to this Article shall be final and binding on the parties to the dispute. Each Contracting Party shall carry out without delay the provisions of this Agreement any such award and shall be binding provide in its territory for the parties in disputeenforcement of such award. (iv) The arbitral tribunal 8. In any proceeding involving an investment dispute, a Contracting Party shall state not assert, as a defense, counterclaim, right of set-off or for any other reason, that the basis indemnification or other compensation for all or part of its decision and give reasons upon the request of either partyalleged damage has been received or will be received pursuant to an insurance or guarantee contract, but the Contracting Party may require evidence that the compensating party agrees to that the investor exercises the right to claim compensation.

Settlement of Disputes. between an investor a National or Company and a contracting partyHost State (1) Any dispute Disputes which arise between an investor a national or a company of one Contracting Party and the other Contracting Party in relation with regard to an investment of the former under this Agreement shallformer, as far as possiblewhich have not been amicably settled after a period of three months has elapsed from written notification of a claim, shall be settled amicably through negotiations between submitted, at the request of one of the parties involved, to the disputedecision of the competent tribunal of the Contracting Party in whose territory the investment was made. (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 aforementioned disputes shall be as followssubmitted to international arbitration in the following cases: (a) If one of the parties so requests, in any of the following circumstances: (i) Where, after a period of eighteen months has elapsed from the moment when the dispute was submitted to the competent tribunal of the Contracting Party in whose territory the investment was made, the said tribunal has not given its final decision: (ii) Where the final decision of the Investor aforementioned tribunal is manifestly unjust or violates the provisions of this Agreement; (b) Where the Contracting Party, in accordance with the powers which its internal law confers upon it, and the national or company of the other Contracting Party are both parties have so agreed: (3) Where the dispute is referred to international arbitration, the convention on the Settlement of Investment Disputes between States and nationals of other States, 1965 national or company and the investor consents Contracting Party concerned in writing to submit the dispute may agree to refer the International Centre for dispute to: (a) Either an international arbitrator or ad hoc arbitration tribunal of three members according to what has been expressly agreed by the Settlement of Investment Disputes such a dispute parties. The arbitrator or arbitrators 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 appointed by either party to the dispute a special agreement or in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject Law (UNCITRAL); (b) The International Centrex for the Settlement of Investment Disputes where both Contracting Parties are party to the following modifications: The Convention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature at Washington DC on 18 March 1965(1). If after a period of three months from written notification of the claim there is no agreement to one of the above alternative procedures, the arbitration shall be undertaken by an ad hoc tribunal of three members and the parties to the dispute shall be bound to submit it to arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law as then in force. Notwithstanding the above, where the Secretary General of the Permanent Court of Arbitration at the Hague or the appointing authority under Article 7 are nationals of one of the Rules Contracting Parties, or where it is not possible for them to undertake this function, the President of the Court of Arbitration of the International Chamber of Commerce in Paris shall be the Presidentperson to make the appointment. Where the president is a national of one of the Contracting Parties or if he is prevented from doing the above, the Vice-President or of the next senior Judge Court of Arbitration of the International Chamber of Commerce in Paris or the member of the said Court of Justice, next in seniority and who is not a national of either of the Contracting Party. The third arbitrator Parties shall not be a national of either Contracting partyinvited to make the appointment. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made may agree in accordance with writing to modify 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 partyUNCITRAL Rules. (i4) The appointing authority under Article 7 As regards the Oriental Republic of Uruguay, the decision of the Rules shall be competent tribunal within the President, the Vice-President or the next senior Judge meaning 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. paragraph (ii1) 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 disputeArticle means a judicial decision without appeal. (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 partythe Contracting Parties (1) Any dispute Disputes between an investor the Contracting Parties concerning the interpretation or application 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 or through negotiations between consultations, mediation or conciliation. (2) At the request of either Contracting Party a dispute concerning the interpretation or application of this Agreement may be submitted to an arbitral tribunal for decision not earlier than 90 days after such request has been notified to the other Contracting Party. (3) A Contracting Party may not initiate proceedings under this Part for a dispute regarding the infringement of rights of an investor which that investor has submitted to arbitration under Article 10 of this Agreement, unless the other Contracting Party has failed to abide by and comply with the award rendered in that dispute or those proceedings have terminated without resolution by an arbitral tribunal of the investor’s claim. (4) The arbitral tribunal shall be constituted ad hoc as follows: Within 30 days after receipt of a request for arbitration, the Parties to the dispute shall appoint by agreement three members of the tribunal and designate one of them as chairman. Except for compelling reasons, the members shall be persons proposed by the Secretary General of ICSID. (5) If the period specified in paragraph (4) is not observed, either Contracting Party may, in the absence of any other agreement, invite the Secretary General of ICSID to make the necessary appointments. (6) Members of an arbitral tribunal shall be independent and impartial. (7) The arbitral tribunal will settle disputes in accordance with this Agreement and the applicable rules and principles of international law. (8) Unless the parties to the dispute decide otherwise, the Permanent Court of Arbitration Optional Rules for Arbitrating Disputes shall apply to matters not governed by other provisions of this Article. (9) The tribunal, in its award, shall set out its findings of law and fact, together with the reasons therefore. The arbitration award shall be final and binding upon the parties to the dispute. (210) Any such dispute which has not been amicably settled within a period Each Party shall pay the cost of six months may, if both its representation in the proceedings. The cost of the tribunal shall be paid for equally by the Contracting Parties agree, unless the tribunal directs that they be submitted:shared differently. (a11) For resolution, Each Contracting Party shall enforce pecuniary obligations imposed by an arbitration award 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 ArbitrationICSID-Convention. 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 modificationsCHAPTER THREE: 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.FINAL PROVISIONS

Settlement of Disputes. between an investor Investor of One Contracting Party and a contracting partythe other Contracting Party (1) Any dispute concerning the provisions of this agreement between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement Party, it shall, as far as possible, be settled amicably through negotiations between the parties to the disputeby amicable consultations. (2) Any such If the dispute which has cannot been amicably be settled within a period of six months mayfrom the date on which it was raised by one or other party, if both Parties agreeit may be submitted at the request of the investor: - the competent courts of the Contracting Party in whose territory the investment was made; or - the international arbitration under the conditions described in paragraph 3. Once an investor has submitted the dispute to the jurisdictions of the Contracting Party concerned or to international arbitration, the choice of either procedure is final. (3) In the event of recourse to international arbitration, the dispute may be submittedbrought, at the choice of the investor: (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 International Centre for Settlement of Investment Disputes (ICSID), established by the "Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States", 1965 and the investor consents opened for signature in writing Washington on 18 March 1965, when each State Party to this Agreement has acceded to it. Until this condition is met, each Contracting Party gives its consent to submit the dispute to arbitration under the International Centre rules of the ICSID Additional Facility for the Settlement administration of Investment Disputes such a dispute shall be referred to the Centre; orconciliation, arbitration or enquiry proceedings; (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 hoc" arbitration tribunal by either party to the dispute established in accordance with the Arbitration Rules arbitration rules of the United Nations Commission on International Trade Law, 1976, subject to Law (UNCITRAL). (4) The arbitration body will decide on the following modifications: The appointing authority under Article 7 basis 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 Agreement, the law of the Contracting Party which is a party to the dispute, including the rules on the conflict of laws, the terms of any particular agreements concluded in relation to the investment, and shall be binding for the parties principles of international law in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partythis field. (i5) The appointing authority under Article 7 of the Rules Arbitration awards shall be final and binding on the President, parties to the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either Contracting Partydispute. 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 They shall be made enforced by each Contracting Party in accordance with the provisions of this Agreement and shall be binding for the parties in disputeits 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 Investor of One Contracting Party and a contracting partythe other Contracting Party (1) . Any dispute arising between an investor of one a Contracting Party and the other Contracting Party concerning compliance with the provisions of this Agreement in relation to an its investment of the former under this Agreement shall, as far as to the extent possible, be settled amicably through negotiations between by amicable agreement. 2. If the parties dispute cannot be settled in this manner within six months from the date on which the investor has notified the dispute in writing, including detailed information, the investor may submit the dispute to the dispute. (2) Any such dispute which has not been amicably settled within a period competent courts of six months maythe Contracting Party in whose territory the investment was made, if both Parties agree, be submitted: (a) For resolution, or to arbitration proceedings 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 followsfollowing provisions: (a) If the Contracting Party of the Investor and the other Contracting Party are both parties to the convention International Centre for Settlement of Investment Disputes (ICSID) established by the "Convention on the Settlement of Investment Disputes between States and nationals Nationals of other States", 1965 and opened for signature at Washington on March 18, 1965, when each State party to this Agreement has acceded to that Convention; b) in the investor consents in writing event that one of the Contracting Parties ceases to submit be a Contracting State to ICSID, 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, settled under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; orProceedings by the ICSID Secretariat; (c) To to an ad hoc arbitral tribunal by either party to the dispute established in accordance with the Arbitration Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL), 1976, subject in the event that both Contracting Parties cease to be ICSID Contracting States. 3. Once the investor has referred the dispute to the following modifications: The appointing authority under Article 7 competent court of the Rules Party in whose territory the investment was made or to an arbitral tribunal, the choice of one or the other procedure shall be final. 4. The arbitration shall be based on: a) the Presidentprovisions of this Agreement and those of other agreements concluded between the Contracting Parties; b) the national law of the Contracting Party in whose territory the investment has been made, including the rules relating to conflicts of law and to the terms of any special agreements concluded in connection with the investment, and c) the universally recognized rules and principles of international law. 5. In any case, 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 limited to determining whether the Contracting Party has breached this Agreement, whether such breach has caused damage to the investor and, if so, the amount of the corresponding compensation. 6. Arbitral decisions shall be final and binding on the Parties to the dispute. Each Contracting Party undertakes to enforce the awards in accordance with its national legislation. 7. The Contracting Parties may not deal through diplomatic channels with matters related to disputes submitted to judicial proceedings or to international arbitration, in accordance with the provisions of this Agreement and Article, until the corresponding proceedings are concluded. Once the judicial proceedings or international arbitration, as the case may be, have been concluded, a Contracting Party shall be binding for not take any diplomatic action in connection with the parties dispute, except in dispute. The arbitral tribunal shall state the basis of its decision and give reasons upon event that the request of either party. (i) The appointing authority under Article 7 disputing Party has not complied with the judgment of the Rules shall be the President, the Vice-President court or the next senior Judge decision 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 partyarbitral tribunal. (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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to concerning an investment of the former under investor covered by this Agreement shall, as far as possible, be settled amicably through negotiations consultation between the parties to the dispute. (2) Any such dispute which has not been amicably settled within To start consultation, the investor shall deliver to the Contracting Party a period of six months may, if both Parties agree, be submittedwritten notice. The notice shall specify: (a) For resolution, in accordance with the law name and address of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; ordisputing investor; (b) To International conciliation under the Conciliation Rules provisions of this Agreement alleged to have been breached; (c) the United Nations Commission on International Trade Lawfactual and legal basis for the claim; and (d) the remedy sought and the amount of damages claimed. (3) Should When required by the Parties fail Contracting Party, if the dispute cannot be settled amicably within six months from the date of receipt of the written notice, it shall be submitted to agree on a the competent authorities of that Contracting Party or arbitration centres thereof, for conciliation. (4) This Article shall not be construed so as to prevent an investor of either Contracting Party from submitting the dispute settlement procedure provided under to the competent courts of the Contracting Party where the investment is made. (5) If the dispute cannot be settled amicably within six months from the date of receipt of the written notice or from the start of the conciliation referred to in paragraph (23) of this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreementArticle, the dispute may shall upon the request of the investor be referred to Arbitration. The Arbitration procedure shall be as followssettled by arbitration by submitting the dispute to: (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 as revised in 2010; or (b) the International Court of Justice, who is not a national Arbitration of either Contracting Party. The third arbitrator shall not be a national the International Chamber of either Contracting party. The parties shall appoint their respective arbitrators within two months. The Commerce for settlement by an arbitral award shall be made tribunal in accordance with the provisions Rules 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 Arbitration of the International Court Chamber of Justice, who is not a national Commerce as in force as of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.1 January 2012; or (iic) The parties shall appoint their respective arbitrators within two months. (iii) The the Arbitration Institute of the Stockholm Chamber of Commerce for settlement by an arbitral award shall be made tribunal in accordance with the provisions Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce as in force as of 1 January 2010. Each Contracting Party, by this Agreement consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and shall be binding for the investor, to submit any such dispute to any of the above-mentioned tribunals. The parties to the dispute may agree in disputewriting to modify the above-mentioned arbitration rules applicable to the arbitration. (iv6) The For greater certainty, in the event that an investor has submitted the dispute to a competent court within the area of the other Contracting Party, the same dispute shall not be submitted to arbitration referred to in paragraph (5). (7) Provided that the above-mentioned arbitration rules applicable to the arbitration and the award have been met, the award shall be final and binding on the disputing parties. Each Contracting Party shall ensure the recognition and enforcement of the arbitral tribunal award in accordance with its laws and regulations. (8) If there is a written contract or agreement between a Contracting Party and an investor of the other Contracting Party whereby the dispute thereunder shall state be resolved only in accordance with the basis procedure specified therein, this Article shall not be applied. (9) This Article shall not be applied if more than five years have elapsed from the date on which the investor first acquired, or should have first acquired, knowledge of its decision the alleged breach and give reasons upon knowledge that the request of either partyinvestor has incurred loss or damage thereby.

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 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 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 or administrative bodiesbodies if available; 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 of ICSID; 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 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. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (4) The Contracting Party involved in the dispute may require the investor concerned to exhaust the domestic review procedure before the dispute is submitted for international conciliation under Article 9(2) (b) or arbitration under Article 9(3).

Settlement of Disputes. between a Contracting Party and an investor Investor of the other Contracting Party 1 . If any dispute arises between a Contracting Party and a contracting party (1) Any dispute between an investor of one the other Contracting Party with respect to an investment, the host Contracting Party and the other Contracting Party in relation investor shall primarily endeavour to an investment of settle the former under this Agreement shall, as far as possible, dispute amicably through negotiation and consultation. 2 . In the event that such a dispute cannot be settled amicably through negotiations between as provided in paragraph 1 of this Article the parties to the dispute. (2) Any such dispute which has not been amicably settled within a period of six months investor in question may, if both Parties agreeat his choice, be submittedsubmit the dispute for settlement to:paragraph 1 of this Article the investor in question may, at his choice, submit the dispute for settlement to: (a) For resolution, in accordance with the law The competent court of the Contracting Party which has admitted is a party to the investment to that Contracting Party's competent judicial, arbitral or administrative bodies; ordispute; (b) To An ad hoc Arbitral Tribunal, in compliance with the arbitration rules of the UN Commission on the International conciliation Trade Law (UNCITRAL);arbitration rules of the UN Commission on the International Trade Law (UNCITRAL); (c) The International Chamber of Commerce under its rules of arbitration; (d) The International Center for Settlement of Investment Disputes, for the implementation of the arbitration procedure under the Conciliation Rules Washington Convention 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 agreement18 March, 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 1965, on the Settlement of Investment Disputes between States and nationals Nationals of other States, 1965 and if or as soon as both Contracting Parties have acceded to it; (e) Any other dispute settlement procedure agreed upon by the parties to the dispute. 3 . A dispute may be submitted for resolution pursuant to paragraph 2 of this Article after four months from the date of the written notice of the investor consents in writing to the Contracting Party of its intention to submit the dispute for resolution but not later than five years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the International Centre dispute. 4 . Each Contracting Party hereby consents to the submission of investment disputes to the court and international Arbitrations mentioned above. 5 . A Contracting Party shall not assert as a defense or counter-claim that indemnification or other compensation for all or part of the Settlement of Investment Disputes such a dispute alleged damages has been received or will be received pursuant to an indemnity, guarantee or insurance agreement. 6 . The award shall be referred to the Centre; or (b) If 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; ordispute. (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 National courts shall not be a national of either Contracting partyhave jurisdiction over any dispute referred to arbitration. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be made in accordance with However, the provisions of this Agreement and shall be binding paragraph do not bar the winning party to seek for the parties in dispute. The enforcement of the arbitral tribunal shall state the basis of its decision and give reasons upon the request of either partyaward before national courts. (i) The appointing authority 8 . A Contracting Party may not initiate proceedings under Article 7 12 for a dispute which an investor has already submitted to arbitration under this Article, unless the other Contracting Party has failed to comply with the award rendered in that dispute or those proceedings have terminated without resolution 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 partyinvestor's claim. (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 In the event of a dispute arising between an investor the Parties concerning the interpretation or application of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement shallAgreement, as far as possible, be settled amicably through negotiations between the parties to the disputedispute shall seek to resolve the dispute by consultation and negotiation. (2) Any such Subject to sub-clause39(3) below, where a dispute which has cannot been amicably settled be resolved through consultation and negotiation within a period of six months maythree months, if both Parties agree, be submittedeither Party may do one of the following: (a) For resolutionwhere the Company is duly incorporated, in accordance with constituted, set up, or otherwise duly organized under the law of the Contracting a State 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 1965 Convention on the Settlement of Investment Disputes between States and nationals Nationals of other StatesStates (‘the Convention’), 1965 and the investor consents in writing to submit refer the dispute to the International Centre for the Settlement of Investment Disputes such a dispute shall be referred (‘ICSID’) for arbitration pursuant to Article 36 of the Centre; orConvention; (b) If both parties where the Company is not duly incorporated, constituted, set up, or otherwise duly organized under the law of a State Party to the Convention, refer 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, Law (1976), subject to the following modifications: provisions: (i) The appointing authority under Article 7 Arbitral Tribunal shall consist of the Rules three arbitrators. Each Party shall be the Presidentselect an arbitrator, and those two arbitrators shall then appoint by mutual agreement a third arbitrator, the Vice-President or the next senior Judge of the International Court of JusticeChairperson, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partya third State. The parties All arbitrators shall appoint their respective arbitrators be appointed within two months. months from the date when a Party informs the other Party of its intention to submit the dispute to arbitration under this sub-paragraph. (ii) If the necessary appointments are not made within the period specified above, either Party to the dispute may, in the absence of any other agreement, request the Secretary-General of the Permanent Court of Arbitration to make the necessary appointments. (iii) The arbitral award 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 reach its decision by a majority of votes and shall state in the Award the basis and reasons for its decision. (v) The decision of the Arbitral Tribunal shall be final and binding and the Parties to the dispute shall abide by and comply with the terms of its award. (vi) Each Party to the dispute 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 duties in relation to the arbitration and the remaining costs of the arbitration shall be borne equally by the Parties to the dispute. The arbitral tribunal shall state the basis of may, however, direct in its decision that a higher proportion of costs shall be borne by one or other of the Parties to the dispute, and give reasons upon this award shall be binding on the Parties to the dispute. (3) In the case of any disputes arising under sub-clause 11(14), sub-clause 14(7) or sub-clause 15(4) of this Agreement, the procedures relating to the referral of a matter to a Sole Expert for determination shall apply. In the event that there is failure to agree on the person to be so appointed, a person appointed by the Secretary-General of the Permanent Court of Arbitration at the request of either partyParty, who shall be an independent and impartial person of international standing with relevant qualifications and experience and shall not, by virtue of nationality, personal connection or commercial interests have a conflict between his own interest and his duty as a Sole Expert.

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 a dispute which has cannot been amicably be settled within a period of six months mayfrom the date either Party to the dispute requested settlement through negotiations, if both the Parties agreeto the dispute may by mutual consent submit the dispute to the competent court of the Contracting Party in whose territory the Investment was made. Alternatively, the dispute may be submittedsubmitted by either Party to: (a) For resolution, in accordance with The International Center for the law Settlement of Investment Disputes (JCSID) set up 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 Convention 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 Nationals of other StatesStates done at Washington, March 18, 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 case both Contracting Parties are parties to the Convention. As long as this provision is not complied with, the dispute so agree, may be settled by mutual consent under the regulations of the ICSID Additional Facility for the Administration of Conciliation, Arbitration and Fact-Fact - Finding proceedingsProceedings; or (cb) To an ad hoc An adhoc arbitral tribunal by either party to the dispute in accordance with be established under the Arbitration Rules of the United Nations Commission on International Trade Law, 19761976 (UNCITRAL), subject to the following modifications: 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 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) For the purpose of this Article, an investment dispute is defined as a dispute involving (a) the interpretation or application of an investment agreement between a Contracting Party and an investor of the other Contracting Party: (b) an alleged breach of any right conferred or created by this Agreement with respect of an investment. (4) The award shall be final and binding on the parties to the dispute.,

Settlement of Disputes. between Between an investor Investor and a contracting partyContracting 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 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-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 agree, from the written notification of the claim may be submitted: (a) For submitted for resolution, in : In accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, administrative or arbitral or administrative bodiesbodies whose final decision shall be binding; orOr alternatively to one of the following procedures: (ba) 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.; (3b) Should To the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) International Centre for the Settlement 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 Investment Disputes 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 1965;Convention 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 for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or1965; (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: :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 these 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 these 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. (3) The arbitral award shall be final and binding.

Settlement of Disputes. between a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) . Any investment dispute between an investor of one the Contracting Party and the investor from the other Contracting Party must be settled through negotiations. 2. If the dispute cannot be settled in relation to an investment accordance with paragraph (1) of this article within six months from the date of the former under this Agreement shallwritten notification thereof, as far as possible, the dispute must be settled amicably through negotiations between the parties according 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 submittedinvestor's choice by: A. A court of competent jurisdiction from the Contracting Party, or B. Conciliation or arbitration by the International Center for Settlement of Investment Disputes (a) For resolutionICSID), established 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 Other States, 1965 opened for signature in Washington on 18 March 1965. In the event of arbitration, both Contracting Parties are bound by as prescriber under this Agreement and even in the absence of any individual agreement regarding arbitration between the Contracting Party and the investor consents in writing to submit the investor, by presenting any such dispute to this center without having the International Centre for right to revoke it. This obligation includes a waiver of the Settlement of Investment Disputes such a dispute shall be referred requirement to the Centre; fulfill internal administrative and judicial means, or (b) If both parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, C. Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral tribunal by either party to the dispute through three arbitrators in accordance with the Arbitration Rules of arbitration rules established by the United Nations Commission on International Trade Law, 1976, subject according to the following modifications: The appointing authority under Article 7 latest amendment ratified by both Contracting Parties at the date of the Rules shall be request for commencement of arbitration proceedings. In the Presidentevent of arbitration, both Contracting Parties are obligated in advance under this Agreement to present any such dispute to the Vice-President said arbitration body without having the right to reverse it, even in the absence of any individual agreement on arbitration between the contracting party and the investor, or D. Arbitration in accordance with the next senior Judge rules of arbitration of the International Court Chamber of JusticeCommerce (ICC). 3. The decision shall be final and binding, who is not a and it must be applied in accordance with the national law of either each Contracting Party. The third arbitrator two Contracting Parties shall not be a national of either Contracting party. The parties shall appoint their respective arbitrators within two months. The recognize the arbitral award shall be made decisions and implement them in accordance with the provisions of this Agreement its relevant laws and shall be binding for the parties in disputeregulations. 4. The arbitral tribunal shall state Contracting Party (which is a party to the basis dispute) at any stage of its decision and give reasons upon the request conciliation, arbitration, or enforcement of either partythe decision, may use as a defence against the investor's claim (which is the other party to the dispute) the compensation received under an insurance contract in relation to all or part of his loss. (i) 5. The appointing authority under Article 7 of investor who submitted the Rules shall be the President, the Vice-President or the next senior Judge of the International Court of Justice, who is not dispute to 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 court in accordance with the provisions paragraph 2 (A) of this Agreement and shall be binding Article or to one of the arbitration bodies mentioned in paragraphs 2 (B) to (D) does not have the right to submit his case before any other court or other body, as the choice of the investor for the parties in disputea court or an arbitral body is final. (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 Investor and a contracting partyContracting 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 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 to 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) If 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) If 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) To 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: The : 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 Party. b) the parties shall appoint their respective arbitrators within two months. The arbitral months from the date of notification by one party to the other party of its intention to submit the dispute to the UNCITRAL arbitration. c) the arbitration award shall be made in accordance with with: - the provisions of this Agreement Agreement, - laws and rules of the Contracting Party in whose territory the investment has been made, and shall be binding for the on both parties in dispute. The . d) the arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party. (i) The appointing authority 4. 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 for the President, the Vice-President or the next senior Judge purpose of Article 25 (2) (b) of the International Court ICSID Convention be treated as the company of Justicethe other Contracting Party. 5. Neither Contracting Party shall pursue through the diplomatic channels any dispute referred to the Centre unless: a) the Secretary-General of the Centre, or a conciliation commission or an arbitral tribunal constituted by the Centre, decides that the dispute is not within the jurisdiction of the Centre; or b) the other Contracting Party fails to abide by or to comply with any award rendered by an arbitral tribunal. 6. During the arbitral or execution proceedings neither Contracting Party shall 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 alleged damages has been received or will be 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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute The disputes which arise within the terms of this Agreement, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party who has made investments in relation to an investment the territory of the former under this Agreement first, shall, as far as to the extent possible, be settled amicably through negotiations between the parties to the disputeconsultations. (2) Any such dispute which has If through these consultations a solution could not been amicably settled be reached within a period five months from the date of six months maywritten request for settlement, if both Parties agree, be submittedthe investor may submit the dispute: (a) For resolution, in accordance with To the law competent tribunal of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodieswas made; or (bTwo) To International conciliation under the Conciliation Rules international arbitration of the United Nations Commission on International Trade Law. Center for Settlement of Investment Disputes (3) Should ICSID), created by 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 opened for signature in Washington on March 18, 1965 and 1965, in case both Contracting Party become parties of this Convention. As long as this requirement is not met, each Contracting Party agrees that 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 submitted to arbitration pursuant to the CentreRules of the Additional Facility of the ICSID; or (bThree) If both To an ad-hoc tribunal which, unless otherwise agreed upon by the parties to the dispute so agreedispute, 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 shall be established according to the dispute in accordance with the Arbitration Rules arbitration rules of the United Nations Commission on International Trade LawLaw (UNCITRAL); (3) The choice made as per subparagraphs a, 1976, subject b and c herein above shall be final. (4) Each Contracting Party gives its advanced and irrevocable consent for any dispute of this kind to the following modifications: The appointing authority under Article 7 be submitted to any of the Rules arbitration tribunals mentioned under literal (b) and (c) of the foregoing numeral. (5) The arbitration awards 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 final and binding on both parties shall appoint their respective arbitrators within two months. The arbitral award and shall be made enforced in accordance with the provisions laws of this Agreement and shall be binding for the parties Contracting Party in dispute. The arbitral tribunal shall state whose territory the basis of its decision and give reasons upon the request of either partyinvestment was made. (i6) The appointing authority under Article 7 of Contracting Parties shall refrain from treating through diplomatic channels matters related to the Rules shall be the President, the Vice-President disputes referred to local courts 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 international arbitration in accordance with this Article until the provisions proceedings have been concluded, except where the Contracting Party to the dispute has failed to abide or comply with the court decision or award of this Agreement and shall be binding for the parties Arbitration Tribunal in disputethe terms established by the respective decision or 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 One Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) . Any legal dispute between an investor the Contracting Parties under the provisions of this Agreement relating to investments between one Contracting Party and the investor of the State of the other Contracting Party shall be settled through peaceful negotiations. 2. If such disputes can not be settled in relation to an investment accordance with paragraph 1 of this article within 3 (three) months from the date of application in writing, the investor may refer the dispute for consideration: A) the competent court of the former under this Agreement shallStates of the Contracting Parties for the authorization, as far as possible, be settled amicably through negotiations between or; B) the parties to International Center for the dispute. (2) Any such dispute which has not been amicably settled within a period Settlement of six months may, if both Parties agree, be submitted: (a) For resolution, Investment Disputes established 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 Other States, signed on March 18, 1965 and in the city of Washington, if the Convention applies to Contracting Parties, or; C) Ad Hoc" Arbitral Tribunal In the case where the investor consents chose one of the above methods of dispute settlement, he can not follow the other two methods. 3. The "ad hoc" arbitral tribunal specified in writing to submit the dispute to the International Centre for the Settlement subparagraph "c" of Investment Disputes such a dispute paragraph 2 of this article shall be referred to the Centre; orestablished as follows: (bA) 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 Each party to the dispute in accordance with shall appoint one arbitrator and the Arbitration Rules two arbitrators so appointed shall, by mutual consent, appoint a third arbitrator, a citizen of a third State, to be appointed by the President of the United Nations Commission on International Trade Law, 1976, subject Arbitral Tribunal by both Contracting Parties. All arbitrators must be appointed within two (2) months from the date of notification of one of the Parties to the following modifications: The appointing authority under Article 7 other Party of their intention to refer the Rules dispute to arbitration. B) If the terms specified in subparagraph "a" of this paragraph are not met, any Contracting Party shall be invite the President, Secretary General or the Vice-President or the next senior Judge Registrar of the International Permanent Arbitration Court of Justice, in The Hague who is not a national of either Contracting PartyParty to make the necessary appointments. C) The "ad hoc" arbitral tribunal shall take its decisions by a majority vote. The third arbitrator shall not be a national of either These decisions are final and binding on both Contracting partyParties. The parties shall appoint their respective arbitrators within two months. The arbitral award shall be Decisions are made in accordance with the provisions of this Agreement and the laws of the states of the Contracting Parties. Decisions must be made accordingly in the following order: first, the provisions of this Agreement, and secondly, the principles of international law. Unless otherwise decided by the Arbitral Tribunal, in accordance with special circumstances, each Party to the dispute shall bear the costs of its representation in the arbitral proceedings; The value of the arbitrators, and the remaining costs shall be binding for borne in equal shares by the parties in Parties to the dispute. . D) The arbitral tribunal Arbitral Tribunal shall state the basis of interpret its decision and give provide its reasons and grounds upon the request of either party. (i) The appointing authority under Article 7 any of the Rules Contracting Parties. Unless otherwise agreed by the Parties, the place of arbitration shall be the PresidentThe Hague, the Vice-President or the next senior Judge Netherlands. In view of the foregoing, the Arbitral Tribunal will follow the arbitration rules of the United Nations Commission on International Court of Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting partyTrade Law (UNCITRAL). (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 Between an investor Investor and a contracting partyContracting 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 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 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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) 1 . Any dispute which arises between a Contracting Party and 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 if possible, be settled amicably through negotiations between amicably. If the parties to the dispute. (2) Any such dispute which has cannot been amicably settled within a period of six months mayso be settled, if both Parties agree, it may be submitted, upon request of the investor, either to: (a) For resolution, The competent tribunal of the Contracting Party which has admitted the investment; or (b) International arbitration in accordance with paragraph 3 of this Article.paragraph 3 of this Article. 2 . Where an investor has submitted a dispute to the law aforementioned competent tribunal of the Contracting Party which has admitted the investment or to that Contracting Party's competent judicialinternational arbitration in accordance with paragraph 3 of this Article, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules this choice shall be final.paragraph 3 of the United Nations Commission on International Trade Lawthis Article, this choice shall be final. (3) Should 3 . In the Parties fail to agree on a dispute settlement procedure provided under paragraph (2) 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, either: (a) If To the Contracting Party International Centre for the Settlement of Investment Disputes (hereinafter referred to as "the Investor and Centre") established by 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, opened for signature in Washington on 18 March 1965 and (hereinafter referred to as "the investor consents in writing to submit Convention"),[1] provided that the dispute Contracting Parties are both parties to the International Centre for Convention; orConvention on the Settlement of Investment Disputes such a dispute shall be between States and Nationals of Other States, opened for signature in Washington on 18 March 1965 (hereinafter referred to as "the CentreConvention"),[1] provided that the Contracting Parties are both parties to the Convention; 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 arbitration tribunal by either party set up from case to the dispute case in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law; orArbitration Rules of the United Nations Commission on International Trade Law; or (c) To any other arbitration institution, 1976or in accordance with any other arbitration rules, subject as may be mutually agreed between the parties to the following modifications: The appointing authority under Article 7 dispute. 4 . Each Contracting Party hereby consents to the submission 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 any investment dispute for settlement by binding arbitration in accordance with the provisions choice made by the investor under paragraph 3(a) or (b) 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. (iArticle.paragraph 3(a) 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.or

Settlement of Disputes. between an investor Investor and a contracting partythe Host Contracting Party of the Investment (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relation to an investment contracting party regarding compliance with the provisions of the former under this Agreement shall, as far as possible, be settled amicably through negotiations between the parties to the disputeby amicable consultations. (2) Any such If the dispute which has cannot been amicably be settled within a period of six months mayfrom the date on which it was raised by one or other party, if both Parties agree, it may be submitted: (a) For resolution, in accordance with submitted at the law request of the investor: - either to the competent courts of the Contracting Party which has admitted in whose territory the investment was made; - or to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation international arbitration under the Conciliation Rules conditions described in paragraph (3). Once the investor has submitted the dispute to the courts of the United Nations Commission on International Trade LawContracting Party concerned or to international arbitration, the choice of one of these procedures is final. (3) Should In the Parties fail event of recourse 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 agreementinternational arbitration, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If investor and the Contracting Party may agree it: a) the International Centre for Settlement of Investment Disputes (ICSID), established by 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 opened for signature in writing Washington on 18 March 1965, once each State Party to this Agreement has acceded to it. Until this condition is met, each Contracting Party gives its consent to submit the dispute to arbitration under the International Centre for the Settlement Rules of Investment Disputes such a dispute shall be referred to the Centre; or (b) If both parties to the dispute so agree, under Procedure of the Additional Facility of the C.I.A.D.I. for the Administration administration of Conciliationconciliation, Arbitration and Fact-Finding arbitration or enquiry proceedings; or; (cb) To to an ad hoc arbitral arbitration tribunal by either party to the dispute established in accordance with the Arbitration Rules arbitration rules of the United Nations Commission on International Trade LawLaw (UNCITRAL). If, 1976after a period of three months from the notification of the submission of the dispute to arbitration, subject there is no agreement on one of the above alternative procedures, the parties to the following modifications: The appointing authority under Article 7 of the Rules dispute shall be the President, the Vice-President or the next senior Judge of submit it to the International Court Centre for Settlement of Justice, who is not a national Investment Disputes (ICSID) or its Additional Facility referred to in subparagraph (a) 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. this paragraph. (4) The arbitral award tribunal shall be made in accordance with decide on the basis of the provisions of this Agreement and shall be binding for Agreement, the parties Law of the Contracting Party which is a party to the dispute including its rules on the Conflict of Laws, to the terms of any specific agreement concluded in dispute. The arbitral tribunal shall state relation to the basis investment as well as the principles of its decision and give reasons upon the request of either partyinternational 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. (iii5) The arbitral award shall be made in accordance with the provisions limited to determining whether there has been a breach of this Agreement and shall be binding for by the parties in disputeContracting Party concerned, whether that breach has caused damage to the investor and, if so, to fixing the amount of compensation. (iv6) The arbitral tribunal awards shall state be final and binding on the basis parties to the dispute. each Contracting Party shall execute the In accordance with its legislation. (7) Each Contracting Party undertakes not to use diplomatic channels for disputes referred to in this article unless the other contracting party fails to comply with the award. (8) The investor and the Contracting Party concerned may agree on any means of its decision and give reasons upon the request of either partyresolving disputes arising between them.

Settlement of Disputes. between an au 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 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 investment Disputes between States and nationals of other States, 1965 and the investor consents in writing to submit the dispute to the International 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 fir 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 dither 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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) . Any dispute disputes relating to the provisions of this Agreement with respect to 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 amicable consultations 2. If these consultations do not result in a solution within six months from the date of the written notification, either of the parties to may submit the dispute. (2) Any such dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submittedto: (a) For resolution, in accordance with the law The national jurisdiction of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicialhas been made, 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 arbitration; in this Article or where a dispute is referred to conciliation but conciliation proceedings are terminated other than by signing of a settlement agreementcase, the dispute may be referred to Arbitration. The Arbitration procedure parties shall be as followshave the choice between: (ai) If The International Centre for Settlement of Investment Disputes (ICSID), established by 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 Other States, 1965 and the investor consents in writing to submit the dispute to the International Centre opened for the Settlement of Investment Disputes such a dispute shall be referred to the Centre; orsignature at Washington D.C. on 18 March 1965; (bii) 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 An ad hoc arbitral tribunal by either party to the dispute constituted in accordance with the Arbitration Rules arbitration rules of the United Nations Commission on International Trade Law, 1976, subject Law (UNCITRAL) 3. Once the other party has expressly accepted the choice and the dispute has been submitted to the following modifications: The appointing authority under Article 7 one of the Rules procedures described in paragraphs 2 (a), (b) (i) and (b) (ii) above, the choice shall be definitive. 4. A Contracting Party that is a party to a dispute may not, at any time during the Presidentprocedures, the Vice-President assert as a defence its immunity or the next senior Judge fact that the investor has received compensation under an insurance contract covering the whole or part 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 disputeincurred damage or loss. 5. The arbitral tribunal shall state decide on the basis of the present Agreement and other relevant agreements between the Contracting Parties; the terms of any particular agreement that may have been concluded with respect to the investment; the law of the Contracting Party that is a party to the dispute, including its decision rules on the conflict of laws; and give reasons upon the request such principles and rules of either partyinternational law as may be applicable. (i) 6. The appointing authority under Article 7 decisions of the Rules tribunal shall be final and binding on the President, parties to the Vice-President or the next senior Judge of the International Court of Justice, who is not a national of either dispute. Each Contracting Party. The third arbitrator Party 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 implement them in accordance with the provisions of this Agreement and shall be binding for the parties in disputeits 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 partyContracting 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 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) 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 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 the Settlement of Investment investment Disputes such a dispute shall be referred to the Centre; or; (b) If if both parties Parties to the dispute so agree, under the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Fact Finding proceedingsProceedings; or (c) To 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: provisions; (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 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 date when one of the Rules shall be parties to the Presidentdispute 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 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 Justice to make 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.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 arbitral tribunal shall state the basis of reach its decision and give reasons upon the request by a majority of either party.votes;

Settlement of Disputes. between an investor Investor and a contracting partythe Host Contracting Party of the Investment (1) . Any dispute concerning the provisions of this agreement between an investor of one Contracting Party and the other Contracting Party in relation to an investment of the former under this Agreement Party, it shall, as far as possible, be settled amicably through negotiations between by amicable consultations. 2. If the parties dispute cannot be settled within six months from the date on which it was raised by one or other party, it may be submitted at the request of the investor: ○ Either 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 competent courts of the Contracting Party which has admitted in whose territory the investment was made; ○ Or to that Contracting Party's competent judicial, arbitral or administrative bodies; or (b) To International conciliation international arbitration under the Conciliation Rules conditions described in paragraph (3). Once the investor has submitted the dispute to the jurisdiction of the United Nations Commission on International Trade LawContracting Party concerned or to international arbitration, the choice of one of these procedures is final and exclusive. (3) Should . In the Parties fail event of recourse 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 agreementinternational arbitration, the dispute may be referred to Arbitration. The Arbitration procedure shall be as follows: (a) If brought, at the Contracting Party choice of the Investor and investor: ○ The International Centre for Settlement of Investment Disputes established by the other Contracting Party are both parties to the convention Convention on the Settlement of Investment Disputes between States and nationals Nationals of other StatesOther States (ICSID), 1965 and the investor consents in writing to submit the dispute to the International Centre opened 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 signature at Washington on 18 March 1965. ○ An "ad hoc 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 monthsLaw (UNCITRAL). 4. The arbitral award tribunal shall decide on the basis of the provisions of this Convention on the Law of the Contracting Party which is a party to the dispute including its rules on the Conflict of Laws, to the terms of any specific agreement concluded in relation to the investment as well as the principles of international law. 5. The arbitral awards shall be made final and binding and not subject to appeal to the parties to the dispute. Each Contracting Party shall execute the In accordance with its legislation. 6. The contracting parties may not interfere by means of diplomatic actions disputes submitted to court proceedings or international arbitration in accordance with the provisions of this Agreement and shall be binding for article, until the parties relevant processes are completed, except where the other party in dispute. The arbitral tribunal shall state the basis of its dispute has not complied with the court decision and give reasons upon or the request of either party. (i) The appointing authority under Article 7 decision of the Rules shall be arbitral tribunal, under the President, terms established in the Vice-President respective decision 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 partyaward. (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 One Contracting Party and an investor and a contracting partyInvestor of the other 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 disputenegotiations. (2) Any . If such a dispute which has can not been amicably be thus settled within a period of six months mayfrom the date of request for 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 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 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 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: Convention. 3. 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 incurred damage or loss. 4. Neither Contracting Party shall be pursue through the President, diplomatic channels any dispute referred to the ViceCentre unless: a) The Secretary-President or the next senior Judge General of the International Court of JusticeCentre, who or a conciliation commission or an arbitral tribunal constituted by it, 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 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 conflicts of law; 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 the basis of its decision and give reasons upon the request of either party. (i) The appointing authority under Article 7 law 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 concerned. (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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute Disputes between an investor of one Contracting Party and the other Contracting Party concerning an obligation of the latter under this Agreement in relation to an 1 investment of the former under this Agreement which have not been amicably settled shall, as far as possibleafter a period of four months from written notification of a claim, be settled amicably through negotiations between the parties submitted to the disputeinternational arbitration national or company concerned so wishes. (2) Any such Where the dispute which has not been amicably settled within a period of six months mayis referred to international arbitration, if both Parties agree, be submittedthe investor an Contracting Party concerned in the. dispute may agree to refer the dispute either to: (a) For resolutionThe International Center for the Settlement of Investment Disputes (having regard to the provisions, in accordance with the law where applicable, 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 opened for signature at Washington DC on 18 March 19651 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); orConvention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature at Washington DC on 18 March 19651 and the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings); or (b) The Court of Arbitration of the International Chamber of Commerce; or (c) To an An international arbitrator or ad hoc arbitral arbitration tribunal to be appointed by either party to the dispute in accordance with a special agreement or established under the Arbitration Rules of the United Nations Commission on International Trade Law.Arbitration Rules of the United Nations Commission on International Trade Law. If after a period of three months from written notification of the claim there is no agreement to one of the above alternative procedures, 1976, subject the dispute shall at the request in writing of the investor concerned be submitted to arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law as then in force. The Parties 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. dispute may agree in writing to modify these Rules. (3) The arbitral award tribunal shall be made decide the dispute in accordance with the provisions of this Agreement and the applicable rules and principles of International law. The awards of arbitration shall be final and binding for on both Parties to 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 dispute in accordance with the provisions of this Agreement rules governing the arbitral tribunal. Each Contracting Party shall carry out without delay any such award and such award shall be binding for the parties enforced in disputeaccordance with domestic 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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute Disputes between an investor of one Contracting Party and the other Contracting Party concerning an obligation of the latter under this Agreement in relation to an 1 investment of the former under this Agreement which have not been amicably settled shall, as far as possibleafter a period of four months from written notification of a claim, be settled amicably through negotiations between the parties submitted to the disputeinternational arbitration national or company concerned so wishes. (2) Any such Where the dispute which has not been amicably settled within a period of six months mayis referred to international arbitration, if both Parties agree, be submittedthe investor an Contracting Party concerned in the. dispute may agree to refer the dispute either to: (a) For resolutionThe International Center for the Settlement of Investment Disputes (having regard to the provisions, in accordance with the law where applicable, 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 opened for signature at Washington DC on 18 March 19651 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 (b) the Court of Arbitration of the International Chamber of Commerce; or (c) To an international arbitrator or ad hoc arbitral arbitration tribunal to be appointed by either party to the dispute in accordance with a special agreement or established under the Arbitration Rules of the United Nations Commission on International Trade Law. If after a period of three months from written notification of the claim there is no agreement to one of the above alternative procedures, 1976, subject the dispute shall at the request in writing of the investor concerned be submitted to arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law as then in force. The Parties 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. dispute may agree in writing to modify these Rules. (3) The arbitral award tribunal shall be made decide the dispute in accordance with the provisions of this Agreement and the applicable rules and principles of International law. The awards of arbitration shall be final and binding for on both Parties to 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 dispute in accordance with the provisions of this Agreement rules governing the arbitral tribunal. Each Contracting Party shall carry out without delay any such award and such award shall be binding for the parties enforced in disputeaccordance with domestic 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 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.. In MmmMm Mw mms;

Settlement of Disputes. between an investor Investor and a contracting partythe Host Contracting Party (1) Any dispute which arises within the terms of this Agreement 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 if possible, be settled amicably through negotiations between the parties to the disputeamicably. (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 has been raised by either party, if both Parties agree, it may be submitted: (a) For resolution, in accordance with upon request of the law investor, either to: □ the competent tribunal of the Contracting Party which has admitted in whose territory the investment was made; □ international arbitration according to that Contracting Party's the provisions of paragraph (3). Where an investor has submitted a dispute to the aforementioned competent judicial, arbitral or administrative bodies; or (b) To International conciliation under the Conciliation Rules tribunal of the United Nations Commission on International Trade LawContracting Party where the investment has been made or to international arbitration, this choice 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 follows: (a) If submitted, at 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 Statesinvestors choice, 1965 and the investor consents in writing to submit the dispute to the either to: □ The International Centre for the Settlement of Investment Investments Disputes such a dispute shall be referred to (ICSID) created by the Centre; or (b) If Convention on the Settlement of investment Disputes Between States and Nationals of the other States opened for signature in Washington on 18 March 1965, once both parties to Contracting Parties herein become members thereof. As far as this provision is not complied with, each Contracting Party consents that the dispute so agree, be submitted to arbitration under the regulations of the ICSID Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding proceedings; or (c) To an ad hoc arbitral Proceedings, or □ An arbitration tribunal by either party set up from case to the dispute case in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, 1976, subject to the following modifications: Law (UNCITRAL). (4) The appointing authority under Article 7 of the Rules arbitration tribunal 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 decide in accordance with the provisions of this Agreement Agreement, the laws of the Contracting Party involved in the dispute, including its rules on conflict of law, the terms of any specific agreement concluded in relation to such an investment and the relevant principles of 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 laws. (iv) The arbitral tribunal shall state the basis of its decision and give reasons upon the request of either party.

Settlement of Disputes. between a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute . Disputes arising under this agreement between an investor of one Contracting Party and an investor of the other Contracting Party which has made investments in relation to an investment the territory of the former under this Agreement shall, first shall as far as possible, be settled amicably through negotiations between the parties to the disputeamicable consultations. (2) Any such . If consultations fail to produce an solution within three months from the date of request for settlement, the investor may submit the dispute which has not been amicably settled within a period of six months may, if both Parties agree, be submittedto: (a) For resolution, in accordance with the law The competent courts of the Contracting Party which has admitted in whose territory the investment to that Contracting Party's competent judicial, arbitral or administrative bodieswas made; 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 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 LawLaw (UNCITRAL); or c) An arbitral tribunal established under paragraphs 3 to 6 of article 9 of this Agreement. To this end, 1976each Contracting Party gives its advance and irrevocable consent that any dispute may be submitted to this arbitration. To this end, subject the parties waive the requirement of exhaustion of domestic judicial remedies. 3. Once the investor has submitted the dispute to the following modifications: The appointing authority under Article 7 competent court of the Rules Contracting Party in whose territory the investment has been made or the arbitral tribunal, the choice of one or other of the procedure shall be final. 4. For the Presidentpurposes of this article, any legal person which is constituted in accordance with the Vice-President or legislation of one Contracting Party and which, before the next senior Judge emergence of the International Court dispute was found in possession of Justice, who is not a national investors of either the other Contracting Party. The third arbitrator , shall not be treated as a national juridical person of either the other Contracting party. The parties shall appoint their respective arbitrators within two monthsParty. 5. The arbitral award awards shall be made final and binding for the parties in litigioy shall be implemented in accordance with the domestic law of the Contracting Party in whose territory the investment has been made. 6. The Contracting Parties shall seek, through diplomatic channels matters related to disputes submitted to court proceedings or international arbitration in accordance with the provisions of this Agreement and shall be binding for article, until the parties relevant processes are completed, except where the other party in dispute. The arbitral tribunal shall state the basis of its dispute has not complied with the court decision and give reasons upon or the request of either party. (i) The appointing authority under Article 7 decision of the Rules shall be arbitral tribunal, under the President, terms established in the Vice-President respective decision 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 partyaward. (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 a Contracting Party and an investor and a contracting partyInvestor of the other Contracting Party (1) Any dispute . Disputes between an investor of one Contracting Party and an investor of the other Contracting Party arising in relation to connection with an investment of that investor in the territory of the former under Contracting Party, including disputes relating to the amount, conditions and procedure of payment of a compensation in accordance with Articles 4 and 5 or to the procedure of transfer of payments set in Article 6 of this Agreement shallAgreement, as far as possible, shall be settled amicably through negotiations between the parties to the disputeif possible by way of negotiations. (2) Any such . If a dispute which has cannot been amicably be settled within by way of negotiations during a period of six months may, if both Parties agree, starting from the date of the request of any party to the dispute about its settlement by way of negotiations it shall be submitted:submitted for consideration to an administrative body under the procedures established by the legislation of the Contracting Party in the territory of which the investments were made. (a) For resolution, 3. In case the dispute has not been settled in accordance with the law provisions of paragraph 2 of this Article the investor has the right to submit the dispute at his choice for consideration to: - A competent court or arbitration court of the Contracting Party in the territory of which has admitted the investment to that Contracting Party's competent judicialinvestments were made, 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 - An ad hoc arbitral tribunal by either party to the dispute arbitration court in accordance with the Arbitration Rules of the United Nations Commission on International Trade LawLaw (UNCITRAL), 1976or - To the International Centre for Settlement of Investment Disputes, created pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States signed at Washington on 18 March 1965 for settlement of a dispute according to provisions of this Convention (subject to the following modifications: The appointing authority under Article 7 of the Rules shall be the Presidentits entry into force for both Contracting Parties), 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 Additional Facility Rules of this Agreement and shall be binding International Centre for the parties in dispute. The arbitral tribunal shall state the basis Settlement of its decision and give reasons upon the request of Investment Disputes (provided that Convention did not enter into force for either partyContracting Party or both). (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 Party4. 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 An Arbitration award shall be made final and binding upon both parties to the dispute. Each Contracting Party undertakes to enforce this award in accordance with its legislation. 5. At any stage of the proceedings held under the provisions of paragraph 3 of this Agreement and shall be binding for Article, but before the arbitral award was made, the parties in to the dispute may agree on amicable settlement of the 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 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.