Common use of Settlement of Investments Disputes Clause in Contracts

Settlement of Investments Disputes. between a Contracting Party and an Investor of the other Contracting Party (1) Any dispute between a Contracting Party and an investor of the other Contracting Party including expropriation of investments shall, as far as possible, be settled in an amicable way, without prejudice to the negotiations which can be done through the diplomatic channels. (2) If through such consultations or negotiations, a settlement is not reached within three months from the date of the request of settlement, the investor shall be able to submit the dispute to: (a) the competent court of the Contracting Party in the territory of which the investment has been made; or (b) the International Center for the Settlement of Investment Disputes (ICSID) established by the Convention on the Settlement of Investment Disputes between States and Nationals of other States; 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). (3) Once the investor submits the dispute to the competent tribunal of the Contracting Party in whose territory the investment was made or to an arbitral tribunal, the selection of one or the other procedure shall be definitive. (4) Each Contracting Party hereby consents to the submission of an investment dispute to international arbitration. The award made by such international arbitration shall be final and binding on the parties to the dispute. Each Contracting Party shall ensure the recognition and enforcement of the award in accordance with its relevant laws and regulations. (5) Neither Contracting Party shall pursue through diplomatic channels a dispute submitted to international arbitration unless the other Contracting Party does not abide by and comply with the award rendered by an arbitral tribunal.

Settlement of Investments Disputes. between a Contracting Party and an Investor of the other Contracting Party (1) Any dispute between a Contracting Party and an investor of the other Contracting Party including expropriation of investments shall, as far as possible, be settled in an amicable way, without prejudice to the negotiations which can be done through the diplomatic channels. (2) If through such consultations or negotiations, a settlement is not reached within three months from the date of the request of settlement, the investor shall be able to submit the dispute to: (a) the The competent court of the Contracting Party in the territory of which the investment has been made; or (b) the The International Center for the Settlement of Investment Disputes (ICSID) established by the Convention on the Settlement of Investment Disputes between States and Nationals of other States; or (c) an 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). (3) Once the investor submits the dispute to the competent tribunal of the Contracting Party in whose territory the investment was made or to an arbitral tribunal, the selection of one or the other procedure shall be definitive. (4) Each Contracting Party hereby consents to the submission of an investment dispute to international arbitration. The award made by such international arbitration shall be final and binding on the parties to the dispute. Each Contracting Party shall ensure the recognition and enforcement of the award in accordance with its relevant laws and regulations. (5) Neither Contracting Party shall pursue through diplomatic channels a dispute submitted to international arbitration unless the other Contracting Party does not abide by and comply with the award rendered by an arbitral tribunal.