Settlement of Disputes Between a Contracting Party and a National of the Other Contracting Party
Treedt in werking op een nader te bepalen tijdstip
- 1
- Any legal dispute between one Contracting Party and a national of the other Contracting Party concerning an investment of the latter in the territory of the former shall, if possible, be settled amicably.
- 2
- If such a dispute cannot be settled according to the provisions of paragraph 1 of this article within a period of three months from the date either party to the dispute requested amicable settlement, the dispute shall at the request of the national concerned be submitted either to the judicial procedures provided by the internal law of the Contracting Party in the territory of which the investment has been made, or to international arbitration.
- 3
- If the difference has been submitted to the competent court of the Contracting Party in whose territory the investment was made, reference may only be made to the international tribunal within thirty days from the date on which notice of reply to the claim has been given, or if the competent court has failed to make a final decision on the matter in the term of eighteen months from the date on which notice of claim is given. However, each Contracting Party can offer a more favourable treatment.
- 4
- In case the dispute is referred to international arbitration in accordance with the provisions of this Article, each Contracting Party hereby gives its consent to its submission to the International Centre for Settlement of Investment Disputes for settlement by arbitration under the Convention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature at Washington on 18 March 1965. A legal person which is a national of one Contracting Party and which before such a dispute arises is controlled by nationals of the other Contracting Party shall, in accordance with Article 25 (2) (b) of the Convention, for the purpose of the Convention be treated as a national of the other Contracting Party.
- 5
- Neither Contracting Party shall give diplomatic protection, or bring an international claim, in respect of a dispute which one of its nationals and the other Contracting Party shall have consented to submit or shall have submitted to judicial procedures or arbitration under this Article, unless:
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- a)the former Contracting Party shall have failed to abide by and comply with the award rendered in such a dispute; or
- b)the Secretary-General of the International Centre for Settlement of Investment Disputes, or an arbitral tribunal constituted by it, decides that the dispute is not within the jurisdiction of the Centre.
- For the purpose of this paragraph, diplomatic protection shall not include informal diplomatic exchanges for the sole purpose of facilitating a settlement of the dispute.
