Settlement of Disputes between an Investor and a Contracting Party
Treedt in werking op een nader te bepalen tijdstip
- 1
- Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of that other Contracting Party shall, if possible, be settled amicably.
- 2
- If the dispute referred to in paragraph 1 of this Article cannot be settled within three months from the date on which either party to the dispute requested in writing an amicable settlement, the investor shall be entitled to submit the dispute, at his choice, for settlement to:
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- a.the International Centre for Settlement of Investment Disputes, for settlement by arbitration or conciliation 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, when both Contracting Parties have become a party to the said Convention;
- b.the International Centre for Settlement of Investment Disputes under the Rules Governing the Additional Facility for the Administration of Proceedings by the Secretariat of the Centre (Additional Facility Rules), when one of the Contracting Parties is not a party to the Convention mentioned under a;
- c.a sole arbitrator or an international ad hoc arbitral tribunal under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL);
- d.the Court of Arbitration of the International Chamber of Commerce (ICC).
- 3
- Each Contracting Party hereby gives its consent to the submission of a dispute to international conciliation or arbitration in accordance with the provisions of this Article.
- 4
- The arbitral awards shall be final and binding on the parties to the dispute and shall be executed under the laws of the Contracting Party in whose territory the investment was made.
- 5
- 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 mentioned under paragraph 2 a) above, for the purpose of the Convention be treated as a national of the other Contracting Party.
