Settlement of Disputes between an Investor and a Host State
- 1
- Disputes between one Contracting Party and a national of the other Contracting Party concerning an obligation of the former under this Agreement in relation to an investment of the latter in the territory of the former Contracting Party shall if possible be settled amicably.
- 2
- If such disputes cannot be settled according to the provisions of paragraph 1 of this Article within a period of six months from the date either party to the dispute requested amicable settlement, the dispute shall, by mutual consent, be submitted to international arbitration or conciliation.
- 3
- Where the dispute is referred to international arbitration or conciliation, the national and the Contracting Party concerned in the dispute may, subject to the choice of the aggrieved party, refer the dispute either to:
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- a)the International Centre for the Settlement of Investment Disputes (having regard to the provisions, where applicable, of the Convention on the Settlement of Investment Disputes between States and Nationals of other States opened for signature at Washington D.C. on 18 March 1965 and the additional facility for the administration of conciliation, arbitration and fact-finding proceedings); or
- b)an international arbitrator or an ad hoc arbitration tribunal to be appointed by a special agreement or established under the arbitration rules of the United Nations Commission on International Trade Law.
- 4
- Each Contracting Party hereby consents to the submission of an investment dispute to international arbitration or conciliation.
- 5
- A legal person which is incorporated or constituted under the law in force in the territory of one Contracting Party and in which before such a dispute arises the majority of shares are owned by nationals of the other Contracting Party shall in accordance with Article 25 (2) (b) of the above Convention be treated for the purposes of the Convention as a company of the other Contracting Party.
