- 1
- Disputes arising in connection with the application of this Convention are to be resolved by negotiations between the competent authorities.
- 2
- If the dispute has not been settled within six months following the first request to start the negotiations prescribed in paragraph 1 of this Article it shall be submitted to an arbitral tribunal which shall be constituted in the following manner:
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- a)Within a month from the date on which either Contracting Party receives a written notice requesting the arbitration, each Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two months from the date on which the Contracting Party which last appointed its arbitrator notices the other Party of its own appointment, designate a third arbitrator.
- b)If either Contracting Party fails to appoint an arbitrator within the specified period the other Party may invite the President of the International Court of Justice to make the necessary appointments. The same shall be done, upon request of both Contracting Parties, if both arbitrators fail to agree upon the appointment of the third arbitrator.
- c)When the President of the International Court of Justice is a national of either Contracting Party the functions provided under this Article shall be transferred to the Vice-President of the Court or the next most senior member of this Court, who is not a national of either Contracting Party.
- 3
- The arbitral tribunal shall reach its decision by a majority of votes. Such decision shall be binding upon both Contracting Parties. Each Contracting Party shall bear the cost of its appointed arbitrator. The remaining costs shall be borne in equal parts by both Contracting Parties. The arbitral tribunal shall determine its own procedure.
