- 1
- Any dispute between the Contracting Parties concerning the interpretation or application of the present Agreement which cannot be settled, within a reasonable lapse of time, by means of diplomatic negotiations, shall, unless the Parties have otherwise agreed, be submitted, at the request of either party of the dispute, to an arbitral tribunal, composed of three members. Each Party shall appoint one arbitrator and the two arbitrators thus appointed shall together appoint a third arbitrator as their chairman who is not a national of either Country.
- 2
- If one of the parties fails to appoint its arbitrator and has not proceeded to do so within two months after an invitation from the other party to make such appointment, the latter party may invite the President of the International Court of Justice to make the necessary appointment.
- 3
- If the two arbitrators are unable to reach agreement, in the two months following their appointment, on the choice of the third arbitrator, either party may invite the President of the International Court of Justice, to make the necessary appointment.
- 4
- If, in the case provided for in the second and third paragraph of this Article, the President of the International Court of Justice is prevented from discharging the said function or is a national of either Country, the Vice-President should make the necessary appointments. If the Vice-President is prevented from discharging the said function or is a national of either Country, the most senior member of the Court available who is not a national of either Country should make the necessary appointments.
- 5
- The tribunal shall decide of the basis of respect for the law. Before the tribunal decides, it may at any stage of the proceedings propose to the parties that the dispute be settled amicably. The foregoing provisions shall not prejudice the power of the tribunal to decide the dispute in justice and good faith if the parties so agree.
- 6
- Unless the parties decide otherwise, the tribunal shall determine its own procedure.
- 7
- The tribunal shall reach its decision by a majority of votes. Such decision shall be final and binding on the parties to the dispute.
