Settlement of Disputes between a National of a Contracting Party and the other Contracting Party
Treedt in werking op een nader te bepalen tijdstip
- 1
- For the purpose of solving disputes with respect to investments between a Contracting Party and a national of the other Contracting Party, consultations will take place between the parties concerned with a view to solving the case amicably.
- 2
- If these consultations do not result in a solution within three months from the date of the written request for consultations, the national shall submit the dispute to the competent court of the Contracting Party in the territory of which the investment was made.
- 3
- In case of a legal dispute concerning an investment in the territory of the United Arab Emirates, the dispute may only be referred to ICSID if the national, party to the dispute, has first submitted the dispute to the competent court of the United Arab Emirates and the dispute has not been settled to the satisfaction of the national.
- After 6 months from the date of request for consultations, the national may refer the case to the International Centre for Settlement of Investment Disputes (ICSID) for settlement by conciliation or 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.
- 4
- Each Contracting Party hereby consents to submit any legal dispute arising between that Contracting Party and a national of the other Contracting Party concerning an investment of that national in the territory of the former Contracting Party to the ICSID.
- 5
- A legal person which is incorporated or constituted under the law in force in the territory of one of the Contracting Parties and in which before such a dispute arises the majority of shares are owned by investors 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.
