Settlement of Investment Disputes between a Contracting Party and a National of the Other Contracting Party
- 1
- Disputes between a national of one Contracting Party and the other Contracting Party concerning an investment of the former, which have not been settled amicably shall be notified in writing, including detailed information, by the investor to the host party of the investment and shall, if possible, be settled amicably.
- 2
- If the dispute cannot be settled amicably within six months from the date of the written notification mentioned in paragraph 1, the dispute may be referred to the competent court of the Contracting Party.
- 3
- The dispute may also be referred to international dispute settlement. Where the dispute is referred to international dispute settlement, the national may choose to refer the dispute to:
-
- 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 on 18 March 1965); or
- b)an ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law.
- 4
- 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, for the purpose of the Convention be treated as a national of the other Contracting Party.
- 5
- The arbitral awards shall be final and binding on the parties to the dispute and shall be executed according to national law.
- 6
- Each Contracting Party hereby consents to submit investment disputes for resolution to the alternative dispute settlement fora mentioned in the preceding paragraphs 3a) and 3b).
