- 1
- Any legal dispute between a Contracting Party and a national of the other Contracting Party arising directly out of an investment of that national in the territory of the former Contracting Party shall as far as possible be settled amicably between the parties in dispute. If the dispute cannot be settled within six months of the date when it is raised by one of the parties in dispute, it shall, at the request of the national concerned, be submitted for settlement by conciliation or arbitration.
- 2
- Each Contracting Party hereby consents to submit such legal dispute to the International Centre for the Settlement of Investment Disputes 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. 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, be treated for the purposes of the Convention as a national of the other Contracting Party.
- 3
- The arbitral tribunal to which such legal dispute is submitted shall, unless the parties to the dispute agree otherwise, decide in accordance with the laws of the Contracting Party – party to the dispute – (including its rules on the conflict of laws) and such rules of international law as may be applicable.
