Common use of Consent to Arbitration Clause in Contracts

Consent to Arbitration. 1. Each Contracting Party hereby consents to the submission of investment disputes by a disputing investor to arbitration set forth in paragraph 5 of Article 27 chosen by the disputing investor, except for disputes with regard to paragraph 3 of Article 4. 2. For investment disputes with regard to paragraph 3 of Article 4: (a) necessary consent for the submission to the arbitration will be given by the competent authority of the disputing Party set out in Article 41; and (b) in cases where the written agreement referred to in paragraph 3 of Article 4 stipulates a dispute settlement procedure, such procedure shall prevail over this Chapter. 3. The consent given by paragraph 1 and the submission by a disputing investor of an investment dispute to arbitration shall satisfy the requirements of: (a) Chapter II of the ICSID Convention or the ICSID Additional Facility Rules, for written consent of the parties to a dispute; and (b) Article II of the New York Convention, for an agreement in writing.