Common use of Disputes between Clause in Contracts

Disputes between. A PARTY AND AN INVESTOR OF THE OTHER PARTY 1. Disputes between an investor of one Party and the other Party concerning an investment, under this Agreement, shall be notified in writing by the investor to the latter Party. As far as possible, the parties concerned shall endeavour to settle these disputes amicably through negotiations. 2. If these disputes cannot be settled amicably within six months from the date of the written notification mentioned in paragraph 1, the dispute may be submitted, at the choice of the investor, to: - the competent court of the Party in whose territory the investment was made; or - an ad hoc tribunal of arbitration established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL); or - the International Centre for Settlement of Investment Disputes (ICSID) set up by the "Convention on Settlement of Investment Disputes between States and Nationals of other States", opened for signature at Washington on 18th March 1965,in case both Parties become members of this Convention. As long as a Party which is party in the dispute has not become a Contracting State of the Convention mentioned above, the dispute shall be dealt with pursuant to the rules of the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings of the ICSID. 3. The arbitration shall be based on the provisions of this Agreement, the national law of the Party in whose territory the investment was made, including the rules relative to conflicts of law, and the rules and generally accepted principles of international law as may be applicable. 4. A Party shall not assert as a defence that indemnification or other compensation for all or part of the alleged damages has been received or will be received by the investor pursuant to a guarantee or insurance contract. 5. The arbitration decisions shall be final and binding on the parties in the dispute. Each Party undertakes to execute the decisions in accordance with its national law.