20 Dec

1. Each party provides companies and nationals of the other party with an effective means of asserting their rights and enforcing rights relating to covered investments. (2) In the event of an investment dispute, the parties to the dispute should endeavour to resolve the dispute through consultations and negotiations, including the application of non-binding third-party procedures. Subject to the provisions of paragraph 3 of this article, a national or company of a contracting party party to an investment dispute may submit the dispute to a settlement under one of the following settlement options:A. submitted for settlement to the competent courts or administrative tribunals of the contracting party in the territory of which the covered investment was made. A. or B. in accordance with all applicable and previously agreed dispute resolution procedures; or C. in accordance with paragraph 3. 3 A. To the extent that the national or company in question has not submitted the dispute for the purposes of the settlement covered by paragraph 2.A or B and that ninety days have elapsed from the date of the onset of the dispute, the national or company concerned may submit the dispute to the settlement through binding arbitration: (i) the Centre , if both parties are members of the ICSID convention and the Centre is available; or (ii) at the centre`s additional facility, where additional facility is available; or (iii) in accordance with UNCLOS arbitration rules; or (iv) if both parties agree to the dispute, to another arbitration institution or in accordance with other arbitration rules. B.

Notwithstanding the fact that a national or a company has filed a dispute in a binding arbitration proceeding under paragraph 3.A, it may ask the courts or administrative tribunals of a contracting party, before the opening of the arbitration proceedings or during the proceedings, to apply for an interim stay to protect rights and interests, which does not involve the payment of damages. 4. Each contracting party agrees that any investment dispute be subject to the resolution of the dispute under point 3.A(iv) through a binding arbitration procedure, in accordance with the choice of the national company or the company covered in point 3.A), (ii) or mutual agreement between the two parties. This consent and the presentation of the dispute by a national or company covered in point 3.A meet the conditions set out in Article II of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitration Awards, which was concluded in New York on 10 June 1958 for a written “agreement” and B.