Common use of Awards Clause in Contracts

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest; (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (i) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d): (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 3 contracts

Sources: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest; (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' fees in accordance with this Section Treaty and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b24(1)(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d):24(3)(d) (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; , or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. If the respondent fails to abide by or comply with a final award, on delivery of a request by the non-disputing Party, a tribunal shall be established under Article 37 [State-State Dispute Settlement]. Without prejudice to other remedies available under applicable rules of international law, the requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations of this Treaty; and (b) a recommendation that the respondent abide by or comply with the final award. 9. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, Convention or the New York Convention [or the Inter-American Convention] regardless of whether actions proceedings have been taken under Article 10.18.5paragraph 8. 910. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention [and Article I of the Inter-American Convention].

Appears in 3 contracts

Sources: Bilateral Investment Treaty, Bilateral Investment Treaty (Bit), Bilateral Investment Treaty

Awards. 1. Where a tribunal makes a final an award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. 2. A tribunal may also award costs and attorneys' attorney's fees in accordance with this Section and the applicable arbitration rules. 23. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b9.12.2(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic lawlaws and regulations provided that such relief does not grant or result in duplicated remedies to any person in light of the award rendered. 34. A tribunal may not award punitive damages. 45. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 56. Subject to paragraph 6 and the applicable review procedure for an interim award7, a disputing party shall abide by and comply with an award without delay. 67. A disputing party may not seek enforcement of a final an award until: : (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and and (b) in the case of a final an award made under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d): 9.12.4(d), (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 3 contracts

Sources: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. 2. For greater certainty, when an investor of a Party submits a claim to arbitration under Article 21.1(a) (Submission of a Claim to Arbitration), it may recover only loss or damage that it has incurred in its capacity as an investor of a Party. 3. A tribunal may also award costs and attorneys' attorney’s fees incurred by the disputing parties in connection with the arbitral proceeding and shall determine how and by whom those costs and attorney’s fees shall be paid, in accordance with this Section and the applicable arbitration rules. 24. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b21.1(b) (Submission of a Claim to Arbitration): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have under applicable internal law in the relief under applicable domestic lawprovided in the award. 35. A tribunal may not award punitive damages. 46. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 57. Subject to paragraph 6 8 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 68. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (i) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d): (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (iib) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 79. Each Party shall provide for the enforcement of an award in its territoryarea. 810. If the non-disputing Party considers that the respondent has failed to abide by or comply with a final award, on delivery of a written request by the non-disputing Party, Section D (Settlement of Disputes between the Parties) shall apply to this matter. If an arbitral panel is established pursuant to such application, the requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations under this Agreement; and (b) in accordance with the rules on the draft report of an arbitral panel under Section D (Settlement of Disputes between the Parties), a recommendation that the respondent abides by or complies with the final award. 11. A disputing party may seek enforcement of an arbitration award under the ICSID New York Convention, or the New York Convention regardless of whether actions have been taken there are proceedings under Article 10.18.5paragraph 10. 912. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 3 contracts

Sources: Investment Agreement, Investment Agreement, Investment Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' attorney’s fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention:, (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d):10.16.3(d), (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. If the respondent fails to abide by or comply with a final award, on delivery of a request by the Party of the claimant, a panel shall be established under Article 21.6 (Request for an Arbitral Panel). The requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations of this Agreement; and (b) in accordance with Article 21.13 (Initial Report), a recommendation that the respondent abide by or comply with the final award. 9. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention, or the Inter-American Convention regardless of whether actions proceedings have been taken under Article 10.18.5paragraph 8. 910. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention and Article I of the Inter-American Convention.

Appears in 2 contracts

Sources: Trade Promotion Agreement, Trade Promotion Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest; (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b10.15(1)(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention:Convention.10-24 (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d):10.15(5)(d) (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; , or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. If the respondent fails to abide by or comply with a final award, on delivery of a request by the non-disputing Party, a panel shall be established under Article 22.6 (Request for an Arbitral Panel). The requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations of this Agreement; and (b) if the Parties agree, a recommendation that the respondent abide by or comply with the final award. 9. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention, or the Inter-American Convention regardless of whether actions proceedings have been taken under Article 10.18.5paragraph 8 . 910. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention and Article I of the Inter-American Convention.

Appears in 2 contracts

Sources: Free Trade Agreement, Free Trade Agreement

Awards. 1. Where a tribunal makes a final an award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' attorney’s fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 11 of this Article, where a claim is submitted to arbitration under sub-paragraph 1(b) of Article 10.16.1(b):24 [Submission of a Claim to Arbitration]: (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic lawlaws. 3. A tribunal may not award punitive damages. 4. An The award shall be made by a tribunal shall have no binding force except between available to the disputing parties and in respect of the particular casepublic promptly. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a A disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to sub-paragraph 3(d) of Article 10.16.5(d):24 [Submission of a Claim to Arbitration]: (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, aside or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, aside or annul the award and there is no further appeal. 76. Each Party An award made by a tribunal shall provide for have no binding force except between the enforcement of an award disputing parties and in its territory. 8. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I respect of the New York Conventionparticular case.

Appears in 1 contract

Sources: Investment Protection Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. 2. For greater certainty, when an investor of a Party submits a claim to arbitration under Article 21.1(a) (Submission of a Claim to Arbitration), it may recover only loss or damage that it has incurred in its capacity as an investor of a Party. 3. A tribunal may also award costs and attorneys' attorney's fees incurred by the disputing parties in connection with the arbitral proceeding and shall determine how and by whom those costs and attorney's fees shall be paid, in accordance with this Section and the applicable arbitration rules. 24. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b21.1(b) (Submission of a Claim to Arbitration): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have under applicable internal law in the relief under applicable domestic lawprovided in the award. 35. A tribunal may not award punitive damages. 46. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 57. Subject to paragraph 6 8 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 68. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (i) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d): (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (iib) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 79. Each Party shall provide for the enforcement of an award in its territoryarea. 810. If the non-disputing Party considers that the respondent has failed to abide by or comply with a final award, on delivery of a written request by the non-disputing Party, Section D (Settlement of Disputes between the Parties) shall apply to this matter. If an arbitral panel is established pursuant to such application, the requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations under this Agreement; and (b) in accordance with the rules on the draft report of an arbitral panel under Section D (Settlement of Disputes between the Parties), a recommendation that the respondent abides by or complies with the final award. 11. A disputing party may seek enforcement of an arbitration award under the ICSID New York Convention, or the New York Convention regardless of whether actions have been taken there are proceedings under Article 10.18.5paragraph 10. 912. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 1 contract

Sources: Investment Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary Monetary damages and any applicable interest;; and (b) restitution Restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' attorney's fees in accordance with this Section Treaty and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b24(1)(b): (a) an An award of restitution of property shall provide that restitution be made to the enterprise; (b) an An award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the The award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in In the case of a final award made under the ICSID Convention:, (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision Revision or annulment proceedings have been completed; and (b) in In the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d):24(3)(d), (i) 90 days ays have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (ii) a A court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. If the respondent fails to abide by or comply with a final award, on delivery of a request by the non-disputing Party, a tribunal shall be established under Article 37. Without prejudice to other remedies available under applicable rules of international law, the requesting Party may seek in such proceedings: (a) A determination that the failure to abide by or comply with the final award is inconsistent with the obligations of this Treaty; and (b) A recommendation that the respondent abide by or comply with the final award. 9. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, Convention or the New York Convention regardless of whether actions proceedings have been taken under Article 10.18.5paragraph 8. 910. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 1 contract

Sources: Investment Treaty

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. 2. For greater certainty, when an investor of a Party submits a claim to arbitration under Article 10.20.1, it may recover only for loss or damage that it has incurred in its capacity as an investor of a Party. 3. A tribunal may also award costs and attorneys' attorney's fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 34. A tribunal may shall not award punitive damages. 45. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 56. Subject to paragraph 6 7 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 67. A disputing party may shall not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d10.20.3(d): (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 78. Each Party shall provide for the enforcement of ensure that an award can be recognised and enforced in its territory. 8jurisdiction. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 1 contract

Sources: Free Trade Agreement

Awards. 1. Where a tribunal makes a final award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest; (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneysattomeys' fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b10.15(1)(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic law. 3. A tribunal may not award punitive damages. 4. An award made by a tribunal shall have no binding force except between the disputing parties and in respect of the particular case. 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention:. (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (i) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d): 10.15(5)(d) (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, or annul the award; , or (ii) a court has dismissed or allowed an application to revise, set aside, or annul the award and there is no further appeal. 7. Each Party shall provide for the enforcement of an award in its territory. 8. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I of the New York Convention.

Appears in 1 contract

Sources: Free Trade Agreement

Awards. 1. Where a tribunal makes a final an award against a respondent, the tribunal may award, separately or in combination, only: (a) monetary damages and any applicable interest;; and (b) restitution of property, in which case the award shall provide that the respondent may pay monetary damages and any applicable interest in lieu of restitution. A tribunal may also award costs and attorneys' attorney’s fees in accordance with this Section and the applicable arbitration rules. 2. Subject to paragraph 1, where a claim is submitted to arbitration under Article 10.16.1(b11.18.1(b): (a) an award of restitution of property shall provide that restitution be made to the enterprise; (b) an award of monetary damages and any applicable interest shall provide that the sum be paid to the enterprise; and (c) the award shall provide that it is made without prejudice to any right that any person may have in the relief under applicable domestic lawlaws. 3. A tribunal may not award punitive damages. 4. An The award shall be made by a tribunal shall have no binding force except between available to the disputing parties and in respect of the particular case.public promptly. (41) 5. Subject to paragraph 6 and the applicable review procedure for an interim award, a disputing party shall abide by and comply with an award without delay. 6. A disputing party may shall not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention: (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment of the award; or (iii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules, the UNCITRAL Arbitration Rules, or the rules selected pursuant to Article 10.16.5(d):11.18.4(d) : (i) 90 days have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside, aside or annul the award; or (ii) a court has dismissed or allowed an application to revise, set aside, aside or annul the award and there is no further appeal. 76. Each Party An award made by a tribunal shall provide for have no binding force except between the enforcement of an award disputing parties and in its territory. 8. A disputing party may seek enforcement of an arbitration award under the ICSID Convention, or the New York Convention regardless of whether actions have been taken under Article 10.18.5. 9. A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for the purposes of Article I respect of the New York Conventionparticular case.

Appears in 1 contract

Sources: Free Trade Agreement