Common use of Settlement of Investment Disputes Clause in Contracts

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "an investment dispute" dispute is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing Nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). However, in the event that the disputing investor has submitted the investment dispute for resolution under one of the international conciliations or arbitrations referred to in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the national law. 3. Any An investment dispute shall, as far as possible, be settled amicably through consultations consultation or negotiation between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations consultation or negotiation within three six months from the date on which the disputing investor requested for the consultation or negotiation in writing and if the disputing Party investor has not submitted the investment dispute for consultationsresolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the national law, if any, the disputing investor may, subject to subparagraph 7(a), may submit the investment dispute to one of the following international conciliations or arbitrations: (a) Conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) Conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to Disputes so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration Arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if If agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. The applicable arbitration rules shall govern the arbitration set forth in paragraph 4 except to the extent modified in this Article. 6. The disputing investor who intends to submit the investment dispute to conciliation or arbitration pursuant to paragraph 4 shall give to the disputing Party written notice of intent to do so at least 90 days before the claim is submitted. The notice of intent shall specify: (a) The name and address of the disputing investor; (b) The specific measures of the disputing Party at issue and a brief summary of the factual and legal basis of the investment dispute sufficient to present the problem clearly, including the obligations under this Agreement alleged to have been breached; (c) Conciliation or arbitration set forth in paragraph 4 which the disputing investor will choose; and (d) The relief sought and the approximate amount of damages claimed. 7. Consultations and negotiations referred to in paragraph 3 shall be requested and the notice of intent referred to in paragraph 6 shall be given to the following competent authorities of the disputing Party. (a) In case of Japan, Ministry of Foreign Affairs; and (b) In case of the Republic of Peru, Ministry of Economy and Finance (Ministerio de Economía y Finanzas). 8. (a) Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. 6(b) The consent given by subparagraph (a) and the submission by a disputing investor of a claim to arbitration shall satisfy the requirements of: (i) Chapter II of the ICSID Convention or the Additional Facility Rules of the International Centre for Settlement of Investment Disputes for written consent of the parties to a dispute; and (ii) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (hereinafter referred to as "New York Convention") for an agreement in writing. 9. Notwithstanding paragraph 58, no investment disputes claim may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in 10. Notwithstanding paragraph 4, the same investment dispute shall disputing investor may initiate or continue an action that seeks interim injunctive relief that does not be submitted for resolution under courts involve the payment of justice, damages before an administrative tribunals tribunal or agencies agency or any other binding dispute settlement mechanism established a court of justice under the laws and regulations law of the disputing Party. 811. Unless the disputing parties agree otherwise, an arbitral tribunal established under paragraph 4 shall comprise three arbitrators, one arbitrator appointed by each of the disputing parties and the third, who shall be the presiding arbitrator, appointed by agreement of the disputing parties. If the disputing investor or the disputing Party fails to appoint an arbitrator or arbitrators within 60 days from the date on which the investment dispute was submitted to arbitration, the Secretary-General of the International Centre for Settlement of Investment Disputes (hereinafter referred to in this Article as "ICSID"), may be requested by either of the disputing parties, to appoint the arbitrator or arbitrators not yet appointed from the ICSID Panel of Arbitrators subject to the requirements of paragraphs 12 and 13. 12. Unless the disputing parties agree otherwise, the third arbitrator shall not be a national of either Contracting Party, nor have his or her usual place of residence in the territory of either Contracting Party, nor be employed by either of the disputing parties, nor have dealt with the investment dispute in any capacity. 13. In the case of arbitration referred to in paragraph 4, each of the disputing parties may indicate up to three nationalities, the appointment of arbitrators of which is unacceptable to it. In this event, the Secretary-General of the ICSID may be requested not to appoint as arbitrator any person whose nationality is indicated by either of the disputing parties. 14. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the New York Convention. 15. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 916. The disputing Party shall deliver to the other Contracting Party: (a) written Written notice of the investment dispute claim submitted to the arbitration no later than thirty (30) 30 days after the date on which the investment dispute claim was submitted; and (b) copies Copies of all pleadings filed in the arbitration. 1017. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, may make submissions to the arbitral tribunal on a question of interpretation of this Agreement, upon written notice to the disputing parties. 1118. The arbitral tribunal may order an interim measure of protection to preserve the rights of the disputing investor, or to facilitate the conduct of arbitral proceedings, including an order to preserve evidence in the possession or control of either of the disputing parties. The arbitral tribunal shall not order attachment or enjoin the application of the measure alleged to constitute a breach referred to in paragraph 1. 19. The award onlyrendered by the arbitral tribunal shall include: (a) a A judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) A remedy if there has been such breach. The remedy shall be limited to one or both of the following remedies, only if there has been such a breachfollowing: (i) Payment of monetary damages and applicable interest; and (ii) restitution Restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, interest in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1420. The award rendered by the arbitral tribunal in accordance with paragraph 19 shall be final and binding upon the disputing parties. This The disputing Party shall carry out without delay the provisions of the award and provide in its Area for the enforcement of the award in accordance with its relevant laws and regulations. 21. Neither Contracting Party shall give diplomatic protection, or bring an international claim, in respect of an investment dispute which the other Contracting Party and an investor of the former Contracting Party have consented to submit or submitted to arbitration set forth in paragraph 4, unless the other Contracting Party shall have failed to abide by and comply with the award rendered in such investment dispute. Diplomatic protection, for the purposes of this paragraph, shall not include informal diplomatic exchanges for the sole purpose of facilitating a settlement of the investment dispute. 22. The assumption of expenses incurred by the disputing parties in the arbitration or conciliation shall be executed established: (a) In case of subparagraph 4(a) and (b), by the arbitration or conciliation institution which the dispute has been submitted to, according to its rules of procedure for arbitration or conciliation proceedings; (b) In case of subparagraph 4(c), in accordance with the applicable laws and regulations as well as relevant international law including rules of procedure for arbitration proceedings chosen by the ICSID Convention and the New York Conventiondisputing investor, concerning the execution where applicable; or (c) In case of award subparagraph 4(d), in force accordance with any rules of procedure, or in the country where absence of such execution is soughtrules, in accordance with the agreement of the disputing parties.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party (1. ) For the purposes of this Article, "an investment dispute" dispute is defined as a dispute involving: (a) interpretation or application of any investment authorization granted by a Contracting Party's foreign investment authority to an investor of the other Contracting Party, or (b) a breach of any right conferred or created by this Agreement with respect to an investment. (2) Any dispute between a one Contracting Party and an investor of the other Contracting Party Party, concerning an investment of that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation investor in the territory of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shallsettled, as far as possiblepossible amicably, be settled amicably through by consultations and negotiations between the disputing investor and parties to the disputing Party (hereinafter referred to in this Article as "the disputing parties")dispute. 4. (3) If the investment dispute cannot be settled through such by consultations and negotiations within three six months from the date on which of request for settlement then the disputing dispute shall be submitted to, as the investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrationsmay choose to: (a) the International Center for Settlement of Investment Disputes (ICSID) set up by the " Convention on Settlement of Investment Disputes Between States and Nationals of other States" done at Washington, on March 16, 1965, in case both Contracting Parties become signatories of this Convention, (b) an ad hoc court of arbitration laid down under the Arbitration Rules of Procedure of the United Nations Commission for International Trade Law (UNCITRAL). (4) The submission of the investment disputes to the International Center for the Settlement of Investment Disputes will be done in accordance with the procedure provided for in the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, done opened for signature at Washington, Washington on March 18, 1965 1965. (hereinafter referred to 5) The arbitral tribunal shall decide on the basis of the law, taking into account the sources of law in the following precedence: -the provisions of this Article as "the ICSID Convention"), so long as the ICSID Convention is in force Agreement and other relevant Agreements between the Contracting Parties;; -the law in force in the Contracting Party concerned; -the provisions of special agreements relating to investments; -the general principles of international law as recognized by both Contracting Parties. (b6) arbitration under Notwithstanding the Additional Facility Rules provisions of paragraphs 3 and 4 of this Article; In accordance with the notification submitted by the Republic of Turkey to the International Centre Center for the Settlement of Investment DisputesDisputes (ICSID), provided hereinafter referred as "the Center", on March 3, 1989, pursuant to Article 25 (4) of the "Convention on the Settlement of Investment Disputes between States and Nationals of other States"; a) only the disputes arising directly out of investment activities which have obtained necessary permission, if any, in conformity with the relevant legislation of the Republic of Turkey on foreign capital, and that either Contracting Partyeffectively started, but not both, is a party shall be subject to the ICSID Convention; (c) arbitration under the Arbitration Rules jurisdiction of the United Nations Commission on International Trade LawCenter or any other international dispute settlement mechanism; and (db) if agreed with the disputing Partydisputes, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents related to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by property and real rights upon the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established real estates are totally under the laws and regulations jurisdiction of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws Turkish courts and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute therefore shall not be submitted for resolution under courts to jurisdiction of justice, administrative tribunals or agencies the Center or any other binding international dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submittedmechanism; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Other Contracting Party 1. For the purposes of this Article, "an “investment dispute" ” is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "“disputing investor"”) from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "“disputing Party"”). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "“the disputing parties"”). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international conciliations or arbitrations: (a) conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "“the ICSID Convention"”), so long as the ICSID Convention is in force between the Contracting Parties; (b) conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, adopted by the United Nations Commission on International Trade Law on April 28, 1976; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three five years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted submitted to courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any conciliation or arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the conciliations or arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "“the New York Convention"”). 1412. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with by the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 any dispute arising between that Contracting Party and an investor of the other Contracting Party which involves: (hereinafter referred i) an obligation entered into by that Contracting Party with the investor of the othar Contracting Party regarding an investment by such investor; or (ii) an alleged breach of any right conferred or created by this Agreement with respect to in this Article as "an investment by such investor. 2. A company which is incorporated or constituted under the ICSID Convention"), so long as the ICSID Convention is laws in force between in the territory of one Contracting Parties; Party and in which before such a dispute arises the majority of shares are owned by investors of the other Contracting Party shall in accordance with Article 25(2) (b) arbitration under the Additional Facility Rules of the International Centre Convention be treated for Settlement the purpose of Investment Disputes, provided that either this Convention as a company of the other Contracting Party, but not both, is a party to the ICSID Convention;. (ci) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, If any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 11 should Arise, the Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within six (6) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceedings By addressing a request to that effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the dispute is not currently pending before the courts of justice or administrative tribunals or agencies of competent jurisdiction of the Contracting Party that is party to the dispute. (aii) In the event that an investment dispute has been Submitted of disagreement as to courts of justicewhether conciliation or arbitration is the more appropriate procedure, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations opinion of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on dispute shall not raise as an objection, defence, or right of set-off at any stage of the Recognition proceedings or enforcement of an award the fact that the investor which is the other party to the dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of his or its losses and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention")damages. 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, Article an "investment dispute" is defined as a dispute involving (a) The interpretation or application of an investment agreement between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an Party; (b) An alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the an investor of that the other Contracting Party or its investments his investment; (c) The interpretation or application of any investment authorization granted by a Party's foreign investment authority to such investor, provided that the denial of an investment authorization shall not in itself constitute an investment dispute unless such denial involves an alleged breach of any right conferred or created by the Area of the former Contracting Partypresent Agreement. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent Investment Disputes between an investor who is a party to of one of the Contracting Parties and the other Contracting Party in connection with his investment made in the territory of the latter Contracting Party shall, as far as possible be settled by the disputing parties in an investment amicable way. 3. If such disputes cannot be thus settled, the investor concerned may submit the dispute at his choice, for the settlement to: (hereinafter referred to in this Article as "disputing investor"a) from seeking The competent court or administrative or judicial settlement within the Area tribunal of the Contracting Party that which is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties;dispute; or (b) arbitration under the Additional Facility Rules of the The International Centre for Settlement of Investment DisputesDisputes (ICSID) set up by the "Convention on Settlement of Investment Disputes Between States and Nationals of other States", provided that either opened for signature at Washington D.C. on 18 March 1965, in case both Contracting Party, but not both, is a party Parties are parties to the ICSID Convention;; or (c) arbitration An arbitrator or international ad-hoc arbitral tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law; andLaw (UNCITRAL). (d) if agreed with 4. The consent to submit any such disputes to arbitration implies the disputing Party, any arbitration in accordance with other arbitration rulesrenunciation of the requirement that the internal administrative or judicial remedies should be exhausted. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the arbitral tribunal shall be final and binding upon on both parties to the disputing parties. This award shall be executed dispute and enforced in accordance with the applicable laws and regulations as well as relevant international domestic law including of the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughtContracting Party concerned.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 any dispute arising between that Contracting Party and an investor of the other Contracting Party which involves: (hereinafter referred to in this Article as "a) an obligation entered into by that Contracting Party with the ICSID Convention"), so long as investor of the ICSID Convention is in force between the other Contracting Parties;Party regarding an investment by such investor; or (b) arbitration an alleged breach of any right conferred or created by this Agreement with respect to an investment by such investor. 2. A company which is incorporated or constituted under the Additional Facility Rules laws in force in the territory of one Contracting Party and in which before such a dispute arises the majority of shares are owned by investors of the International Centre for Settlement of Investment Disputes, provided that either other Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration Party shall in accordance with Article 25(2)(b) of the Convention be treated for the purpose of this Convention as a company of the other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1Party. (a) In If any dispute referred to in paragraph 1 should arise, the event Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within three (3) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceedings by addressing a request to that an investment effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute has been Submitted to the courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of competent jurisdiction of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if Contracting Party that is party to the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made thereindispute. (b) In the event that an investment dispute has been submitted for resolution under one of disagreement as to whether conciliation or arbitration is the more appropriate procedure, the opinion of the arbitrations set forth in paragraph 4, investor concerned shall prevail. The Contracting Party which Is a party to the same investment dispute shall not be submitted for resolution under courts raise as an objection, defence, or right of justice, administrative tribunals or agencies or set-off at any other binding dispute settlement mechanism established under the laws and regulations stage of the disputing Party. 8proceedings or enforcement of an award the fact that the investor which is the other party to the dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of his or its losses and damages. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Neither Contracting Party shall deliver pursue through diplomatic channels any dispute referred to the other Contracting PartyCentre unless: (a) written notice the Secretary-General of the investment Centre, or a conciliation commission or an arbitral tribunal constituted by it, decides that the dispute submitted to is not within the arbitration no later than thirty (30) days after jurisdiction of the date on which the investment dispute was submittedCentre; andor (b) copies of all pleadings filed in the arbitration. 10. The other Contracting Party which is not the disputing Party may, upon written notice should fail to the disputing parties, make submissions abide by or to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of comply with any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the an arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughttribunal.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Other Contracting Party 1. For the purposes of this Article, "“investment dispute" ” is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area Territory of the former Contracting Party. 2. Subject to subparagraph 7(b6(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "“disputing investor"”) from seeking administrative or judicial settlement within the Area Territory of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "“disputing Party"”). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations and negotiations conducted in good faith between the disputing investor and the disputing Party (hereinafter referred to in this Article as "“the disputing parties"”). To this end, the disputing investor shall deliver to the disputing Party a written request for consultations setting out a brief description of facts regarding the measure or measures at issue. The consultation shall be commenced no later than thirty days after the date of its receipt by the disputing Party. Nothing in this paragraph precludes the use of non- binding, third party procedures, such as good offices, conciliation or mediation. 4. If the investment dispute cannot be settled through such consultations within three six months from the date on which of the disputing investor requested in writing receipt by the disputing Party of a written request for consultationsconsultations pursuant to paragraph 3, the disputing investor may, subject to subparagraph 7(a6(b), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "“the ICSID Convention"”), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Subject to Article 5, each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor, except for investment disputes regarding the obligations of the disputing Party under paragraphs 5 through 8 of Article 2. 6. (a) Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (ab) In Once the event that disputing investor has submitted an investment dispute has been Submitted to courts of justice, the competent court or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations tribunal of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under Party or to one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations choice of the disputing Partyinvestor shall be final and the disputing investor may not submit thereafter the same dispute to other arbitrations or competent court or administrative tribunal. 8(c) Notwithstanding paragraphs 4 and 5, no investment dispute may be submitted to the arbitration set forth in paragraph 4 unless the disputing investor gives the disputing Party written waiver of any right to initiate before any competent court or administrative tribunal of the disputing Party with respect to any measure of the disputing Party alleged to constitute a breach referred to in paragraph 1. 7. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. In this context, the domestic law of the disputing Party shall be considered, when it is relevant to the claim, as a matter of fact. 98. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 109. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. The disputing Party may make comments concerning the said interpretation. 1110. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's ’s fees in accordance with this Agreement and applicable arbitration rules. The arbitral tribunal shall not award punitive damages. 1211. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 1312. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "“the New York Convention"”). 13. The disputing Party may not assert as a defence, counterclaim, right of set-off or for any other reason, that the disputing investor has received or will receive indemnification or other compensation for all or part of the alleged damages pursuant to an insurance or guarantee contract. 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought. 15. No measures of constraint, such as attachment, arrest or execution, in connection with an arbitration referred to in paragraph 4 or any proceeding before a court of a State other than the disputing Party with respect to the award of that arbitration, shall be taken, before or after that award, against the property of the disputing Party in use or intended for use for government non-commercial purposes. The following categories, in particular, of property of the disputing Party shall be considered as property in use or intended for use by the disputing Party for government non-commercial purposes under this paragraph: (a) property, including any bank accounts, which is used or intended for use in the performance of the functions of the diplomatic mission of the disputing Party or its consular posts, special missions, missions to international organisations, or delegations to organs of international organisations or to international conferences; (b) property of a military character or used or intended for use in the performance of military functions; (c) property of the central bank or other monetary authority of the disputing Party; (d) property forming part of the cultural heritage of the disputing Party or part of its archives and not placed or intended to be placed on sale; and (e) property forming part of an exhibition of objects of scientific, cultural or historical interest and not placed or intended to be placed on sale.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to investments of the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b5(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of in the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any An investment dispute shall, as far as possible, be settled amicably through consultations or negotiations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the any investment dispute cannot be settled through such consultations or negotiations within three six months from the date on which the disputing investor requested in writing the disputing Party for consultationsconsultations or negotiations, the disputing investor may, subject to subparagraph 7(a5(a), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 States (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; andor (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by , if agreed with the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1Party. (a) In the event that an investment dispute has been Submitted submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 6. The applicable arbitration rules shall govern the arbitration set forth in paragraph 4 except to the extent modified in this Article. 7. The disputing investor who intends to submit the investment dispute to arbitration pursuant to paragraph 4 shall give to the disputing Party written notice of intent to do so at least ninety days before the claim is submitted. The notice of intent shall specify: (a) the name and address of the disputing investor; (b) the specific measures of the disputing Party at issue and a brief summary of the factual and legal basis of the investment dispute sufficient to present the problem clearly, including the obligations under this Agreement alleged to have been breached; (c) arbitration set forth in paragraph 4 which the disputing investor will choose; and (d) the relief sought and the approximate amount of damages claimed. (a) Each Contracting Party hereby consents to the submission of investment disputes by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. (b) The consent given by subparagraph (a) and the submission by a disputing investor of a claim to arbitration shall satisfy the requirements of: (i) Chapter II of the ICSID Convention or the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, for written consent of the parties to a dispute; and (ii) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (hereinafter referred to as "New York Convention") for an agreement in writing. 9. Notwithstanding paragraph 8, no claim may be submitted to arbitration set forth in paragraph 4, if more than five years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. 10. Notwithstanding paragraph 5, the disputing investor may initiate or continue an action that seeks interim injunctive relief that does not involve the payment of damages before an administrative tribunal or court of justice under the law of the disputing Party. 11. Unless the disputing parties agree otherwise, an arbitral tribunal established under paragraph 4 shall comprise three arbitrators, one arbitrator appointed by each of the disputing parties and the third, who shall be the presiding arbitrator, appointed by agreement of the disputing parties. If the disputing investor or the disputing Party fails to appoint an arbitrator or arbitrators within ninety days from the date on which the investment dispute was submitted to arbitration, the Secretary-General of the International Centre for Settlement of Investment Disputes (hereinafter referred to in this Article as "ICSID") may be requested by either of the disputing parties, to appoint the arbitrator or arbitrators not yet appointed from the ICSID Panel of Arbitrators subject to the requirements of paragraphs 12 and 13. 12. Unless the disputing parties agree otherwise, the third arbitrator shall not be a national of either Contracting Party, nor have his or her usual place of residence in either Contracting Party, nor be employed by either of the disputing parties, nor have dealt with the investment dispute in any capacity. 13. In the case of arbitration referred to in paragraph 4, each of the disputing parties may indicate up to three nationalities, the appointment of arbitrators of which is unacceptable to it. In this event, the Secretary-General of the ICSID may be requested not to appoint as arbitrator any person whose nationality is indicated by either of the disputing parties. 14. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the New York Convention. 15. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 916. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute claim submitted to the arbitration no later than thirty (30) sixty days after the date on which the investment dispute claim was submitted; and (b) copies of all pleadings filed in the arbitration. 1017. The Contracting Party which is not the disputing Party may, upon On written notice to the disputing parties, the non- disputing Contracting Party may make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 1118. The arbitral tribunal may order an interim measure of protection to preserve the rights of the disputing investor, or to facilitate the conduct of arbitral proceedings, including an order to preserve evidence in the possession or control of either of the disputing parties. The arbitral tribunal shall not order attachment or enjoin the application of the measure alleged to constitute a breach referred to in paragraph 1. 19. The award onlyrendered by the arbitral tribunal shall include: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) a remedy if there has been such breach. The remedy shall be limited to one or both of the following remedies, only if there has been such a breachfollowing: (i) payment of monetary damages and applicable interest; and (ii) restitution vrestitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, interest in lieu of restitution. The arbitral tribunal Costs may also award cost and attorney's fees be awarded in accordance with this Agreement and the applicable arbitration rules. 1220. The disputing Party may make available to the public in a timely manner all documents, including an award, documents submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction ofincluding an award, except for: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld the disputing Party must withhold pursuant to the relevant arbitration rules, as applied. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1421. The award rendered by the arbitral tribunal in accordance with paragraph 19 shall be final and binding upon the disputing parties. This The disputing Party shall carry out without delay the provisions of the award shall be executed and provide for the enforcement of the award in accordance with the applicable its relevant laws and regulations as well as relevant regulations. 22. Neither Contracting Party shall give diplomatic protection, or bring an international law including claim, in respect of an investment dispute which the ICSID Convention other Contracting Party and an investor of the New York Conventionformer Contracting Party have consented to submit or submitted to arbitration set forth in paragraph 4, concerning unless the execution other Contracting Party shall have failed to abide by and comply with the award rendered in such investment dispute. Diplomatic protection, for the purposes of award in force in this paragraph, shall not include informal diplomatic exchanges for the country where such execution is soughtsole purpose of facilitating a settlement of the investment dispute.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party Party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement agreement and applicable arbitration arbitral rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 any dispute arising between that Contracting Party and an investor of the other Contracting Party which involves: (hereinafter referred to in this Article as "a) an obligation entered into by that Contracting Party with the ICSID Convention"), so long as investor of the ICSID Convention is in force between the other Contracting Parties;Party regarding an investment by such investor; or (b) arbitration an alleged breach of any right conferred or created by this Agreement with respect to an investment by such investor. 2. A company which is incorporated or constituted under the Additional Facility Rules laws in force in the territory of one Contracting Party and in which before such a dispute arises the majority of shares are owned by investors of the International Centre for Settlement of Investment Disputes, provided that either other Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration Party shall in accordance with Article 25(2)(b) of the Convention be treated for the purpose of this Convention as a company of the other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1Party. (a) In If any dispute referred to in paragraph 1 should arise, the event Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within three (3) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceedings by addressing a request to that an investment effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute has been Submitted to the courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of competent jurisdiction of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if Contracting Party that is party to the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made thereindispute. (b) In the event that an investment dispute has been submitted for resolution under one of disagreement as to whether conciliation or arbitration is the more appropriate procedure, the opinion of the arbitrations set forth in paragraph 4, the same investment dispute investor concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice a party to the disputing partiesdispute shall not raise as an objection, make submissions defence, or right of set-off at any stage of the proceedings or enforcement of an award the fact that the investor which is the other party to the arbitral tribunal on a question dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for ail or part of interpretation of this Agreementhis or its losses and damages. 114. The arbitral tribunal may award onlyNeither Contracting Party shall pursue through diplomatic channels any Dispute referred to the Centre unless: (a) the Secretary-General of the Centre, or a judgment whether conciliation commission or an arbitral tribunal constituted by it, decides that the dispute is not there has been a breach by within the disputing Party jurisdiction of any obligation under this Agreement with respect to the disputing investor and its investmentsCentre; andor (b) one the other Contracting Party should fail to abide by or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and to comply with any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the an arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughttribunal.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this ArticleChapter, an "investment disputeinvestmentdispute" is a dispute between a Contracting Party and an investor of the ofthe other Contracting Party that has incurred loss or damage by reason ofreasonof, or arising out of, an alleged breach of any obligation of the former Contracting Party under obligationunder this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Partyand itsinvestments. 2. Subject to subparagraph 7(b)An investment dispute shall, nothing in this Article shall be construed so as to prevent far as possible, besettled amicably through consultation or negotiationbetween an investor who is a party to an investment the investmentdispute (hereinafter referred to in this Article as"disputing investor") and the Party that is a party to theinvestment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as Articleas "disputing Party"). 3. Any investment dispute shall, Nothing in this Article shall be construed so as far as possible, be settled amicably through consultations between the toprevent a disputing investor and from seeking administrative orjudicial settlement within the disputing Party (hereinafter referred to in this Article as "inaccordance with the disputing parties"). laws and regulations of the disputingParty. 4. If the investment dispute cannot be settled through such consultations within three throughconsultation or negotiation referred to in paragraph 2within five months from the date on which the disputing investor disputinginvestor requested in writing for the disputing Party for consultations, consultation or negotiation inwriting and if the disputing investor mayhas not submitted theinvestment dispute for resolution under courts of justiceor administrative tribunals or agencies, subject to subparagraph 7(a), the disputinginvestor may submit the investment dispute to one of the following thefollowing international conciliations or arbitrations: : (a) conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes Dispute between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter OtherStates(hereinafter referred to in this Article as "the as"the ICSID Convention"), so long as the ICSID Convention ICSIDConvention is in force between the Contracting Parties; ; (b) conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement forSettlement of Investment Disputes, provided that either Contracting Party, but so long as theICSID Convention is not both, is a party to in force between the ICSID Convention; Parties; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, adopted by the United Nations Commission onInternational Trade Law on April 28, 1976; and and (d) if agreed with the disputing Party, any arbitration anyarbitration in accordance with other arbitration rules. . 5. The applicable conciliation or (a) Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to toconciliation or arbitration set forth in paragraph 4 chosen 4. (b) The consent given by subparagraph (a) and thesubmission by a disputing investor of aninvestment dispute to conciliation or arbitrationshall satisfy the disputing investor. 6requirements of: (i) Chapter II of the ICSID Convention or theAdditional Facility Rules of theInternational Centre for Settlement of Investment Disputes, for written consent ofthe parties to a dispute; and (ii) Article II of the New York Convention for an agreement in writing. 8. Notwithstanding paragraph 57, no investment disputes may be dispute maybe submitted to conciliation or arbitration set forth in paragraph 4, if more than three years have elapsed since the sincethe date on which the disputing investor acquired or should have shouldhave first acquired, whichever is the earlier, the knowledge theknowledge that the disputing investor had incurred loss or damage ordamage referred to in paragraph 1. (a) In . 9. Notwithstanding paragraph 4, the event disputing investormay initiate or continue an action that seeks interiminjunctive relief that does not involve the payment ofdamages before an investment dispute has been Submitted to courts administrative tribunal or agency or acourt of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established justice under the laws and regulations law of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to Unless the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter Party(hereinafter referred to in this Article as "the New York Conventiondisputingparties"). 14. The award rendered by the ) agree otherwise, an arbitral tribunal establishedunder paragraph 4 shall comprise three arbitrators, onearbitrator appointed by each of the disputing parties andthe third, who shall be final and binding upon the presiding arbitrator, appointedby agreement of the disputing parties. This award shall If the disputing investor or the disputing Party fails to appoint anarbitrator or arbitrators within 60 days from the date onwhich the investment dispute was submitted to arbitration,the Secretary-General of the International Centre forSettlement of Investment Disputes (hereinafter referred toin this Article as "ICSID"), may be executed in accordance with requested by either ofthe disputing parties, to appoint the applicable laws and regulations as well as relevant international law including arbitrator orarbitrators not yet appointed from the ICSID Convention and Panel ofArbitrators subject to the New York Convention, concerning the execution requirements of award in force in the country where such execution is soughtparagraphs 11and 12.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Other Contracting Party 1. For the purposes of this Article, "“investment dispute" ” is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the that investor of that the other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b)paragraph 8, nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "“disputing investor"”) from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "“disputing Party"”). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "“the disputing parties"”). 4. If the The investment dispute cannot be settled through such consultations within three months from may, at the date on which choice of the disputing investor requested in writing the disputing Party for consultationsinvestor, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrationsbe submitted to: (a) a competent court or administrative tribunal of the disputing Party; or (b) an arbitration in accordance with with: (i) the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the “ICSID Convention”), if both Contracting Parties are parties to the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (bii) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Partyif either, but not both, Contracting Party is a party to the ICSID Convention; (ciii) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; andor (div) any other arbitration rules, if agreed with the disputing Party provided that, for the purposes of subparagraph (b), the investment dispute cannot be settled through the consultation referred to in paragraph 3 within six (6) months from the date of the submission of the written request for consultation to the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three (3) years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 87. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 8. Once the disputing investor has submitted an investment dispute to the competent court or administrative tribunal of the disputing Party or to one of the arbitrations set out in paragraph 4, the choice of the disputing investor shall be final and the disputing investor may not submit thereafter the same dispute to the other arbitrations set out in paragraph 4. 9. Notwithstanding paragraphs 4 and 5, no investment dispute may be submitted to the arbitration set out in paragraph 4 unless the disputing investor gives the disputing Party written waiver of any right to initiate or continue before any competent court or administrative tribunal of the disputing Party with respect to any measure of the disputing Party alleged to constitute a breach referred to in paragraph 1. 10. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 1011. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 1112. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's ’s fees in accordance with this Agreement and applicable arbitration rules. 1213. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 1314. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "“the New York Convention"”). 1415. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, an "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international conciliations or arbitrations: (a) conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, adopted by the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. (a) Except for investment disputes regarding the Obligation of the disputing Party under paragraph 3 of Article 5. Each , each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. (b) For investment disputes regarding the obligation of the disputing Party under paragraph 3 of Article 5, necessary consent for the submission to the conciliation or arbitration will be given by the disputing Party on a case-by-case basis. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three five years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any conciliation or arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the conciliations or arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 109. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 1310. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention")1958. 1411. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with by the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the that investor of that the other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b)8, nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the The investment dispute cannot be settled through such consultations within three months from may, at the date on which choice of the disputing investor requested in writing the disputing Party for consultationsinvestor, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrationsbe submitted to: (a) a competent court or administrative tribunal of the disputing Party; or (b) an arbitration in accordance with with: (i) the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as the "the ICSID Convention"), so long as if both Contracting Parties are parties to the ICSID Convention is in force between the Contracting PartiesConvention; (bii) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Partyif either, but not both, Contracting Party is a party to the ICSID Convention; (ciii) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; andor (div) any other arbitration rules, if agreed with the disputing Party provided that, for the purposes of subparagraph (b), the investment dispute cannot be settled through the consultation referred to in paragraph 3 within six (6) months from the date of the submission of the written request for consultation to the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three (3) years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 87. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 8. Once the disputing investor has submitted an investment dispute to the competent court or administrative tribunal of the disputing Party or to one of the arbitrations set out in paragraph 4, the choice of the disputing investor shall be final and the disputing investor may not submit thereafter the same dispute to the other arbitrations set out in paragraph 4. 9. Notwithstanding paragraphs 4 and 5, no investment dispute may be submitted to the arbitration set out in paragraph 4 unless the disputing investor gives the disputing Party written waiver of any right to initiate or continue before any competent court or administrative tribunal of the disputing Party with respect to any measure of the disputing Party alleged to constitute a breach referred to in paragraph 1. 10. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 1011. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 1112. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 1213. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 1314. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1415. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 (hereinafter referred to in this Article as "any dispute arising between that Contracting Party and an investor of the ICSID Convention"), so long as the ICSID Convention is in force between the other Contracting Parties;Party which involves: (bi) arbitration An obligation entered into by that Contracting Party with the investor of the other Contracting Party regarding an investment by such investor; or (ii) An alleged breach of any right conferred or created by this Agreement with respect to an investment by such investor 2. A company which is incorporated or constituted under the Additional Facility Rules laws In force in the territory of one Contracting Party and in which before such a dispute arises the majority of shares are owned by investors of the International Centre for Settlement of Investment Disputes, provided that either other Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration Party shall in accordance with Article 25(2)(b) of the Convention be treated for the purpose of this Convention as a company of the other arbitration rulesContracting Party. 5. Each Contracting Party hereby consents to the submission of an investment (i) If any dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 11 should arise, the Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within three (3) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceedings by addressing a request to that effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute to the courts of justice or administrative tribunals or agencies of competent jurisdiction of the Contracting Party that is party to the dispute. (aii) In the event that an investment dispute has been Submitted of disagreement as to courts of justicewhether conciliation or arbitration is the more appropriate procedure, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations opinion of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on dispute shall not raise as an objection, defence, orright of set-off at any stage of the Recognition proceedings or enforcement of an award the fact that the investor which is the other party to the dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of his or its losses and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention")damages. 144. The award rendered by arbitration tribunal shall decide in accordance with the provisions of this Agreement, the laws of the Contracting Party involved in the dispute, including its rules on conflict of law, the terms of any specific agreement concluded in relation to such an investment and the relevant principles of international law. 5. The arbitral tribunal decisions shall be final and binding upon for the disputing partiesParties in the dispute. This award Each Contracting Party shall be executed execute them in accordance with its laws. 6. Neither Contracting Party shall pursue through diplomatic channels any dispute referred to the applicable laws and regulations as well as relevant international law including Centre unless; (i) The Secretary-General of the ICSID Convention and Centre, or a conciliation commission or an arbitral tribunal constituted by it, decides that the New York Convention, concerning dispute is not within the execution jurisdiction of the Centre; or (ii) The other Contracting Party should fail to abide by or to comply with any award in force in the country where such execution is soughtrendered by an arbitral tribunal.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "an investment dispute" dispute is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under right conferred by this Agreement with respect to the investor investments of investors of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing Nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any An investment dispute shall, as far as possible, be settled amicably through consultations consultation or negotiation between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations consultation or negotiation within three months from the date on which the disputing investor requested the consultation or negotiation in writing and if the disputing Party investor has not submitted the investment dispute for consultationsresolution under courts of justice or administrative tribunals or agencies, the disputing investor may, subject to subparagraph 7(a), may submit the investment dispute to one of the following international conciliations or arbitrations: (a) Conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 1965, as may be amended (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) Conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Partyas may be amended, but not both, is a party to so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration Arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, as may be amended; and (d) if If agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. The applicable arbitration rules shall govern the arbitration set forth in paragraph 4 except to the extent modified in this Article. 6. The disputing investor who intends to submit the investment dispute to conciliation or arbitration pursuant to paragraph 4 shall give to the disputing Party written notice of intent to do so at least 90 days before the claim is submitted. The notice of intent shall specify: (a) The name and address of the disputing investor; (b) The specific measures of the disputing Party at issue and a brief summary of the factual and legal basis of the investment dispute sufficient to present the problem clearly, including the obligations under this Agreement alleged to have been breached; (c) Conciliation or arbitration set forth in paragraph 4 which the disputing investor will choose; andparagraph 4 which the disputing investor will choose; and (d) The relief sought and the approximate amount of damages claimed. 7. (a) Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. 6(b) The consent given by subparagraph (a) and the submission by a disputing investor of a claim to arbitration shall satisfy the requirements of: (i) Chapter II of the ICSID Convention or the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, as may be amended, for written consent of the parties to a dispute; and (ii) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, as may be amended (hereinafter referred to as "New York Convention") for an agreement in writing. 8. Notwithstanding paragraph 57, no investment disputes claim may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in 9. Notwithstanding paragraph 4, the same investment dispute shall disputing investor may initiate or continue an action that seeks interim injunctive relief that does not be submitted for resolution under courts involve the payment of justice, damages before an administrative tribunals tribunal or agencies agency or any other binding dispute settlement mechanism established a court of justice under the laws and regulations law of the disputing Party. 810. Unless the disputing parties agree otherwise, an arbitral tribunal established under paragraph 4 shall comprise three arbitrators, one arbitrator appointed by each of the disputing parties and the third, who shall be the presiding arbitrator, appointed by agreement of the disputing parties. If the disputing investor or the disputing Party fails to appoint an arbitrator or arbitrators within 60 days from the date on which the investment dispute was submitted to arbitration, the Secretary-General of the International Centre for Settlement of Investment Disputes (hereinafter referred to in this Article as "ICSID"), may be requested by either of the disputing parties, to appoint the arbitrator or arbitrators not yet appointed from the ICSID Panel of Arbitrators subject to the requirements of paragraphs 11 and 12. 11. Unless the disputing parties agree otherwise, the third arbitrator shall not be a national of either Contracting Party, nor have his or her usual place of residence in the territory of either Contracting Party, nor be employed by either of the disputing parties, nor have dealt with the investment dispute in any capacity. 12. In the case of arbitration referred to in paragraph 4, each of the disputing parties may indicate up to three nationalities, the appointment of arbitrators of which is unacceptable to it. In this event, the Secretary-General of the ICSID may be requested not to appoint as arbitrator any person whose nationality is indicated by either of the disputing parties. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the New York Convention. 14. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 915. The disputing Party shall deliver to the other Contracting Party: (a) written Written notice of the investment dispute claim submitted to the arbitration no later than thirty (30) 30 days after the date on which the investment dispute claim was submitted; and (b) copies Copies of all pleadings filed in the arbitration. 1016. The On written notice to the disputing parties, the Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, may make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 1117. The arbitral tribunal may order an interim measure of protection to preserve the rights of the disputing investor, or to facilitate the conduct of arbitral proceedings, including an order to preserve evidence in the possession or control of either of the disputing parties. The arbitral tribunal shall not order attachment or enjoin the application of the measure alleged to constitute a breach referred to in paragraph 1. 18. The award onlyrendered by the arbitral tribunal shall include: (a) a A judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) A remedy if there has been such breach. The remedy shall be limited to one or both of the following remedies, only if there has been such a breachfollowing: (i) Payment of monetary damages and applicable interest; and (ii) restitution Restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, interest in lieu of restitution. The arbitral tribunal Costs may also award cost and attorney's fees be awarded in accordance with this Agreement and the applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1419. The award rendered by the arbitral tribunal in accordance with paragraph 18 shall be final and binding upon the disputing parties. This The disputing Party shall carry out without delay the provisions of the award shall be executed and provide in its Area for the enforcement of the award in accordance with the applicable its relevant laws and regulations as well as relevant regulations. 20. Neither Contracting Party shall give diplomatic protection, or bring an international law including claim, in respect of an investment dispute which the ICSID Convention other Contracting Party and an investor of the New York Conventionformer Contracting Party have consented to submit or submitted to arbitration set forth in paragraph 4, concerning unless the execution other Contracting Party shall have failed to abide by and comply with the award rendered in such investment dispute. Diplomatic protection, for the purposes of award in force in this paragraph, shall not include informal diplomatic exchanges for the country where such execution is soughtsole purpose of facilitating a settlement of the investment dispute.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 any dispute arising between that Contracting Party and an investor of the other Contracting Party which involves: (hereinafter referred to in this Article as "a) an obligation entered into by that Contracting Party with the ICSID Convention"), so long as investor of the ICSID Convention is in force between the other Contracting Parties;Party regarding an investment by such investor; or (b) arbitration an alleged breach of any right conferred or created by this Agreement with respect to an investment by such investor 2. A company which is incorporated or constituted under the Additional Facility Rules laws in force in the territory of one Contracting Party and in which before such a dispute arises the majority of shares are owned by investors of the International Centre for Settlement of Investment Disputes, provided that either other Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration Party shall in accordance with Article 25(2)(b) of the Convention be treated for the purpose of this Convention as a company of the other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1Party. (a) In If any dispute referred to in paragraph 1 should arise, the event Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot-thus be resolved within three (3) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceedings by addressing a request to that an investment effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute has been Submitted to the courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of competent jurisdiction of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if Contracting Party that is party to the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made thereindispute. (b) In the event that an investment dispute has been submitted for resolution under one of disagreement as to whether conciliation or arbitration is the more appropriate procedure, the opinion of the arbitrations set forth in paragraph 4, the same investment dispute investor concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice a party to the disputing partiesdispute shall not raise as an objection, make submissions defence, or right of set-off at any stage of the proceedings or enforcement of an award the fact that the investor which is the other party to the arbitral tribunal on a question dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of interpretation of this Agreementhis or its losses and damages. 114. The arbitral tribunal may award onlyNeither Contracting Party shall pursue through diplomatic channels any dispute referred to the Centre unless: (a) the Secretary-General of the Centre, or a judgment whether conciliation commission or an arbitral tribunal constituted by it, decides that the dispute is not there has been a breach by within the disputing Party jurisdiction of any obligation under this Agreement with respect to the disputing investor and its investmentsCentre; andor (b) one the other Contracting Party should fail to abide by or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and to comply with any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the an arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughttribunal.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three six months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a)paragraph 7, submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; andor (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. 7. No claim may be submitted to arbitration under this Article unless: (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, consents in writing to arbitration in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein.procedures set out in this Article; and (b) In the event that an investment disputing investor waives in writing any right to initiate or continue before any administrative tribunal or court of justice under the law of either Contracting Party, or other dispute settlement procedures, any proceedings with respect to any measure alleged to constitute a breach referred to in paragraph 1 before any judgment or award has been submitted for resolution under one delivered on the subject matter of the arbitrations set forth in dispute under the abovementioned mechanism. 8. The waiver provided pursuant to subparagraph 7 (b) shall cease to apply where the arbitral tribunal rejects the claim on the basis of a failure to meet the requirements of paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice6 or 7, administrative tribunals or agencies or on any other binding dispute settlement mechanism established procedural or jurisdictional grounds. 9. Notwithstanding subparagraph 7(b), the disputing investor may initiate or continue an action that seeks interim injunctive relief that does not involve the payment of monetary damages before an administrative tribunal or court of justice under the laws and regulations law of the disputing Party. 810. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 911. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 1012. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 1113. In an arbitration under this Article, the disputing Party shall not assert, as a defence, counterclaim, right of setoff or otherwise, that the disputing investor has received or will receive indemnification or other compensation for all or part of the alleged damages pursuant to an insurance or guarantee contract. 14. The award rendered by the arbitral tribunal may award onlyshall include: (a) a judgment written decision whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) payment of monetary damages and applicable interestfinancial cost; and (ii) restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interestfinancial cost, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 1215. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction ofexcept for: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 1316. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1417. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For Each Contracting Party consents to submit to the purposes International Center for Settlement of this ArticleInvestment Disputes (hereinafter referred to as "the Center") for settlement by conciliation or arbitration under the Convention on the Settlement of Investment Dispute between States and Nationals of other States opened for signature at Washington D.C. on 18th March, "investment dispute" is a 1965 any dispute arising between a the Contracting Party and an investor of the other Contracting Party which involves: a) An obligation entered into by that has incurred loss or damage Contracting Party with the investor of the other Contracting Party regarding an investment by reason of, or arising out of, an such investor; or b) An alleged breach of any obligation of the former Contracting Party under right conferred or created by this Agreement with respect to an investment by such investor. 2. A company which is incorporated or constituted under the investor laws in force in the territory of that one Contracting Party and in which before such a dispute arises the majority of shares are owned by investors of the other Contracting Party or its investments shall in the Area accordance with Article 25(2)(b) of the former Convention be treated for the purpose of this Convention as a company of the other Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment a) If any dispute (hereinafter referred to in this Article paragraph 1 should arise, the Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within three (3) months, then if investor concerned also consents in writing to submit the dispute to the Center for settlement by conciliation or arbitration under the Convention, either party to the dispute may institute proceeding by addressing a request to that effect to the Secretary-General of the Center as "disputing investor") from seeking set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute to the courts of justice or administrative tribunals or judicial settlement within the Area agencies of competent jurisdiction of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party")dispute. 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of disagreement as to whether conciliation or arbitration is the more appropriate procedure, the opinion of the arbitrations set forth in paragraph 4, the same investment dispute investor concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on dispute shall not raise as an objection, defense or right of set-off in any stage of the Recognition proceedings or an enforcement of an award the fact that the investor which is the other party to the dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of his or its losses and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter damages. 4. Neither Contracting Party shall pursue through diplomatic channels any dispute referred to in this Article as "the New York Convention").Center unless: 14. a) The Secretary General of the Center, or a conciliation commission or an arbitral tribunal constituted by it, decides that the dispute is not within the jurisdiction of the Center; or b) The other Contracting Party should fail to abide by or to comply with any award rendered by the an arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughttribunal.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, an "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international conciliations or arbitrations: (a) Conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) Conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration Arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, adopted by the United Nations Commission on International Trade Law on April 28, 1976; and (d) if If agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three five years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted submitted to courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any conciliation or arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the conciliations or arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written Written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies Copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1412. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with by the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, an "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in In this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international conciliations or arbitrations: (a) conciliation or arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) conciliation or arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to so long as the ICSID ConventionConvention is not in force between the Contracting Parties; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law, adopted by the United Nations Commission on International Trade Law on April 28, 1976; and (d) if agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Contracting Party hereby consents to the submission of an investment dispute disputes by a disputing investor to conciliation or arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to conciliation or arbitration set forth in paragraph 4, if more than three five years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (a) In the event that an investment dispute has been Submitted to courts of justice, justice or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party, any conciliation or arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the conciliations or arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 1412. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with by the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought. 13. Notwithstanding paragraph 4, the disputing investor may initiate or continue an action that seeks interim injunctive relief that does not involve the payment of damages before an administrative tribunal or agency or a court of justice under the law of the disputing Party. 14. The disputing Party may not assert, as a defence, counterclaim, right of set-off or otherwise, that the disputing investor has received or will receive indemnification or other compensation for all or part of the alleged damages pursuant to an insurance or guarantee contract.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Each Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect consents to submit to the investor International Centre for the Settlement of that other Contracting Party or its investments in the Area of the former Contracting Party. 2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute Investment Disputes (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing partiesCentre"). 4. If the investment dispute cannot be settled through such consultations within three months from the date on which the disputing investor requested in writing the disputing Party ) for consultations, the disputing investor may, subject to subparagraph 7(a), submit the investment dispute to one of the following international arbitrations: (a) settlement by conciliation or arbitration in accordance with under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done other States opened for signature at Washington, Washington D.C. on 18 March 18, 1965 any dispute arising between that Contracting Party and an investor of the other Contracting Party which involves: (hereinafter referred i) an obligation entered into by that Contracting Party with the investor of the other Contracting Party regarding an investment by such investor; or (ii) an alleged breach of any right conferred or created by this Agreement with respect to in this Article as "an investment by such investor. 2. A company which is incorporated or constituted under the ICSID Convention"), so long as the ICSID Convention is laws in force between in the territory of one Contracting Parties; (b) arbitration under Party and in which before such a dispute arises the Additional Facility Rules majority of shares are owned by investors of the International Centre for Settlement of Investment Disputes, provided that either other Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if agreed with the disputing Party, any arbitration Party shall in accordance with Article 25(2)(b) of the Convention be treated for the purpose of this Convention as a company of the other arbitration rulesContracting Party. 5. Each Contracting Party hereby consents to the submission of an investment (i) lf any dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 11 should arise, the Contracting Party and the investor concerned shall seek to resolve the dispute through consultation and negotiation. If the dispute cannot thus be resolved within six (6) months, then if the investor concerned also consents in writing to submit the dispute to the Centre for settlement by conciliation or arbitration under the Convention, either Contracting Party to the dispute may institute proceedings by addressing a request to that effect to the Secretary-General of the Centre as set forth in Articles 28 and 36 of the Convention, provided that the investor concerned has not submitted the dispute to the courts of justice or administrative tribunals or agencies of competent jurisdiction of the Contracting Party that is party to the dispute. (aii) In the event that an investment dispute has been Submitted of disagreement as to courts of justicewhether conciliation or arbitration is the more appropriate procedure, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations opinion of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4, the same investment dispute concerned shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10prevail. The Contracting Party which is not the disputing Party may, upon written notice a party to the disputing partiesdispute shall not raise as an objection, make submissions defence, or right of set-off at any stage of the proceedings or enforcement of an award the fact that the investor which is the other party to the arbitral tribunal on a question dispute has received or will receive, pursuant to an insurance or guarantee contract, an indemnity or other compensation for all or part of interpretation of this Agreementhis or its losses or damages. 114. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Neither Contracting Party of shall pursue through diplomatic channels any obligation under this Agreement with respect dispute referred to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breachCentre unless: (i) monetary damages and applicable interest; andthe Secretary-General of the Centre, or a conciliation commission or an arbitral tribunal constituted by it, decides that the dispute is not within the jurisdiction of the Centre, or (ii) restitution of property, in which case the Award shall provide that the disputing other Contracting Party may pay monetary damages and should fail to abide by or to comply with any applicable interest, in lieu of restitutionaward rendered by an arbitral tribunal. 5. The arbitral tribunal may also award shall reach its decision by a majority of votes. Such decision shall be binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own member of the tribunal and attorney's fees of its representation in accordance with this Agreement the arbitral proceedings; the cost of the Chairman and applicable arbitration rules. 12the remaining costs shall be borne in equal parts by the Contracting Parties. The disputing Party may make available to the public tribunal may, however, in its decision direct that a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations higher proportion of either Contracting Party; and (c) information which costs shall be withheld pursuant to borne by one of the relevant arbitration rules. 13. Unless the disputing parties agree otherwisetwo Contracting Parties, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughtbinding on both Contracting Parties. The tribunal shall determine its own procedure.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party (1. ) For the purposes of this Article, "an investment dispute" dispute is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under right conferred by this Agreement with respect to the an investment of an investor of that other Contracting Party or its investments in the Area of the former Contracting Party. (2. Subject to subparagraph 7(b), nothing in this Article shall be construed so as to prevent an investor who is a party to ) In the event of an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within dispute, the Area of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as if possible, be settled amicably through consultations between by consultation or negotiation. If it is not so settled, the disputing investor and may submit the disputing Party investment dispute for resolution under one of the following alternatives: (hereinafter referred to in a) In accordance with any applicable, previously agreed dispute- settlement procedures; or (b) In accordance with the terms of paragraph (3) of this Article as "the disputing parties")Article. 4. (3) If the investment dispute cannot be settled through such consultations within three six months from the date on which the disputing investor requested the consultation or negotiation in writing and if the disputing Party investor concerned has not submitted the investment dispute for consultationsresolution, the disputing under paragraph (2) (a) of this Article or judicial or administrative settlement investor may, subject to subparagraph 7(a), concerned may submit the investment dispute for settlement by international arbitration to one of the following international arbitrationsbodies: (a) arbitration in accordance with The International Center for Settlement of Investment Disputes ("the Center"), established pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals nationals of Other States, done the other States opened for signature at Washington, 18 March 18, 1965 (hereinafter referred to in this Article as the "the ICSID Washington Convention"), so long as if both Contracting Parties are parties to the ICSID Washington Convention and the Washington Convention is in force between applicable to the Contracting Parties; (b) arbitration dispute; The Center, under the rules governing the Additional Facility Rules for the Administration of Proceedings by the Secretariat of the International Centre for Settlement Center (the "Additional Facility Rules"), if the Contracting Party of Investment Disputes, provided that either the investor or the Contracting PartyParty to the dispute, but not both, is a party to the ICSID Washington Convention; (cb) arbitration An arbitral tribunal established under the Arbitration Rules (the "Rules") of the United Nations Commission on International Trade Law; andLaw (UNCITRAL), as those Rules may be modified by the parties to the dispute (the Appointing Authority referred to under Article 7 of the Rules shall be the Secretary General of the Center); (dc) if An arbitral tribunal constituted pursuant to the arbitration rules of any arbitral institution mutually agreed with upon between the disputing Party, any arbitration in accordance with other arbitration rulesparties to the dispute. (4) Notwithstanding the fact that the investor may have submitted the dispute to the binding international arbitration under paragraph (3), the investor may seek interim injunctive relief, not involving the payment of damages, before the judicial or administrative tribunals of the Contracting Party that is a party to the dispute for the preservation of its rights and interests. (5. ) Each Contracting Party hereby consents gives its consent to the submission of an investment dispute for settlement by a disputing binding arbitration in accordance with the choice of the investor under paragraph (3) (a) and (b) or the mutual agreement of both parties to arbitration set forth in the dispute under paragraph 4 chosen by the disputing investor. 6. Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1(3) (c). (a) In The consent given in paragraph (5), together with the event that an investment dispute has been Submitted to courts of justiceconsent given under paragraph (3), administrative tribunals or agencies or any other binding dispute settlement mechanism established under shall satisfy the laws and regulations requirement for written agreement of the disputing Partyparties to a dispute for the purpose of each of, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations Chapter II of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under one of the arbitrations set forth in paragraph 4Washington Convention, the same investment dispute shall not be submitted for resolution under courts Additional Facility Rules, Article II of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations of the disputing Party. 8. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. 9. The disputing Party shall deliver to the other Contracting Party: (a) written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies of all pleadings filed in the arbitration. 10. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. 11. The arbitral tribunal may award only: (a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one or both of the following remedies, only if there has been such a breach: (i) monetary damages and applicable interest; and (ii) restitution of property, in which case the Award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. 12. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential business information; (b) information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information which shall be withheld pursuant to the relevant arbitration rules. 13. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as the "the New York Convention"), and Article 1 of the UNCITRAL Arbitration Rules. 14(b) Any arbitration under this Article, as may be mutually agreed by the parties to the dispute, must be held in a state that is a party to the New York Convention. Claims submitted to arbitration hereunder shall be considered to arise out of a commercial relationship or transaction for the purposes of Article 1 of the New York Convention. (7) The award rendered made by the arbitral tribunal any international arbitration referred to paragraph 3 shall be final and binding upon on the disputing partiesparties to the dispute. This Each Contracting Party shall ensure the recognition and enforcement of the award shall be executed in accordance with the applicable its relevant laws and regulations as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is soughtregulations.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. For the purposes of this Article, "investment dispute" is a dispute between a Contracting Party and an investor of the other Contracting Party that has incurred loss or damage by reason of, or arising out of, an alleged breach of any obligation of the former Contracting Party under this Agreement with respect to the investor of that other Contracting Party or its investments in the Area Territory of the former Contracting Party. 2. Subject to subparagraph 7(b6(b), nothing in this Article shall be construed so as to prevent an investor who is a party to an investment dispute (hereinafter referred to in this Article as "disputing investor") from seeking administrative or judicial settlement within the Area Territory of the Contracting Party that is a party to the investment dispute (hereinafter referred to in this Article as "disputing Party"). 3. Any investment dispute shall, as far as possible, be settled amicably through consultations and negotiations conducted in good faith between the disputing investor and the disputing Party (hereinafter referred to in this Article as "the disputing parties"). To this end, the disputing investor shall deliver to the disputing Party a written request for consultations setting out a brief description of facts regarding the measure or measures at issue. The consultation shall be commenced no later than thirty days after the date of its receipt by the disputing Party. Nothing in this paragraph precludes the use of non- binding, third party procedures, such as good offices, conciliation or mediation. 4. If the investment dispute cannot be settled through such consultations within three six months from the date on which of the disputing investor requested in writing receipt by the disputing Party of a written request for consultationsconsultations pursuant to paragraph 3, the disputing investor may, subject to subparagraph 7(a6(b), submit the investment dispute to one of the following international arbitrations: (a) arbitration Arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done at Washington, March 18, 1965 (hereinafter referred to in this Article as "the ICSID Convention"), so long as the ICSID Convention is in force between the Contracting Parties; (b) arbitration Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes, provided that either Contracting Party, but not both, is a party to the ICSID Convention; (c) arbitration Arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law; and (d) if If agreed with the disputing Party, any arbitration in accordance with other arbitration rules. 5. Each Subject to Article 5, each Contracting Party hereby consents to the submission of an investment dispute by a disputing investor to arbitration set forth in paragraph 4 chosen by the disputing investor, except for investment disputes regarding the obligations of the disputing Party under paragraphs 5 through 8 of Article 2. 6. (a) Notwithstanding paragraph 5, no investment disputes may be submitted to arbitration set forth in paragraph 4, if more than three years have elapsed since the date on which the disputing investor acquired or should have first acquired, whichever is the earlier, the knowledge that the disputing investor had incurred loss or damage referred to in paragraph 1. (ab) In Once the event that disputing investor has submitted an investment dispute has been Submitted to courts of justice, the competent court or administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations tribunal of the disputing Party, any arbitration set forth in paragraph 4 can be sought only if the disputing investor withdraws, in accordance with the laws and regulations of the disputing Party, its claim from such domestic remedies before the final decisions are made therein. (b) In the event that an investment dispute has been submitted for resolution under Party or to one of the arbitrations set forth in paragraph 4, the same investment dispute shall not be submitted for resolution under courts of justice, administrative tribunals or agencies or any other binding dispute settlement mechanism established under the laws and regulations choice of the disputing Partyinvestor shall be final and the disputing investor may not submit thereafter the same dispute to other arbitrations or competent court or administrative tribunal. 8(c) Notwithstanding paragraphs 4 and 5, no investment dispute may be submitted to the arbitration set forth in paragraph 4 unless the disputing investor gives the disputing Party written waiver of any right to initiate before any competent court or administrative tribunal of the disputing Party with respect to any measure of the disputing Party alleged to constitute a breach referred to in paragraph 1. 7. An arbitral tribunal established under paragraph 4 shall decide the issues in dispute in accordance with this Agreement and applicable rules of international law. In this context, the domestic law of the disputing Party shall be considered, when it is relevant to the claim, as a matter of fact. 98. The disputing Party shall deliver to the other Contracting Party: (a) written Written notice of the investment dispute submitted to the arbitration no later than thirty (30) days after the date on which the investment dispute was submitted; and (b) copies Copies of all pleadings filed in the arbitration. 109. The Contracting Party which is not the disputing Party may, upon written notice to the disputing parties, make submissions to the arbitral tribunal on a question of interpretation of this Agreement. The disputing Party may make comments concerning the said interpretation. 1110. The arbitral tribunal may award only: (a) a A judgment whether or not there has been a breach by the disputing Party of any obligation under this Agreement with respect to the disputing investor and its investments; and (b) one One or both of the following remedies, only if there has been such a breach: (i) monetary Monetary damages and applicable interest; and (ii) restitution Restitution of property, in which case the Award award shall provide that the disputing Party may pay monetary damages and any applicable interest, in lieu of restitution. The arbitral tribunal may also award cost and attorney's fees in accordance with this Agreement and applicable arbitration rules. The arbitral tribunal shall not award punitive damages. 1211. The disputing Party may make available to the public in a timely manner all documents, including an award, submitted to, or issued by, an arbitral tribunal established under paragraph 4, subject to redaction of: (a) confidential Confidential business information; (b) information Information which is privileged or otherwise protected from disclosure under the applicable laws and regulations of either Contracting Party; and (c) information Information which shall be withheld pursuant to the relevant arbitration rules. 1312. Unless the disputing parties agree otherwise, the arbitration shall be held in a country that is a party to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, June 10, 1958 (hereinafter referred to in this Article as "the New York Convention"). 13. The disputing Party may not assert as a defence, counterclaim, right of set-off or for any other reason, that the disputing investor has received or will receive indemnification or other compensation for all or part of the alleged damages pursuant to an insurance or guarantee contract. 14. The award rendered by the arbitral tribunal shall be final and binding upon the disputing parties. This award shall be executed in accordance with the applicable laws and regulations regulations, as well as relevant international law including the ICSID Convention and the New York Convention, concerning the execution of award in force in the country where such execution is sought. 15. No measures of constraint, such as attachment, arrest or execution, in connection with an arbitration referred to in paragraph 4 or any proceeding before a court of a State other than the disputing Party with respect to the award of that arbitration, shall be taken, before or after that award, against the property of the disputing Party in use or intended for use for government non-commercial purposes. The following categories, in particular, of property of the disputing Party shall be considered as property in use or intended for use by the disputing Party for government non-commercial purposes under this paragraph: (a) Property, including any bank accounts, which is used or intended for use in the performance of the functions of the diplomatic mission of the disputing Party or its consular posts, special missions, missions to international organisations, or delegations to organs of international organisations or to international conferences; (b) Property of a military character or used or intended for use in the performance of military functions; (c) Property of the central bank or other monetary authority of the disputing Party; (d) Property forming part of the cultural heritage of the disputing Party or part of its archives and not placed or intended to be placed on sale; and (e) Property forming part of an exhibition of objects of scientific, cultural or historical interest and not placed or intended to be placed on sale.