636-(14)

II SÉRIE-A - NÚMERO 35

Party of the investor or the Contracting Party party to the dispute, but not both, is a party to the ICSID Convention;

b) A sole arbitrator or ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law (hereinafter referred to as «UNCITRAL»); or

c) An arbitral proceeding under the Arbitration Institute of the Stockholm Chamber of Commerce.

5) :

a) The consent given in paragraph 3) together with the written consent of the investor given pursuant to paragraph 4) shall be considered to satisfy the requirement for:

i) Written consent of the parties to a dispute for purposes of chapter ii of the ICSID Convention and for purposes of the Additional Facility Rules;

ii) An «agreement in writing» for purposes of article n of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York, 10 June 1958 (hereinafter referred to as the «New York Convention*); and

Hi) «The parties to a contract [to] have agreed in writing* for the purposes of article 1 of the UNCITRAL Arbitration Rules;

b) Any arbitration under this article shall at the request of any party to the dispute 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 i of that Convention.

6) A tribunal established under paragraph 4) shall decide the issues in dispute in accordance with this Treaty and applicable rules and principles of international law.

7) An investor other than a natural person which has the nationality of a Contracting Party party to the dispute on the date of the consent in writing referred to in paragraph 4) and which, before a dispute between it and that Contracting Party arises, is controlled by investors of another Contracting Party, shall for the purpose of article 25, 2), b), of the ICSID Convention be treated as a «national of another Contracting State* and shall for the purpose of article 1, 6), of the Additional Facility Rules be treated as a «national of another State*.

8) The awards of arbitration, which may include an award of interest, shall be final and binding upon the parties to the dispute. An award of arbitration concerning a measure of a sub-national government or authority of the disputing Contracting Party shall provide that the Contracting Party may pay monetary damages in lieu of any other remedy granted. Each Contracting Party shall carry out without delay any such award and shall make provision for the effective enforcement in its area of such awards.

Article 27

Settlement of disputes between Contracting Parties

1) Contracting Parties shall endeavour to settle disputes

concerning the application or interpretation of this Treaty through diplomatic channels.

2) if a dispute has not been settled in accordance with

paragraph 1) within a reasonable period of time, either party thereto may, except as otherwise provided in this Treaty or agreed in writing by the Contracting Parties, and except as concerns the application or interpretation of article 6 or article 19 or, for Contracting Parties listed in annex LA, the last sentence of article 10,1) upon written notice to the other party to the dispute submit the matter to an ad hoc tribunal under this article.

3) Such an ad hoc arbitral tribunal shall be constituted as follows:

a) The Contjacting Party instituting the proceedings shall appoint one member of the tribunal and inform the other Contracting Party to the dispute of its appointment within 30 days of receipt of the notice referred to in paragraph 2) by the other Contacting Party;

b) Within 60 days of the receipt of the written notice referred to in paragraph 2), the other Contracting Party party to the dispute shall appoint one member. If the appointment is not made within the time limit prescribed, the Contracting Party having instituted the proceedings may, within 90 days of the receipt of the written notice referred to in paragraph 2), request that the appointment be made in accordance with subparagraph d)\

c) A third member, who may not be a national or citizen of a Contracting Party party to the dispute, shall be appointed by the ConU-acting Parties parties to the dispute. That member shall be the president of the tribunal. If, within 150 days of the receipt of the notice referred to in paragraph 2), the Contracting Parties are unable to agree on the appointment of a third member, that appointment shall be made, in accordance subparagraph d), at the request of either Contracting Party submitted within 180 days of the receipt of that notice;

d) Appointments requested to be made in accordance with this paragraph shall be made by vV\e Secretary-General of the Permanent Court of International Arbitration within 30 days of the receipt of a request to do so. If the Secretary-General is prevented from discharging this task, the appointments shall be made by the First Secretary of the Bureau. If the latter, in turn, is prevented from discharging this tas"k, the appointments shall be made by the most senior deputy;

e) Appointments made in accordance with subparagraphs a) to d) shall be made with regard to the qualifications and experience, particularly in matters covered by this Treaty, of the members to be appointed;

f) In the absence of an agreement to the contrary between the Contracting Parties, the Arbitration Rules of UNCITRAL shall govern, except to the extent modified by the Contracting Parties parties to the dispute or by the arbitrators. The tribunal