636-(8)

II SÉRIE-A — NÚMERO 35

considered a breach of an obligation of the former Contracting Party under this part.

12) Each Contracting Party shall ensure that its domestic law provides effective means for the assertion of claims and the enforcement of rights with respect to investments,

investment agreements, and investment authorizations.

Article 11 Key personnel

1) A Contracting Party shall, subject to its laws and regulations relating to the entry, stay and work of natural persons, examine in good faith requests by investors of another Contracting Party, and key personnel who are employed by such investors or by investments of such investors, to enter an remain temporarily in its area to engage in activities connected with the making or the development, management, maintenance, use, enjoyment or disposal of relevant investments, including the provision of advice or key technical services.

2) A. Contracting Party shall permit investors of another Contracting Party which have investments in its area, and investments of such investors, to employ any key person of the investor's or the investment's choice regardless of nationality and citizenship provided that such key person has been permitted to enter, stay and work in the area of the former Contracting Party and that the employment concerned conforms to the terms, conditions and time limits of the permission granted to such key person.

Article 12 Compensation for losses

1 — Except where article 13 applies, an investor of any Contracting Party which suffers a loss with respect to any investment in the area or another contracting party owing to war of other armed conflict, state of national emergency, civil disturbance, or other similar event in that area, shall be accorded by the latter Contracting Party, as regards restitution, indemnification, compensation or other settlement, treatment which is the most favourable of that which that Contracting Party accords to any other investor, whether its own investor, the investor of-any other Contracting Party, or the investor of any third state.

2) Without prejudice to paragraph 1), an investor of a Contracting Party which, in any of the situations referred to in that paragraph, suffers a loss in the area of another Contracting Party resulting from:

a) Requisitioning of its investment or part thereof by the latter's forces or authorities; or

b) Destruction of its investment or part thereof by the latter's forces or authorities, which was not required by the necessity of the situation;

shall be accorded restitution or compensation which in either case shall be prompt, adequate and effective.

Article 13 Expropriation

1) Investments of investors of a Contracting Party in the area of any other Contracting Party shall not be

nationalized, expropriated or subjected to a measure or measures having effect equivalent to nationalization or expropriation (hereinafter referred to as «expropriation») except where such expropriation is:

a) For a purpose which is in the public interest;

b) Not discriminatory;

c) Carried out under due process of law; and

d) Accompanied by the payment of prompt, adequate and effective compensation.

Such compensation shall amount to the fair market value of the investment expropriated at the time immediately before the expropriation or impending expropriation became known in such a way as to affect the value of the •investment (hereinafter referred to as the «valuation date»).

Such fair market value shall at the request of the investor be expressed in a freely convertible currency on the basis of the market rate of exchange existing for that currency on the valuation date. Compensation shall also include interest at a commercial rate established on a market basis from the date of expropriation until the date of payment. v

2) The investor affected shall have a right to prompt review, under the law of me Contracting Party making the expropriation, by a judicial or other competent and independent authority of that Contracting Party, of its case, of the valuation of its investment, and of the payment of compensation, in accordance with the principles set out in paragraph 1).

3) For the avoidance of doubt, expropriation shall include situations where a Contracting Party expropriates the assets of a company or entreprise in its area in which an investor of any other Contracting Party has an investment, including through die ownership of shares.

Article 14 Transfers related to investments

1) Each Contracting Pary shall with respect to investments in its area of investors of any other Contracting Party guarantee the freedom of transfer into and out of its area, including the transfer of:

a) The initial capital plus any additional capital for die maintenance and development of an investment;

b) Returns;

c) Payments under a contract, including amorùzaùoT» of principal and accrued interest payments pursuant to a loan agreement;

d) Unspent earnings and other remuneration of personnel engaged from,abroad in connection with that investment;

e) Proceeds from the sale or liquidation of all or any part of an investment;

f) Payments arising out of the settlement of a dispute;

g) Payments of compensation pursuant to articles 12 and 13.

2) Transfers under paragraph 1) shall be effected without delay and (except in case of a return in kind) in a freely convertible currency.

3) Transfers shall be made at the market rate of exchange existing on the date of transfer with respect to