13 DE MARCO DE 1997

418-(33)

its own investors or to investors of any third State, whichever is more beneficial. Any payments realized in accordance whith this article shall be made without delay and shall be freely transferable in freely convertible currency.

Article 6 Transfers

1 — Each Contracting Party shall guarantee the investors of the other Contracting Party the free transfer of amounts related to investments. The transfers shall be made in convertible currency, without any restriction and undue delay. Such transfers shall include in particular:

a) Capital and additional amounts necessary to maintain or increase the investment;

b) Returns defined in article 1, paragraph 2, of this Agreement;

c) Funds for managing, repaying and amortisation of loans, accepted as investments by both Contracting Parties;

d) Proceeds from the sale or from the total or partial liquidation of the investment;

e) Any compensation of other payments as construed in articles 4 and 5 of this Agreement;

f) Any preliminary payments realized on behalf of the investor in connection with article 7 of this Agreement;

g) Earnings of natural persons for work or services done in connection with investments.

2 — For the purpose of this Agreement, exchange rates shall be the official rates effective for the current transactions at the date of transfer.

Article 7 Subrogation

If a Contracting Party or its designated agency makes any payment to its own investor under a guarantee it has accorded in respect of an investment in the territory of the other Contracting Party, the former Contracting Party shall be subrogated to the rights and claims of the investor. The subrogated rights or claims shall not exceed the original rights or claims of the investor.

Article 8

Settlement of disputes between the ContracUng Parties

1 — Disputes between the Contracting Parties concerning the interpretation or application of this Agreement shall, if possible, be settled by diplomatic channels.

2 — If the dispute cannot be settled within six months from the beginning of negotiations, it shall upon the request of either Contracting Party, be submitted to an Arbitral Tribunal, in accordance with the provisions of this article.

3 — The Arbitral Tribunal shall be constituted for each individual case in the following way: within two months of the receipt of the request for arbitration, each Contracting Party shall appoint one member of the Tribunal. These two members shall then select a national of a third State who upon approval of the two Contracting Parties shall be appointed Chairman of the Tribunal (hereinafter referred to as the «Chairman»).

The Chairman shall be appointed within three months from the date on which one Contracting Party notified the other Contracting Party of its decision to submit the dispute to an Arbitral Tribunal.

4 — If within the periods specified in paragraph 3 of this article the necessary appointments have not been made, a request may be made to the President of the International Court of Justice to make the appointments. If he is a national of either Contracting Party or if he is otherwise prevented from taking upon the said function, the Vice-President shall be invited to make the appointments. If the Vice-President also is a national of either Contracting Party or is prevented from taking upon the said function the member of the International Court of Justice next in seniority and who is not a national of either Contracting Party shall be appointed to make the appointments.

5 — The Chairman of the Tribunal shall be a national of a third State which both Contracting Parties maintain diplomatic relations with.

6 — The Arbitral Tribunal shall reach its decision by a majority of votes. Such decision shall be final and binding for both Contracting Parties. Each Contracting Party shall bear the costs of its own arbitrator and its representation in the arbitral proceedings; both Contracting Parties shall assume an equal share of the expenses incurred by the Chairman, as well as any other expenses. The Arbitral Tribunal shall determine its own procedure.

Article 9

Settlement of disputes between a Contracting Party and an investor of the other Contracting Party

1 — Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment on the territory of that Contracting Party shall be subject to negotiations between the parties in dispute.

2 — If any such dispute cannot be settled within a period of six months from the date on which an application for settlement of the dispute was filed, the investor shall be entitled to submit the case either to:

a) A competente Court of Justice of the Contracting Party; or

b) The International Centre for the Settlement of Investment Disputes (ICSID) having regard to the applicable provisions of the Convention on the Settlement of Investments Disputes between States and Nationals of other States, opened for signature at Washington D. C, on March 18,1965.

3 — Neither Contracting Party shall pursue through diplomatic channels any dispute submitted to arbitration unless the binding decision of the Arbitral Tribunal has been made and the Contracting Party failed to abide by or to comply with the decision of the ICSID.

Article 10 Application of other rules

If the provisions of law of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties in addition to this Agreement contain a regulation, whether general or specific, entitling investments made