8. For purposes of Article 25(2)(b) of the rCSID Convention and this Article, a company of a Party that, immediately before the occurrence of the event or events giving rise to an investment dispute. was a covered investment, shall be treated as a company of the other Party.
1. Any dispute between the Parties concerning the interpretation or application of the Treaty. that is not resolved through consultations or other dipl~matic channels, shall be submitted upon the request of either Party to an arbitral tribunal for decision in accordance with the applicable rules of internat law. In the absence of an agreement by the Parties to the contrary, the UNCITRAL Arbitration Rules shall qovern, except to the extent these rules are (a) modified by the Parties or (b) modified by the arbitrators unless either Party objects to the proposed modification. 2. within two months of receipt of a request, each Party shall appoint an arbitrator. The two arbitrators shall select a third arbitrator as chairman, who shall be a national of a third stilte. The UNCITRAL Arbitration Rules applicable to appointing members Df three-member pduels shall apply mutatis f\ju_tandis to the appointment of the arbitral panel except that the appointing authority referenced in those rules shall be the Secretary General of the Centre. 3. Unless otherwise agreed. all submissions shall be made and all hearings shall be completed within six months of the date of selection of the third arbitrator. and the arbitral panel shall render its decisions within two ~bnths of the date of the final submissions or the date of the clo~ing of the hearings, whichever is later. Expenses incurred by the Chairman and other arbitrators. and other costs of the proceedings, shall be paid for equally by the Parties. However, the arbitral panel may. at its discretion, direct that a higher proportion of the costs be paid by one of the Parties. 4.
This Treaty'shall not derogate from any of the following that entitle covered investments to treatment more favorable than that accorded by this Treaty:
VerDate 11-MAY-2000 10:13 May 25, 2000 Jkt 079118 PO 00000 Frm 00026 Fmt 6633 Sfmt 6633 E:\HR\OC\TD027.XXX pfrm08 PsN: TD027
Powered by FlippingBook