Once the investor has submitted the dispute to the jurisdiction of the Contracting Party concerned or to international arbitration, the choice of one of these procedures is final. 3. In case of international arbitration, to be applied at the request of the investor, each party shall appoint an arbitrator within a period of two months counted from the date of receipt of the notification by the other party. Thereafter, the two already appointed arbitrators shall appoint a national of a third country as Chairman of the arbitration. The appointment of the President of the arbitration shall be made within a period of two months of the appointment of arbitrators of both parties. The arbitration shall be taken by a majority of votes. The decision shall be final and binding on both parties. Article IX. Disputes between the Contracting Parties 1. Disputes arising between the contracting parties concerning the interpretation or application of this agreement should, if possible, be settled through diplomatic channels. 2. If a dispute between the contracting parties cannot be settled in this way within three months from the beginning of negotiations, be submitted to an arbitral tribunal at the request of either of the Contracting Parties. 3. Such an arbitral tribunal shall be constituted for each individual case as follows: each Contracting Party shall, within two months after receipt of the request for arbitration shall appoint one member of the Tribunal. The two abovementioned members then select a national of a third State who on approval of the two Contracting Parties shall be appointed Chairman of the Tribunal. The Chairman shall be appointed within three months from the date of appointment of the other two members. 4. If within the periods specified in the páirrafo (3) of this article shall not have the necessary appointments, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments.
5. The tribunal shall determine its own procedure.
6. The arbitration tribunal shall take its decision by a majority of votes. The decision shall be binding on both contracting parties. 7. Each Contracting Party shall bear the costs of its own member of the Tribunal and of its representation in the arbitral proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by the contracting parties. Article X. Application of other Rules If the provisions of law of either Contracting Party or obligations under international law existing or future between the Contracting Parties in addition to this Agreement contain rules whether general or specific, which accord to investments made by investors of the other contracting party to a more favourable treatment than that provided for under the present Agreement, such rules shall prevail over the provisions of this Agreement to the extent that they are more favourable. Article XI. Entry Into Force This Agreement shall enter into force on the date that the Governments of the two Contracting Parties notify each other that the legal requirements for the Entry into Force of this Agreement have been fulfilled. Article XII. Duration and Termination This Agreement shall have a period of 10 years it shall be automatically extended for a period equal. However, after the first ten years, either Contracting Party may denounce it at any time by written notice to the other contracting party. Denunciation shall take effect one year after the date on which either contracting party notifies the complaint in writing to the other. The provisions of this Agreement relating to investments made at any time prior to the termination of the Agreement shall remain valid for a period of ten years from the date of its termination, without prejudice to the implementation of national legislation of the host State of investment, or the general rules of international law.
In WITNESS WHEREOF, the representatives of the two States, duly authorized to this effect, have signed this Agreement.
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