Honduras - United Kingdom BIT (EN-ES) (1993)

ARTICLE 5 Expropriation

(1) Investments of nationals or companies of either Contracting Party shall not be nationalised, expropriated or subjected to measures having effect equivalent to nationalisation or expropriation (hereinafter referred to as "expropriation") in the territory of the other Contracting Party except for a public purpose related to the internal needs of that Party on a non-discriminatory basis and against prompt, adequate and effective compensation. Such compensation shall amount to the genuine value. of the investment expropriated immediately before the expropriation or before the impending expropriation became public knowledge, whichever is the earlier, shall include interest at a normal commercial rate until the date of payment, shall be made without delay, be effectively realisable and be freely transferable. The national or company affected shall have a right, under the law of the Contracting Party making the expropriation, to prompt review, by a judicial or other independent authority of that Party, of his or its case and of the valuation of his or its investment in accordance with the principles set out in this paragraph. (2) Where a Contracting Party expropriates the assets of a company which is incorporated or constituted under the law in force in any part of its own territory, and in which nationals or companies of the other Contracting Party own shares, it shall ensure that the provisions of paragraph (I) of this Article are applied to the extent necessary to guarantee prompt, adequate and effective compensation in respect of their investment to such nationals. or compauies of the other Contracting Party who are owners of those shares.

ARTICLE 6 Repatriation of Investment and Returns

Each Contracting Party shall in respect of investments guarantee to nationals or companies or the other Contracting Party the unrestricted transfer of their investments and returns. Transfers shall be effected in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. Transfers shall be made promptly and in any case no later than 60 days from the date on which the investor has duly presented its request for foreign currency and at the rate of exchange applicable on the date of transfer pursuant to the exchange regulations in force.

ARTICLE 7 Exceptions

The provisions of this Agreement relative to the grant of treatment not less favourable than that accorded to the nationals or compauies of either Contracting Party or of any third State shall not be construed so as to oblige one Contracting Party to ,extend to the nationals or companies of the other the benefit of any treatment, preference or privilege resulting from: . (a) any existing or future customs union or similar international agreement to which either of the Contracting Parties is or may become a party, or (b) any international agreement or arrangement relating wholly or mainly to taxation or any domestic legislation relating wholly or maiuly to taxation.

ARTICLE 8 Settlement of Disputes between an Investor and a Host State

(I) Disputes between a national or company of one Contracting Party and the other Contracting Party concerning an obligation of the latter under this Agreement in relation to an investment of the former which have not been amicably settled shall, after a period of three months from written notification of a claim, be submitted to international arbitration if the national or company concerned so wishes.


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