Sunset Clauses in International Law and their Consequences for EU Law
PE 703.592
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are both parties to the ICSID
Convention; or (ii) The International Centre for Settlement of
Investment Disputes, established pursuant to the Convention referred to in subparagraph (a)(i),
under the rules governing the Additional Facility for the Administration of Proceedings by the
Secretariat of the Centre (hereinafter referred to as the "Additional Facility Rules"), if the Contracting
Party of the Investor or the Contracting Party party to the dispute, but not both, is a party to the
ICSID Convention; (b) a sole arbitrator or ad hoc arbitration tribunal established under the
Arbitration Rules of the United Nations Commission on International Trade Law (hereinafter
referred to as "UNCITRAL"); or (c) an arbitral proceeding under the Arbitration Institute of the
Stockholm Chamber of Commerce.
(5) (a) The consent given in paragraph (3) together with the written consent of the Investor given
pursuant to paragraph (4) shall be considered to satisfy the requirement for: (i) written consent of
the parties to a dispute for purposes of Chapter II of the ICSID Convention and for purposes of the
Additional Facility Rules; (ii) an "agreement in writing" for purposes of Article II of the United
Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New
York, 10 June 1958 (hereinafter referred to as the "New York Convention"); and (iii)"the
parties to a
contract [to] have agreed in writing" for the purposes of Article 1 of the UNCITRAL Arbitration Rules.
(b) Any arbitration under this article shall at the request of any party to the dispute be held in a
state that is a party to the New York Convention. Claims submitted to arbitration hereunder shall
be considered to arise out of a commercial relationship or transaction for the purposes of Article I
of that Convention.
(6) A tribunal established under paragraph (4) shall decide the issues in dispute in accordance with
this Treaty and applicable rules and principles of international law.
(7) An Investor other than a natural person which has the nationality of a Contracting Party party
to the dispute on the date of the consent in writing referred to in paragraph (4) and which, before
a dispute between it and that
Contracting Party arises, is controlled by Investors of another
Contracting Party, shall for the purpose of Article 25(2)(b) of the ICSID Convention be treated as a
"national of another Contracting State" and shall for the purpose of Article 1(6) of the Additional
Facility Rules be treated as a "national of another State".
(8) The awards of arbitration, which may include an award of interest, shall be final and binding
upon the parties to the dispute. An award of arbitration concerning a measure of a subnational
government or authority of the disputing Contracting Party shall provide that
the Contracting Party
may pay monetary damages in lieu of any other remedy granted. Each Contracting Party shall carry
out without delay any such award and shall make provision for the effective enforcement in its Area
of such awards.
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