CONFIDENTIAL
reference
Trade
Law
to the United Nations Commission on International
because the Italian side felt that this was more
commonly known to investors.
ARTICLE 11
13.
This Article 18 based on Article 9 of the Hong
Kong model, but with the following minor changes to the detailed procedures laid down for dispute settlement:
(a) in Article 11 (2) (a) (Article 9(2) (a) of the Hong
Kong model text), the time allowed for each
Contracting Party to appoint an arbitrator has
been extended from thirty days to sixty days. The
Italian delegation felt that the thirty day
timetable might be too tight;
(b)
(c)
the
at the suggestion of the Hong Kong delegation, the
reference to "the most senior Vice-President" was
amended to "the Vice-President or the most senior
member" to reflect the fact that there is only one
Vice-President in
International Court of
reference to "President ОК
Vice-President" in the last senctence of Article 9
(8) of the Hong Kong model was amended accordingly
to "Member" (Article 11 (9) of the initialled
text);
Justice;
the
the second sentence of Article 9(3) of the Hong
Kong model text was deleted. The Italian side
felt that the procedures of the tribunal were
sufficiently covered in the first sentence; and
(d) a new sub-paragraph, Article 11(5), was added to
make it clear that tribunal shall decide on the
basis of respect for the law; and that the
tribunal may propose to the Contracting Parties
that the dispute be settled amicably.
seyed CONFIDENTIAL