TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 216

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procedure.

(4)

Except as otherwise agreed by the Contracting Parties or

prescribed by the tribunal, each Contracting Party shall submit a

memorandum within forty five days after the tribunal is fully

constituted. Replies shall be due sixty days later. The tribunal

shall hold a hearing at the request of either Contracting Party,

or at its discretion, within thirty days after replies are due.

(5)

The tribunal shall decide on the basis of respect for the

law. Before the tribunal decides, it may, at any stage of the

proceedings, propose to the Contracting Parties that the dispute

be settled amicably.

(6)

The tribunal shall attempt to give a written decision

within thirty days after completion of the hearing or, if no

hearing is held, after the date both replies are submitted. The

decision shall be taken by a majority vote.

(7)

The Contracting Parties may submit requests for

clarification of the decision within fifteen days after it is

received and such clarification shall be issued within fifteen

days of such request.

(8)

The decision of the tribunal shall be binding on the

Contracting Parties.

(9)

Each Contracting Party shall bear the costs of the

arbitrator appointed by it. The other costs of the tribunal shall

be shared equally by the Contracting Parties including any

expenses incurred by the Member of

of the International Court of

Justice in implementing the procedures in paragraph 2(b) of this

Article.

AURA

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