1. Constitution of the Tribunal
An arbitral tribunal shall be constituted for each dispute.
. Within two months of the request of arbitration, each Party shall appoint an arbitrator.
. The two arbitrators are required to select, within the next thirty days, a national of a third State who serves as Chairman of the tribunal. When agreement cannot be reached, the President of the International Court of Justice might be entrusted by either Contracting Party with the responsibility of making the appointment. There are also additional provisions to cover cases when the President is a national of either Party or is otherwise prevented from fulfilling this function.
. Regarding costs, each Party is required to bear the expenses of its own member of the tribunal and of its representation in the proceedings, while the costs related to the Chairman are to be paid for equally by the Parties. The Tribunal may, however, direct that a higher proportion of the costs be paid by one of the Parties. (Article 11 (3) (4) (5) (6)).
2. Procedural Rules of the Tribunal
The arbitral tribunal shall determine its own procedure.
Decisions of the tribunal shall be taken by a majority of votes and shall be binding on both Parties.
(Article 11 (6)).
3. Applicable Law
The tribunal shall decide on the basis of the provisions of the Agreement, legal principles recognized by the Parties and the general principles of international law. (Article 11 (6)).