ALCA FTAA ZLEA - Bilateral Investment Treaties: Dispute Settlement - Argentina/Jamaica

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Argentina and Jamaica
8 February 1994

Subject: VII. Settlement of Investment Disputes

A. Definition

B. Pre-Arbitral Consultations and Dispute Settlement Mechanisms
Any dispute relating to investments between an investor of one Contracting Party and the other Contracting Party will, to the extent possible, be settled amicably. (Article 9 (1)). If it was not possible to settle the dispute within a period of six months, it may be submitted: a) to the competent tribunals of the host party; or b) to international arbitration. If the investor is the claimant and the parties do not agree on which dispute settlement mechanism to use, the investor's opinion shall prevail. Election by the investor of either one of these procedures shall be definitive. (Article 9 (2)(3)(4)).

C. Arbitral Settlement of Disputes

1. Conditions

3. Forms de Arbitration
In case of international arbitration, the dispute shall be submitted to: a) ICSID, provided each Contracting Party is a party to the ICSID Convention. (For the interim period, both parties give their consent to the submission of the dispute to the ICSID Additional Facility Rules); or b) an ad hoc arbitration tribunal established under the UNCITRAL Arbitration Rules. If after three months the selection of a forum has not been made, the parties shall be bound to submit the dispute to ICSID. (Article 9 (5)(6)).

4. Applicable Law The arbitral tribunal shall decide the dispute in accordance with the provisions of the Agreement; with reference to the laws of the Contracting Party involved in the dispute; terms of any specific agreement concluded in relation to such an investment; and, principles of international law. (Article 9 (7)).


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