ALCA FTAA ZLEA - Investment: Dispute Settlement - Argentina/Venezuela

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Argentina and Venezuela
16 November 1993

Subject: VII. Settlement of ALCA FTAA ZLEA - 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 through amicable consultations. (Article 11 (1)). If it was not possible to settle the dispute within a period of six months, it may be submitted, at the request of the investor: a) to the competent tribunals of the host party; or b) to international arbitration. Election by the investor of either one of these procedures shall be definitive. (Article 11 (2)).

C. Arbitral Settlement of Disputes

1. Conditions

3. Forms de Arbitration
Where the dispute is referred to international arbitration, the investor and the Contracting Party may agree to submit the dispute 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); b) an ad hoc arbitration tribunal established under the UNCITRAL Arbitration Rules. If after a period of three months an agreement has not been reached on the procedure, the parties shall submit it for arbitration to the ICSID or the ICSID Additional Facility. (Article 11 (3)).

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 11 (4)).

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