ALCA FTAA ZLEA - Investment: Dispute Settlement - Colombia/Peru

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Colombia and Peru
26 April 1994

Subject: VII. Settlement of Investment Disputes

A. Definition

B. Pre-Arbitral Consultations and Dispute Settlement Mechanisms
Any legal dispute relating to an investment under the Agreement between an investor of one Contracting Party and the other Contracting Party shall be settled through amicable consultations. (Article 12(1)). If it was not possible to settle the dispute within three months, it may be submitted to: a) the competent tribunals of the host party; or, b) to international arbitration. (Article 12(2)).

C. Arbitral Settlement of Disputes

1. Conditions

2. Consent
Contracting Parties consent to submit to ICSID any dispute concerning an investment under the Agreement for its settlement through consultation or arbitration. (Article 12(3)).

3. Forms de Arbitration
In case of international arbitration, the dispute shall be submitted to ICSID. (Article 12(2)). However, ICSID has no jurisdiction if a party submits the dispute to the courts or the administrative tribunals of the other party in the dispute. (Article 12(6)).

4. Applicable Law No reference.

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