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

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Ecuador and Venezuela
18 November 1993

Subject: VII. Settlement of Investment Disputes

A. Definition

B. Pre-Arbitral Consultations and Dispute Settlement Mechanisms
Any dispute relating to the provisions of the Agreement between an investor of one Contracting Party and the other Contracting Party will be settled, to the extent possible, through amicable consultations. (Article IX(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 IX(2)).

C. Arbitral Settlement of Disputes

1. Conditions

3. Forms de Arbitration
Where the dispute is referred to international arbitration, it shall be submitted to ICSID or to the Additional Facility of the Center. If these are not available, the dispute shall be submitted, at the request of the investor, to an ad hoc arbitration tribunal established under the UNCITRAL Arbitration Rules. (Article IX(3)).

4. Applicable Law No reference.

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