ALCA FTAA ZLEA - Investment: Dispute Settlement - Grenada/United States

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Treaty Between Grenada and United States
2 May 1986

Subject: VI. Settlement of Disputes Between Contracting Parties

A. Pre-Arbitration Negotiations
Parties agree to consult promptly, on the request of either, to resolve any disputes in connection with the Treaty, or to discuss any matter relating to the interpretation or application of the Treaty. (Article V). Any dispute which is not resolved through consultation or other diplomatic channels, shall be submitted, upon request of either Party, to an arbitral tribunal. (Article VII (1)).

B. Arbitration

1. Constitution of the Tribunal
. Within two months of receipt of a request, each Party shall appoint an arbitrator. The two arbitrators shall select a third arbitrator as Chairman, who is a national of a third State. . Expenses incurred by the Chairman, the other arbitrators, and other costs of the proceedings shall be paid for equally by the Parties. (Article VII (2) (4)).

2. Procedural Rules of the Tribunal
Decisions of the tribunal shall be binding on both Parties. In the absence of agreement by the Parties to the contrary, the Model Rules on Arbitral Procedures adopted by the United Nations International Law Commission in 1958, shall govern. Unless otherwise agreed, all submissions shall be made and all hearings shall be completed within six months of the date of selection of the third arbitrator, and the Tribunal shall render its decisions within two months of the date of the final submissions or the date of the closing of the hearings, whichever is later. (Article VII (1) (3)).

3. Applicable Law
Disputes shall be decided "in accordance with the applicable rules of international law." (Article VII (1)).

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