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: VII. Settlement of Investment Disputes

A. Definition
An investment dispute is a dispute between a Party and a national or company of the other Party involving: a) the interpretation or application of an investment agreement between that Party and such national or company; b) the interpretation or application of any investment authorization granted by a Party's foreign investment authority to such national or company; or, c) an alleged breach of any right conferred or created by the Treaty with respect to an investment. (Article VI(1)).

B. Pre-Arbitral Consultations and Dispute Settlement Mechanisms
Parties to the dispute should initially seek resolution through consultation and negotiation, which may include the use of non-binding, third-party procedures. If the dispute cannot be settled through consultation and negotiation, it shall be submitted for settlement in accordance with any applicable, previously agreed dispute settlement procedures. (Article VI(2)).

C. Arbitral Settlement of Disputes

1. Conditions
Provided that the national or company has not submitted the dispute for resolution in accordance with any applicable previously agreed dispute settlement mechanism or before the courts of justice or administrative tribunals of the Party that is a party to the dispute, and six months have elapsed from the date on which the dispute arose, the national or company may choose to consent in writing to the submission of the dispute for settlement by conciliation or binding arbitration. (Article VI(3)(a)).

2. Consent
Consent set out explicitly in Article VI(3)(b).

3. Forms de Arbitration
The submission of the dispute for settlement by conciliation or binding arbitration may be made to ICSID or under the rules of the Additional Facility of the Centre. (Article VI(3)(a)).

4. Applicable Law Conciliation or binding arbitration shall be done in accordance with the ICSID Convention and the Rules and Regulations of the Centre or, if the Convention is inapplicable, the Rules of the Additional Facility shall govern. (Article VI(3)).

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