1. Constitution of the Tribunal
An arbitral tribunal shall be constituted for each dispute. . Within two months of the request of arbitration, each Party shall appoint an arbitrator. . The two arbitrators are required to select, within the next two months, a national of a third State who serves as Chairman of the tribunal. When agreement cannot be reached, the President of the International Court of Justice might be entrusted by either Contracting Party with the responsibility of making the appointments. There are also additional provisions to cover cases when the President is a national of either Party or is otherwise prevented from fulfilling this function, or when an arbitrator resigns or is unable to perform his duties. . Regarding costs, each Party is required to bear the expenses of its own member of the tribunal and of its representation in the proceedings, while the costs related to the Chairman are to be paid for equally by the Parties. The Tribunal may, however, direct that a higher proportion of the costs be paid by one of the Parties. (Article VIII (3) (4) (5) (7)).
2. Procedural Rules of the Tribunal
Decisions of the tribunal shall be taken by a majority of votes and shall be binding on both Parties. The Parties may agree to specific arbitral procedures. 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 VIII (2) (6) (7) (8)).
3. Applicable Law
Disputes shall be decided "in accordance with the applicable rules of international law." (Article VIII (1)). Honduras/United States