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Investment Agreements in the Western Hemisphere: A CompendiumTrade and Integration Agreements
VII. Settlement of Disputes Between a Contracting Party and an Investor | D. Award | 2. Finality and Enforcement North American Free Trade Agreement (NAFTA) An award made by a Tribunal shall have no binding force except between the disputing parties and in respect of the particular case. (Article 1136(1)). Subject to paragraph 3 and the applicable review procedures for an interim award, a disputing party shall abide by and comply with an award without delay. (Article 1136(2)). A disputing party may not seek enforcement of a final award until: (a) in the case of a final award made under the ICSID Convention (i) 120 days have elapsed from the date the award was rendered and no disputing party has requested revision or annulment or the award, or (ii) revision or annulment proceedings have been completed; and (b) in the case of a final award under the ICSID Additional Facility Rules or the UNCITRAL Arbitration Rules (i) three months have elapsed from the date the award was rendered and no disputing party has commenced a proceeding to revise, set aside or annul the award, or (ii) a court has dismissed or allowed an application to revise, set aside or annul the award and there is no further appeal. (Article 1136(3)). Each Party shall provide for the enforcement of an award in its territory. (Article 1136(4)). If a disputing Party fails to abide by or comply with a final award, the Commission, on delivery of a request by a Party whose investor was a party to the arbitration, shall establish a panel under Article 2008 (Request for an Arbitral Panel). The requesting Party may seek in such proceedings: (a) a determination that the failure to abide by or comply with the final award is inconsistent with the obligations of this Agreement; and (b) a recommendation that the Party abide by or comply with the final award. (Article 1136(5)). A disputing investor may seek enforcement of an arbitration award under the ICSID Convention, the New York Convention or the Inter-American Convention regardless of whether proceedings have been taken under paragraph 5. (Article 1136(6)). A claim that is submitted to arbitration under this Section shall be considered to arise out of a commercial relationship or transaction for purposes of Article I of the Inter-American Convention. (Article 1136(7)). Free Trade Agreement of the Group of Three among Mexico, Colombia, and Venezuela (Group of Three) An award made a Tribunal in accordance with this section shall have no binding force except between the disputing parties and in respect of the particular case. (Article 17-23(1)). A disputing party shall abide by and comply with an award without delay and shall provide due execution. (Article 17-23(2)). If the Party whose investor was a party in the arbitration proceedings considers that the disputing Party has failed to abide by or comply with a final award, it may resort to Chapter XIX dispute settlement procedures in order to obtain a recommendation to the effect that the Party shall adhere to and observe the final award. (Article 17-23(3)). The disputant investor may resort to execution of an arbitration award in accordance with the ICSID Convention, the New York Convention or the Inter-American Convention, regardless of whether the proceedings envisaged in paragraph 3 have been initiated or not. (Article 17-23(4)). Common Market of the South (MERCOSUR)
Members
Non-Members Andean Pact
Caribbean Community and the Caribbean Common Market (CARICOM)
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