Article 8 Resolution of Disputes between a Contracting Party and Investor of the Other Contracting Party

1. Disputes between a Contracting Party and investor of the other Contracting Party, arising in connection with the capital investment of this investor in the territory of the first Contracting Party, including disputes concerning the amount, conditions or procedure of compensation payments in accordance with articles 4 and 5 of this Agreement or the procedure for payments envisaged in article 6 of this Agreement, shall be resolved by negotiations.

2. If a dispute can not be resolved by negotiations within six months from the date of the request of either of the parties to resolve it by negotiations then at the choice of the investor it can be referred for consideration to the competent court or arbitration body of the Contracting Party on the territory of which the capital investment is effected, or to an ad. hoc arbitration panel in accordance with the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL), or to an international centre for the settlement of investment disputes created in accordance with the convention on settlement of investment disputes between states and natural persons or legal entities of other states, signed in Washington on March 18, 1965, for the resolution of the dispute in accordance with the provisions of this convention (on condition that it has entered into force for both Contracting Parties) or in accordance with the Additional Rules of the International Centre for Settlement of Investment Disputes (if the convention has not come into force for both or one of the Contracting Parties).

3. An arbitration decision shall be final and binding for both parties to the dispute. Each Contracting Party is obliged to ensure implementation of such decision in accordance with its legislation.