Convention on the regulation of investment disputes between
states and individuals or entities of other states
__________________________________________
(Submitted to the Government of the International Bank for Reconstruction
and Development, Washington, March 18, 1965,
entered into force on October 14, 1966)

 

preamble

Chapter I. International Center for Settlement of Investment Disputes

Section 1. Creation and device

Section 2. Governing Body

Section 3. Secretariat

Section 4. Lists

Section 5. Funding of the Center

Section 6. Status, Immunities and Privileges

Chapter II. Jurisdiction of the Center

Chapter III reconciliation

Section 1. Request for reconciliation

Section 2. Formation of the Conciliation Commission

Section 3. Conciliation procedure

Chapter IV. arbitration

Section 1. Request for Arbitration

Section 2. Formation of the Court

Section 3. Powers and functions of the Court

Section 4. Arbitral award

Section 5. Interpretation, Review and Withdrawal of the Award

Article 6. Recognition and enforcement of the award

Chapter V. Replacement and Disqualification of Conciliators and Arbitrators

Chapter VI. Analysis costs

Chapter VII. Place of recognition

Chapter VIII. Disputes between Contracting States

Chapter IX corrections

Chapter X. Decisive Provisions

preamble

Contracting States
explaining the need for international cooperation for economic development and the role that this area of ​​private international investment plays,
It is likely that from time to time disputes may arise between the Contracting States and natural or legal persons of the other Contracting States regarding such investments.
Recognizing that, while national legal procedures are usually used in such disputes, in some cases appropriate international methods of regulation may be applied,
giving particular value to a structure of international conciliation and arbitration in which Contracting States and natural or legal persons of other Contracting States are entitled to do so;
Desiring to create such structures under the auspices of the International Bank for Reconstruction and Development,
Recognizing that a mutual agreement of the parties to refer such disputes for conciliation or arbitration using such a structure constitutes a binding agreement that requires, in particular, the implementation of the recommendations of the arbitrators
declaring that no Contracting State has powers under one ratification, acceptance or approval of this Convention, and without its consent there will be no obligation to waive the obligation to waive the obligation to waive
agreed on the following:

Chapter I International Center for Settlement of Investment Disputes
Section 1 Creation and device
Article 1.
1. The current International Center for Settlement of Investment Disputes (hereinafter referred to as the "Center") has been established.
2. The aim of the Center is to create a structure for conciliation and arbitration in connection with investment disputes between Contracting States and natural or legal persons of other Contracting States of the Contracting States.

Article 2
The Center will be located at the headquarters of the International Bank for Reconstruction and Development (hereinafter referred to as the “Bank”). The location of the Center may be changed by decision of the Administrative Council, adopted by a two-thirds majority of its members.

Article 3.
The Center includes an Administrative Council and a Secretariat and maintains a list of mediators and a list of arbitrators.

 

Section 2 Governing Body
Article 4
1. The Governing Body consists of one representative from each Contracting State. As a representative, if the latter is not present at the meeting or is unable to perform his functions, the deputy can act.
2. In the absence of such appointment, a representative and his deputy shall be appointed ex officio by each administrator and deputy governor of the Bank designated by the Contracting State.

Article 5
The President of the Bank is the ex officio Chairman of the Administrative Council (hereinafter referred to as the “Chairman”), but does not have the right to vote. In the event of his absence or inability to perform his functions, as well as at any time when the position of the President of the Bank remains vacant, the Chairman of the Administrative Council shall be the person acting as President.

Article 6.
1. Without prejudice to the powers and functions conferred upon it by the other provisions of this Convention, the Governing Body:
a) confirms the administrative and financial regulations of the Center;
b) approves the rules of procedure for initiating conciliation and arbitration procedures;
c) approves the rules for the application of conciliation and arbitration, etc.