Investment Agreements (Water) - Full Text Of The Norm

Original Language Title: ACUERDOS INVERSIONES (NICARAGUA) - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
ACUERDOS Law 25.351 Approve an Agreement for the Promotion and Reciprocal Protection of Investment, signed with the Republic of Nicaragua.

Sanctioned: November 1, 2000.

Cast: November 29, 2000.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc., sanction with force of Law:

ARTICLE 1 Appropriate the agreement between the Government of the ARGENTINA REPUBLIC and the Government of the NICARAGUA REPUBLIC FOR PROMOTION AND PROTECTION RECIPROCA DE INVERSIONS, signed in Buenos Aires on 10 August 1998, which consists of DOCE (12) articles, whose authenticated photocopy is part of this law. ARTICLE 2 Contact the national executive branch.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, THE FIRST DAY OF THE MONTH OF NOVEMBER OF THE YEAR DOS MIL.

# 25,351

PASCUAL RAFAEL. . MARIO A. LOSADA. . Guillermo Aramburu. . Alejandro C. Colombo.

Agreed between the Government of the Republic of Armenia and the Government of the Republic of Nicaragua for the promotion and protection of

The Government of the Argentine Republic and the Government of the Republic of Nicaragua, henceforth called the "Parts".

With the desire to intensify economic cooperation between the two States.

In order to create favourable conditions for the investments of investors of one Party in the territory of the other Party;

Recognizing that the promotion and protection of such investments on the basis of an agreement will contribute to the stimulus of the individual economic initiative and increase the prosperity of both States.

They agreed on the following:

ARTICLE I

Definitions

For the purposes of this Agreement:

(1) The term "investment" designates, in accordance with the laws and regulations of the Party in whose territory the investment is made, any kind of asset invested by investors of a Party in the territory of the other Party, in accordance with the laws of the latter, includes in particular, but not exclusively.

(a) ownership of movable and immovable property, as well as other real rights such as mortgage, captions and property rights;

(b) shares, shares, and any other type of participation in companies;

(c) credit titles and entitlements to benefits that have an economic value; loans shall be included only when directly linked to a specific investment;

(d) intellectual property rights, including, in particular, copyright, patents, industrial designs, brands, trade names, technical knowledge and key value;

(e) Economic concessions granted by law or contract, including concessions for the exploration, cultivation, extraction or exploitation of natural resources.

No change in the legal form whereby assets and capitals have been invested or reinvested will affect their investment rating in the terms of this Agreement.

This Agreement shall apply to all investments made before or after the date of entry into force, but the provisions of this Agreement shall not apply to any dispute, claim or dispute arising prior to its entry into force.

(2) The term "inverter" designates:

(a) Any natural person who is a national of one of the Parties, in accordance with its legislation and who invests in the territory of the other Party.

(b) Any legal person acting in accordance with the laws and regulations of a Party and having its seat in the territory of that Party and investing in the territory of the other Party.

(3) The provisions of this Agreement shall not apply to investments made by natural persons who are nationals of one Party in the territory of the other Party, if such persons, at the date of the investment, have been domiciled for more than two years in that last Party, unless it is proved that the investment was admitted in its territory from abroad.

(4) The term "gains" designates all amounts produced by an investment, such as profits, dividends, interests, royalties and other current revenues.

(5) The term "territory" designates the territory of each Party, including the territorial sea and maritime areas adjacent to the outer boundary of the territorial sea, on which each Party exercises, in accordance with international law, sovereign rights or jurisdiction.

ARTICLE 2

Investment Promotion

Each Party shall promote investments by investors of the other Party in its territory, and shall admit such investments in accordance with its laws and regulations.

ARTICLE 3

Investment protection

(1) Each Party shall at all times ensure fair and equitable treatment of investments of investors of the other Party, and shall not prejudice its management, maintenance, use, enjoyment or provision through unjustified or discriminatory measures.

(2) Each Party shall, once the investments of investors of the other Party have been admitted to its territory, grant full legal protection to such investments and shall accord them treatment no less favourable than that accorded to the investments of its own national investors or third-party investors.

(3) Without prejudice to the provisions of paragraph (2) of this Article, the treatment of the most favoured nation shall not apply to the privileges that each Party agrees to investors of a third State as a result of its participation or association in a free trade zone, customs union, common market, or regional agreement.

(4) The provisions of paragraph (2) of this Article shall not be interpreted in the sense of forcing a Party to extend to investors of the other Party the benefits of any treatment, preference or privilege resulting from an international agreement relative entirely or partially to tax matters.

(5) The provisions of Paragraph (2) of this Article shall not be interpreted in the sense of extending to the investors of the other Party the benefit of any treatment, preference or privilege resulting from bilateral agreements providing concessional financing signed between the Argentine Republic and Italy on 10 December 1987 and Spain on 3 June 1988.

ARTICLE 4

Entry of Staff and Administration

(1) None of the Parties may require that an enterprise of the other Party, which is an investment under this Agreement, name for executive posts superior to individuals of a specific nationality.

(2) Subject to their laws, regulations and policies regarding the entry and permanence of foreign personnel, both Parties shall permit nationals of the other Party to enter and stay in their territory of the necessary personnel for the purpose of establishing, developing, administering or advising an investment.

ARTICLE 5

Performance requirements

Neither Party shall establish performance requirements as a condition for the establishment, expansion or maintenance of investments, which require or require commitments to export goods or specify that certain goods or services are acquired locally, or impose any other similar requirements.

ARTICLE 6

Expropriations and Compensations

(1) None of the Parties shall take measures of nationalization or expropriation or any other measure having the same effect, against investments in their territory and which belong to investors of the other Party, unless such measures are taken for reasons of public utility, on a non-discriminatory basis and under due process of law. The measures shall be accompanied by provisions for the payment of prompt, adequate and effective compensation. The amount of such compensation shall correspond to the market value that the expropriated investment had immediately prior to expropriation or before the impending expropriation was made public, shall include interest from the date of expropriation to a normal commercial rate, shall be paid without delay and shall be effectively realizable and freely transferable.

(2) Investors of a Party that suffered losses in its investments in the territory of the other Party, due to war or other armed conflict, state of national emergency, revolt, insurrection or riot, shall receive, in respect of restitution, compensation, compensation or other restitution, treatment no less favourable than that accorded to its own investors or to investors of a third State.

ARTICLE 7

Transfers

(1) Each Party shall guarantee the investors of the other Party the unrestricted transfer of investments and profits, and in particular, but not exclusively from:

(a) the capital and additional amounts required for the maintenance and development of investments.

(b) benefits, profits, interests, dividends and other current incomes.

(c) funds for the reimbursement of loans as defined in Article 1, paragraph (1) (c);

(d) royalties and fees;

(e) having or benefiting from a total or partial sale or settlement of an investment;

(f) Compensations provided for in Article 6;

(g) the income of a Party ' s nationals who have obtained authorization to work on an investment in the territory of the other Party.

(2) Transfers shall be permitted without delay, in freely convertible currency, to the normal exchange rate applicable to the date of the transfer.

All in accordance with the procedures established by the Party in whose territory the investment was made, which may not affect the substance of the rights provided for in this Article.

ARTICLE 8

Subrogation

(1) If a Party or an agenda designated by the Party makes a payment to an investor under a guarantee or insurance that it has contracted in connection with an investment, the other Party shall recognize the validity of the subrogation for that Party or its agency in respect of any right or title of the investor. The Party or its agency shall be authorized, within the limits of the subrogation, to exercise the same rights as the investor had been authorized to exercise.

(2) In the case of a subrogation as defined in paragraph (1) of this Article, the investor shall not lodge any claim unless authorized by the Party or its agency.

ARTICLE 9

Implementation of Other Rules

If the provisions of any Party ' s legislation or existing or future obligations of international law between the Parties in addition to this Agreement or if an agreement between an investor of one Party and the other Party contain rules, whether general or specific, that give to investments made by investors of the other Party a more favourable treatment than that established in this Agreement, those rules shall prevail over this Agreement to the extent that they are more favourable.

ARTICLE 10

Dispute Settlement between Parties

(1) Disputes between Parties relating to the interpretation or application of this Agreement shall, as far as possible, be settled by diplomatic channels.

(2) If a dispute between the Parties could not be settled in that manner within six months of the commencement of the negotiations, it shall, at the request of any Party, be submitted to an arbitral tribunal.

(3) The court shall be constituted for each particular case as follows: Within two months of receipt of the request for arbitration, each Party shall designate a member of the court.

These two members shall elect a national of a third State who, with the approval of both Parties, shall be appointed President of the court. The President shall be appointed within two months from the date of the appointment of the other two members.

(4) If within the time limits provided for in paragraph (3) of this Article the necessary designations have not been made, any Party may, in the absence of another arrangement, invite the President of the International Court of Justice to proceed with the necessary appointments.

If the President is a national of one of the Parties or, for any reason, is prevented from playing such a role, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is a national of any of the Parties, or if he is also prevented from playing such a role, the member of the International Court of Justice who immediately follows him in the order of precedence and is not a national of any of the Parties, shall be invited to make the necessary appointments.

(5) The arbitral tribunal shall make its decision by a majority of votes. Such a decision shall be binding on both Parties. Each Party shall bear the expenses of its member of the tribunal and its representation in the arbitral proceedings; the expenses of the President, as well as the other expenses shall be borne in principle by equal parties.

However, the arbitral tribunal may determine in its decision that a greater proportion of the costs are borne by one of the two Parties, and this award shall be binding on both Parties.

The court shall determine its own procedure.

ARTICLE 11

Dispute Settlement between an Investor and the Receptive Part of Investment

(1) Any dispute concerning the provisions of this Agreement between an investor, one Party and the other Party shall, to the extent possible, be settled by friendly consultations.

(2) If the dispute could not have been settled within six months from the time it had been raised by one or the other party, it may be submitted to the investor.

. or the competent courts of the Party in whose territory the investment was not made.

. or international arbitration under the conditions described in paragraph (3) of this Article.

Once an investor has submitted the dispute to the jurisdictions of the Party involved or to international arbitration, the choice of one or another of these procedures shall be final.

(3) In the event of recourse to international arbitration, the dispute may be brought, at the choice of the investor:

. to the International Centre for Settlement of Investment Disputes (C.I.A.D.I.), created by the "Convention on Settlement of Investment Disputes between States and Nationals of Other States", opened for signature in Washington on 18 March 1965, when each State Party to this Agreement has acceded to it. While this condition is not met, each Party shall consent to the submission of the dispute in accordance with the Regulations of the Supplementary Mechanism of the IC.A.D.I. for the administration of conciliation, arbitration or investigation procedures;

de a "ad hoc" arbitration tribunal established in accordance with the arbitration rules of the United Nations Commission on International Trade Law (C. N.U. D.M.I.)

(4) The arbitral body shall decide on the basis of the provisions of this Agreement, the law of the Contracting Party which is a party to the dispute, including the rules relating to conflicts of law, the terms of any particular agreements concluded with respect to investment and also the principles of international law in the matter.

(5) Arbitral judgements shall be final and binding on the parties to the dispute.

Each Party shall execute them in accordance with its legislation.

ARTICLE 12

Entry into Vigor, Duration and Termination

(1) This Agreement shall enter into force on the first day of the second month from the date of the last notification by which the Parties are communicated through diplomatic channels, which have met the constitutional requirements necessary for their entry into force. It will have a duration of ten years, being automatically renewed by tacit agreement between the Parties on the same basis unless one of them decides to terminate it by notification to the other by diplomatic means, with twelve months in advance.

(2) With respect to investments made prior to the date on which the notification of termination of this Agreement becomes effective, the provisions of Articles 1 to 12 shall continue to apply for a period of 15 years from that date.

Made in the city of Buenos Aires, on August 10, 1998, in two originals, both equally authentic.