Protection Of Investment Agreement With The Republic Of Korea

Original Language Title: Dohoda o ochraně investic s Korejskou republikou

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=43021&nr=125~2F1995~20Sb.&ft=txt

125/1995 Sb.



The COMMUNICATION FROM the



Ministry of Foreign Affairs



Ministry of Foreign Affairs says that 27 April 1994. April 1992 was in

Seoul signed an agreement between the Government the Czech and Slovak Federal

The Republic and the Government of the Republic of Korea for the promotion and reciprocal protection

investments.



Exchange of notes Ministry of Foreign Affairs of the Czech Republic of 18 November.

March 1994 and the Embassy of the Republic of Korea in Prague from 11 July.

April 1994, it was agreed that the agreement between the Government of the Czech and Slovak

The Federal Republic and the Government of the Republic of Korea for the promotion and mutual

protection of investment of 27 June. April 1992 shall be deemed concluded

between the Czech Republic and the Republic of Korea.



Parliament gave its assent to the agreement the United States and the President of the

the Republic has ratified it.



Agreement entered into force in accordance with the wording of article 12 para. 1

day 16. March 1995.



The Czech version of the agreement shall be published at the same time. In the English version, which is

for its interpretation of the applicable, can be consulted at the Ministry of foreign

Affairs and the Ministry of finance.



The AGREEMENT



between the Government of the Czech and Slovak Federal Republic and the Government of Korea

Republic on the promotion and mutual protection of investments



Government of the Czech and Slovak Federal Republic and the Government of Korea

Republic (hereinafter referred to as "the Contracting Parties"),



Desiring to develop the economic cooperation of the two States on the basis

equality and mutual benefit,



in an effort to encourage and create favourable conditions for investments by investors

one State on the territory of the other State and



Noting that the promotion and reciprocal protection of investments in accordance with this

the agreement encourages entrepreneurial initiative in this area,



have agreed upon the following:



Article 1



The definition of the



For the purposes of this agreement:



1. The term "investment" refers to each assets invested

an investor of one Contracting Party in the territory of the other Contracting Party in accordance

with the laws of the other Contracting Party and shall, in particular, but not

exclusively:



a) movable and immovable property, as well as other rights in rem, such as

mortgages, pledges, guarantees and similar rights;



(b)) shares, deposits and bonds by the company or any other forms of participation

the companies and the Government issued securities;



(c) the claim or claims) cash on any transactions originating in

the economic value associated with an investment;



(d)) intellectual property rights, including copyright,

trade marks, patents, industrial designs, techniques,

know-how, trade secrets, trade names and goodwill;



e) any right arising from law or the contract, and any

a licence or permit issued under the Act, including concessions for exploration,

mining, cultivation or exploitation of natural resources.

Any change of the form in which the values are invested does not affect the

their reviews as an investment.



2. the term "investor" means any natural or legal person,

that invests in the territory of the other Contracting Party.



and) the notion of "natural person" means any natural person who is a national

citizenship of one Contracting Party in accordance with its legal regulations;



b) "legal person" means with respect to any Contracting Party

any company registered or established in accordance with its

jurisdiction and recognised as a legal person.



3. The term "returns" means the amounts yielded from investments and includes

in particular, but not exclusively, profits, interest, capital gains, shares,

dividends, license and other fees.



4. The term "territory" means, with respect to any Contracting Party territory and

coastal zone over which the State exercises sovereignty, sovereign

the rights or jurisdiction in accordance with international law.



Article 2



The promotion and protection of investments



1. Each Contracting Party shall encourage and create favourable conditions

for investors of the other Contracting Party in its territory and investing will be

to admit such investments.



2. investments of investors of one Contracting Party will always have ensured

the proper and fair treatment and will enjoy full protection and

safety on the territory of the other Contracting Party.



Article 3



National treatment and MFN clause



1. each Contracting Party shall in its territory for investments and returns

investors of the other Contracting Party treatment, which is the proper and fair

and no less favourable than that accorded to investments or the proceeds of their

its own investors or investments of investors of any proceeds or

of a third State.



2. each Contracting Party shall accord to investors of the other party within its territory

the parties, regarding the management, maintenance, use, recovery or disposal

with their investments, treatment which is the proper and equitable and not less

favorable, than to its own investors or to investors

of any third State.



3. The provisions of paragraphs 1 and 2 of this article shall be interpreted so that the

one contracting party undertake to provide investors of the other Contracting

by such treatment, benefits or privileges, which may be one of the Contracting

page provide by:



and) any of the Customs Union or free trade zone or common external

the customs zone or monetary Union or a similar international agreements or other

forms of regional cooperation, to which each party involved

or you can participate in, or



(b)) any international agreement or arrangement relating wholly or

mainly taxation.



Article 4



Compensation for damage or loss



1. If the investments of investors of any Contracting Party suffer damage

as a result of war, armed conflict, a State of emergency, riot,

insurrection, riot or other similar events on the territory of the other Contracting

the Parties shall provide the Contracting Party in whose territory such prejudice

investment has occurred, the investor of the other Contracting Party treatment, as regards

about restitution, damages, compensation or other settlement, no less

favourable than accorded to the other Contracting Party to its own

investors or to investors of any third State.



2. Notwithstanding paragraph 1 of this article, the investors of one Contracting

the parties, who in any event referred to in the preceding

paragraph suffered damage or loss to the territory of the other Contracting Party

consisting of:



) and seize their assets, by the armed forces or by an

the other Contracting Party,



(b)) the destruction of their property by the armed forces or by the official authorities of the other

the Contracting Parties, which was not due to combat action or not

invoked when the necessity of the situation,

will be given fair and reasonable compensation for any damage or loss of

suffered during capturing or as a result of destruction of property. The resulting

payments will be freely transferable without delay.



Article 5



The expropriation



1. investments of investors of any Contracting Party shall not be nationalized,

expropriated or subjected to a measure having the same effect as

nationalization or expropriation (hereinafter referred to as "expropriation") on the territory of the other

the Contracting Parties, with the exception of public interest. Expropriation shall be carried out

According to the law, on a non-discriminatory basis, and will be accompanied by a

the provisions on the payment of the immediate, adequate and effective compensation. Such

compensation equal to the market value of the expropriated investment immediately

before the expropriation or before the intended expropriation became public

known, including interest from the date of the expropriation, will be carried out without

the delay will be feasible and freely transferable.



2. The investor has the right to request an urgent review of its

of the case and of valuation of its investments by a court or other independent

authority of a Contracting Party in accordance with the principles contained in this article.



3. The provisions of paragraph 1 of this article shall also apply to cases where the

a Contracting Party expropriates the assets of a company that has been registered

or established in accordance with the applicable laws and regulations in any part of its

own territory, and in which investors of the other Contracting Party own shares.



Article 6



Conversions



1. the Contracting Parties shall ensure that the transfer payments related to investments or

revenue. Transfers will be made in freely convertible currency, no

unnecessary constraints and delays. Such transfers shall include, but not

However, exclusively:



and) capital and additional amounts to maintain or increase the investment;



(b)) gains, interest, dividends and other cash receipts;



(c) the amount of the repayment of loans);



d) license or other fees;



e) proceeds from the sale or liquidation of the investment;



f) earnings of individuals under the law of the Contracting Party where it is

the investment.



2. for the purposes of this agreement, will be used in the official courses valid for common

the transaction to the date of the transfer, unless otherwise agreed.



Article 7



Assignment of rights



If one Contracting Party or its designated agency makes a payment

your own investor on the basis of assurances given by the

relation to an investment in the territory of the other Contracting Party, the other Contracting

page:



and each right or assignment) of the right of the investor to a Contracting Party

or her authorised agency that provided the payment, whether for referral

According to the law or on the basis of legal action in this country, as well as

(I)



(b)) that the Contracting Party or its designated agency that provided the payment

It is by way of subrogation shall be entitled to exercise the rights and claims soar


of the investor and to assume the obligations related to the investment.



Article 8



Settlement of investment disputes between a Contracting Party and an investor of the other Contracting

the parties



1. any dispute which may arise between an investor of one Contracting

the parties and the other Contracting Party in connection with an investment in the territory of the

the other party will be subject to negotiations between the parties in dispute.



2. If a dispute between an investor of one Contracting Party and other Contracting

the party will last even after the expiration of three months, an investor will be entitled to

submit the dispute either:



and the International Centre for) settlement of investment disputes, taking into account

the applicable provisions of the Convention on the settlement of investment disputes between States and

citizens of other States, opened for signature in Washington, D. C. 18. March

1965 in the case that the two parties are parties to this Convention; or



(b)) the arbitrator or to the International Court of arbitration set up by ad hoc,

established under the arbitration rules of the United Nations Commission

for international commercial law. Parties in a dispute may, in writing,

agree on amendments to these rules. The arbitration award shall be final and

binding for both sides in the dispute.



Article 9



The resolution of disputes between the Contracting Parties



1. disputes between the Contracting Parties concerning the interpretation or application of this

Agreement may be, if possible, resolved through consultations or

negotiations.



2. If the dispute cannot be resolved within three months, will be on the

the request of either contracting party be submitted to an arbitral tribunal in accordance with the

the provisions of this article.



3. the arbitral tribunal shall be established for each individual case

in the following way. Each Contracting Party shall designate one arbitrator in

within two months of receipt of the request for arbitration. These two

the arbitrator then selects a citizen of a third State, that will be with the consent of both

of the parties appointed President of the Court (hereinafter referred to as "the Chairman").

The Chairman shall be appointed within three months from the date of the appointment of the two arbitrators.



4. If, in one of the periods referred to in paragraph 3 of this article has not been

performed necessary appointment may be requested the President of the International

the Court of Justice to make the appointment. If the President of the citizen of any

the Contracting Parties, or for any other reason unable to exercise this mandate, the

on the implementation of the appointment of the Vice-President of the International Court of requested

the Court. If it is also Vice-Chair of the citizen of a Contracting Party, or

cannot execute this mandate, will be on the implementation of the necessary appointment

asked the oldest Member of the International Court of Justice, who is not a citizen

any Contracting Party.



5. the Arbitration Tribunal shall adopt its decisions by a majority vote. Such

the decision is binding. Each Contracting Party shall pay the expenses of their

arbitrator and its participation in the arbitration proceedings; expenses of the Chairman and other

the costs will be borne by the parties equally. The Court of arbitration

shall determine its own rules rules.



Article 10



The use of other provisions and specific commitments



1. in the event that there is some question dealt with at the same time this agreement and

another international agreement, the two Contracting Parties are parties, nothing

in this agreement does not prevent to any party or any of its

the investor who owns the investments on the territory of the other Contracting Party,

any provisions that are more favourable for him.



2. If the treatment granted by either party to investors

the other Contracting Party in accordance with its legal regulations or other

special contractual provisions is more favourable than that

provided for in this agreement, will be used this more favourable treatment.



Article 11



The applicability of this agreement



The provisions of this Agreement shall apply to investments made by investors

one Contracting Party in the territory of the other Contracting Party 1. January 1950.



Article 12



Entry into force, duration and termination



1. each Contracting Party shall notify the other party in fulfilment of the constitutional

the requirements for the entry into force of this agreement. This agreement shall enter

force 30 days after the day of the later notification.



2. This agreement shall remain in force for a period of ten years and its validity

It will continue until one year before the expiry of the initial period or

any following period one contracting party notifies the

the other Contracting Party of its intention to terminate this agreement.



3. For investments made prior to the termination of this Agreement shall remain

the provisions of this agreement is effective for a period of 20 years from the date of termination.



In witness whereof the undersigned, duly authorised thereto, have signed this agreement.



Done at Seoul on 27. April 1992 in duplicate, each in the Czech,

the Korean and English languages, all texts being equally

force. In case of divergence of interpretation the English text will be decisive.



For the Czech and Slovak Federal Republic:



Vladimír Dlouhý in r.



the Minister for economic



For the Republic of Korea:



Lee Sang Ock in r.



Minister of Foreign Affairs