On The Agreement Between The Czechoslovak Federative Republic And The Hellenic Republic On Mutual Protection Of Investments

Original Language Title: o Dohodě mezi ČSFR a Řeckou rep. o vzájemné ochraně investic

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The communication from the

Ministry of Foreign Affairs

Ministry of Foreign Affairs communicates the day 3. June 1991 was in

Prague signed agreement between the Government of the Czech and Slovak Federal

The Republic and the Government of the Hellenic Republic on the promotion and reciprocal protection


With the agreement have expressed their approval of the Federal Assembly of the Czech and Slovak

The Federal Republic and the President of the Czech and Slovak Federal

The Republic has ratified it. The instruments of ratification were exchanged in Athens

on 30 November. November 1992.

Agreement entered into force pursuant to article 13(2). 1 day 30.

December 1992.

The Czech version of the agreement shall be published at the same time.

The agreement

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

Republic on the promotion and mutual protection of investments

Government of the Czech and Slovak Federal Republic and the Government of the Hellenic Republic,

known as the Contracting Parties,

Desiring to intensify economic cooperation, pointing to the mutual

the benefit of the two countries on a long-term basis,

considering creating favourable conditions for investments by investors

one Contracting Party in the territory of the other Contracting Party,

Recognizing that the promotion and protection of investments on the basis of this agreement,

encourage initiative in this area,

have agreed as follows:

Article 1

The definition of the

For the purposes of this agreement:

(1) "investment" means every kind of asset and includes, in particular, not

However, exclusively:

a) movable and immovable property and other property rights such as mortgages,

the collateral or guarantees,

(b)) shares, deposits and bonds of the company, and other forms of participation in the

the company,

c) loans, claims to money or to any performance under the contract, which

has financial value,

d) intellectual property rights, goodwill, technical processes, know-how,

e) business arising from law, or permission from the Treaty,

including the exploration, cultivation, extraction or exploitation of natural


(2) "proceeds" means the amounts derived from the investment and include, in particular,

but not exclusively, profits, interest, capital gains, dividends,

the license and other fees.

(3) the "Investor" means, in respect of each Contracting Party:

and physical persons having) the nationality of the Contracting Parties in accordance with

its legal system,

(b)) of a legal person established in accordance with the law of that Contracting


(4) "Territory" means, with respect to any Contracting Party territory under its

the sovereignty as well as territorial waters and undersea territory, over which the

the Contracting Party shall exercise, in compliance with international law, the sovereign

law and jurisdiction.

Article 2

The promotion and protection of investments

(1) each Contracting Party supports investments in its territory of investors

the other Contracting Party and allows such investments in accordance with its

the legal order.

(2) Maybe change of the form in which it was carried out, does not change its investment

the essence of such investment provided that such a change will not be

contrary to the laws and regulations of the respective parties.

(3) income from investments, and in the case of reinvestment of profits, which originates,

enjoy the same protection as the original investment.

Article 3

Favoured nation clause and national treatment

(1) no Contracting Party will not be treated with investments in its territory,

that you own or control the investors of the other party less

favourably than it treats its own investors or investments

investments of investors of any third State.

(2) no Contracting Party will not be treated with investments of the Contracting Parties,

as regards the activities related to investments in its territory, less

favourably than it treats its own investors or investors

of any third State.

(3) this treatment shall not apply to preferences or advantages

any Contracting Party provides to investors of third States:

and, as a result of their membership) or association to the customs or economic

the Union, a common market, free trade zone, or similar institutions,

(b)) on the basis of agreements to avoid double taxation or other agreements

relating to taxes.

Article 4

The expropriation

(1) investments by investors of either Contracting Party shall enjoy the full

protection on the territory of the other Contracting Party.

(2) investments of investors of one Contracting Party shall not be expropriated,

nationalized or subject to any other measures having the same effect as

the expropriation or the nationalization on the territory of the other Contracting Party, with the exception of

the measures carried out under the following conditions:

and the measures implemented in) the public interest and in accordance with the legal

the procedure,

(b)) the measures are clear and are not discriminatory in nature, and

(c)) the measures are accompanied by provisions on payment of the immediate,

adequate and effective compensation. Such compensation will correspond to the market

the value of the investments concerned immediately before the measures referred

in this paragraph to have been made or became public knowledge and will

freely transferable in freely convertible currencies of the Contracting Parties in

the official exchange rate applicable at the time when its value was determined. Compensation in the

a freely convertible currency will be transferable without delay. The refund will be

include the interest to date of payment specified in the respective commercial rate

the Central Bank of a Contracting Party and the amount may be reviewed in the

accordance with the regulatory procedure.

Article 5

Liquidated damages

With investors of the Contracting Party whose investments in the territory of the other will suffer

the Contracting Parties damage due to war or other armed conflict,

Revolution, a State of emergency or other exceptional situations will be

that Contracting Party shall be treated as regards restitution, reparation,

compensation or other settlement, worse than with their own investors or with

investors of any third State. The payments will be freely


Article 6

Transfers of investments and income

(1) each Contracting Party shall ensure that, with regard to investments of investors of the other

the Contracting Parties, the free transfer of investments and returns. Transfers will be

carried out without delay in freely convertible currency, as agreed between the

the investor and the contracting party to the monthly exchange rate valid on the day of the transfer.

(2) such transfers shall include, but not limited to:

and) capital and additional amounts to maintain or extend investments,

(b)) gains, interest, dividends and other current revenues,

(c) the amount to be recovered loans),

d) license and other fees,

e) proceeds from sale or liquidation of the entire investment or part of it.

Article 7

Assignment of rights

If the investment of an investor of one Contracting Party insured under

statutory insurance, the latter Contracting Party shall recognise the input

the insurer or the providers of the rights of the investor in accordance with

the terms of such insurance.

Article 8

Application Of The Agreement

This agreement shall also apply to investments made before the

before the entry into force, but after 1. 1.1950, investors of any

Contracting Party in the territory of the other Contracting Party in accordance with its legal

of procedure.

Article 9

Disputes between the Contracting Parties

(1) any dispute between Contracting Parties concerning the interpretation or

application of this agreement will be resolved through diplomatic channels.

(2) if the dispute Cannot be resolved in this way within six months from the beginning of

the hearing will be at the request of either contracting party be submitted to an arbitration

the Court.

(3) the Arbitration Tribunal shall be constituted ad hoc as follows: each Contracting Party

shall appoint one arbitrator and the two arbitrators shall agree on the Chairman,

that will be a citizen of a third State. The arbitrators shall be appointed within three

months, the President within five months from the date on which either Contracting Party

inform the other party of its intention to submit the dispute

a Court of arbitration.

(4) if necessary the appointment made within the time limits laid down in

paragraph 3 of this article, any party to the dispute, unless the

unless otherwise agreed, to request the President of the International Court of Justice, to

made the necessary appointment. If the President of the International Court of Justice

a citizen of one of the parties to the dispute or to prevent another fact in

the performance of this mission will be required to make the necessary appointment

Vice President, or is a national of one of the parties in the dispute and prevent the

also anything to him in the performance of this mission, a senior member of the

The International Court of Justice who is not a citizen of one of the parties in the

the dispute.

(5) the arbitral tribunal shall decide on the basis of respect for the law, including

the provisions of this Agreement or other applicable agreements concluded between

the Contracting Parties and on the basis of generally accepted rules and principles

of international law.

(6) unless otherwise agreed by the parties, the arbitral tribunal shall determine its own

procedural rules.

(7) the Court shall be decided by majority vote. Such decisions shall be final and

binding on the parties.

(8) each Contracting Party shall pay the expenses of its own arbitrator and their

representation. Expenses of the President, as well as other expenses shall be reimbursed by the parties


Article 10

The settlement of disputes between an investor and the receiving State

(1) any dispute between one Contracting Party and an investor of the other

party relating to investments, including any disputes of the expropriation or

the nationalization of investment, will be resolved between the parties in dispute


(2) If no such dispute resolved within six months from the time

When one of the parties in a dispute, asked for a friendly solution, the investor can

submit the dispute either to the competent court of a Contracting Party, or to the international

a Court of arbitration. The two Contracting Parties declare that they will be subject to such

the decision-making procedure. In this case, will be applied, mutatis mutandis,

the provisions of article 9, paragraphs 3-8. In the event that the Arbitration Tribunal shall determine

rules for the use of the UNCITRAL arbitration rules in force, it will be

asked the President of the International Court of arbitration at the Chamber of Commerce

Paris, France, to make the necessary appointment. The arbitration award shall be binding and

enforceable in accordance with national law.

(3) during the arbitration proceedings or enforcement of the award,

raises the Contracting Party that is a party in a dispute, an objection that the

an investor of the other party has received a refund of all or part of

the title of the insurance contract.

(4) in the event that the two parties are members of the Convention on the settlement of

investments between States and nationals of other States. March 1965, can be

a dispute between a Contracting Party and an investor of the other party on request

the investor submitted to conciliation or Arbitration International

the Center for settlement of investment disputes.

Article 11

The use of other provisions

If the legislation of either Contracting Party or liability

existing now or in the future under international law between

the Contracting Parties in addition to this agreement contains rules, whether General or

Special, qualifying investments of investors of the other party to the

more favourable treatment than what is determined by the provisions of this agreement, then such

the rules to the extent in which they are more convenient, take precedence over the provisions of this

By the agreement.

Article 12

The negotiations

Representatives of the parties will act, whenever in any

matters relating to this agreement, necessary. These negotiations will be conducted

on the proposal of a Contracting Party in place and at a time agreed by the diplomatic

along the way.

Article 13

Entry into force, duration and termination of the agreement

(1) this Agreement shall enter into force one month after the exchange of instruments of ratification

of documents. Shall remain in force for a period of 10 years.

(2) If a Contracting Party denounces it the agreement at least six months

before the end of its validity, the validity of the agreement tacitly extended for

the next 10 years. Each Party retains the right to terminate

the validity of the termination of the agreement made at least six months before the

the termination of the current period of its validity.

(3) For investments made before the expiry of this agreement,

the provisions of the preceding articles shall remain in effect for another 10 years

from this day on.

Given in duplicate in Prague on 3. 6. the 1991 in Czech,

Greek and English languages, all the texts being equally authentic. In

If differences in interpretation, the English text will be decisive.

For the Government of the Czech and Slovak Federal Republic:

Jiří Dienstbier in r.

For the Government of the Hellenic Republic:

Antonis Samaras in the r.