If a Contracting Party or an agency of a Contracting Party makes a payment to an investor of that Contracting Party under a guarantee, a contract of insurance or other form of indemnity it has granted in respect of an investment, the other Contracting Party shall recognise the transfer of any right or title in respect of such investment. The subrogated right or claim shall not be greater than the original right or claim of the investor.
Article 14. Entry Into Force, Duration and Termination
(1) This Agreement shall enter into force thirty days after the date on which the Contracting Parties shall have notified each other that their constitutional reguirements for the entry into force of this Agreement have been fulfilled. It shall remain in force for a period of fifteen years and thereafter sl 3.aH remain in force indefinitely, unless terminated in accordance with paragraph (2) of this Article.
(2) Either Contracting Party may terminate this Agreement at any time after it has been in force for fifteen years by giving one year's written notice to the other Contracting Party.
(3) Notwithstanding termination of this Agreement pursuant to paragraph (2) of this Article the Agreement shall continue to be effective for a further period of fifteen years from the date of its termination in respect of investments made or acquired before the date of termination of this Agreement.
Conclusion
IN WITNESS WHEREOF the undersigned, being duly authorised thereto, have signed this Agreement.
DONE in duplicate at Canberra on the Twenty - ninth day of July, 1991 in the English and Czech languages, both texts being egually authentic.
FOR AUSTRALIA: FOR THE CZECH AND SLOVAK
Attachments
(1) The Arbitral Tribunal referred to in Article 10 shall
Consist of three persons appointed as follows:
(a) each Contracting Party shall appoint one arbitrator;
(b) the arbitrators appointed by the Contracting Parties shall, within thirty days of the appointment of the second of them, by agreement, appoint an arbitrator as Chairman of the Tribunal who shall he a national of a third country which has diplomatic relations with both Contracting Parties.
(2) Arbitration proceedings shall be instituted upon
Notice being given through the diplomatic channel by the Contracting Party instituting such proceedings to the other Contracting Party. Such notice shall contain a statement setting forth in summary form the grounds of the claim, the nature of the relief sought, and the name of the arbitrator appointed by the Contracting Party instituting such proceedings. Within sixty days after the giving of such notice the respondent Contracting Party shall notify the Contracting Party instituting proceedings of the name of the arbitrator appointed by the respondent Contracting Party.
(3) If, within the time limits provided for in paragraph
(2) of this Annex, the required appointment has not been made, either Contracting Party may request the President of the International Court of Justice to make the necessary appointment. If the President is a national of either Contracting Party or is otherwise unable to act, the
Vice-President shall be invited to make the appointment. If the Vice-President is a national of either Contracting Party or is unable to act, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the appointment.
(A) In case any arbitrator appointed as provided for in
This Annex shall resign or become unable to act, a successor arbitrator shall be appointed in the same manner as prescribed for the appointment of the original arbitrator and the successor shall have all the powers and duties of the original arbitrator.
(5) The Arbitral Tribunal shall decide all questions relating to its competence and shall, subject to any agreement between the Contracting Parties, determine its own procedure.
(6) The Arbitral Tribunal shall reach its award by majority vote taking into account the provisions of this Agreement, the international agreements both Contracting Parties have concluded and the generally recognised principles of international law. It may render an award on the default of a Contracting Party.
(7) Each Contracting Party shall bear the costs of its appointed arbitrator. The cost of the Chairman of the Tribunal and other expenses associated with the conduct of the arbitration shall be borne in equal parts by both Contracting Parties. The Arbitral Tribunal may decide, however, that a higher proportion of costs shall be borne by one of the Contracting Parties.
(8) An award shall be final and binding on the Contracting Parties.
(1) The Arbitral Tribunal referred to in paragraph (3)(b)
Of Article 11 shall consist of 3 per 3 appointed as follows:
(a) each party to the dispute shall appoint one arbitrator
(b) the arbitrators appointed by the parties to the dispute shall, within thirty days of the appointment of the second of them, by agreement, appoint an arbitrator as Chairman of the Tribunal who shall be a national of a third country which has diplomatic relations with both Contracting Parties.
(2) Arbitration proceedings shall be instituted by written
Notice setting forth the grounds of the claim, the nature of the relief sought and the name of the arbitrator appointed by the party instituting such proceedings.
(3) If a party to the dispute, receiving notice in writing from the other party of the institution of arbitration proceedings and the appointment of an arbitrator, shall fail to appoint its arbitrator within thirty days of receiving notice from the other party, or if, within sixty days after a party has given notice in writing instituting the arbitration proceedings, agreement has not been reached on a Chairman of the Tribunal, either party to the dispute may reguest the Secretary-General of the International Centre for Settlement of Investment Disputes
To make the necessary appointment.
(4) In case any arbitrator appointed as provided in this Annex shall resign or become unable to act, a successor arbitrator shall be appointed in the same manner as prescribed for the appointment of the original arbitrator and the successor shall have all the powers and duties of the original arbitrator.
(5) The Arbitral Tribunal shall decide all questions relating to its competence and shall, subject to the provisions of any agreement between the parties to the dispute, determine
. its procedure by reference to the rules of procedure contained in.he Arbitration Rules of the United Nations Commission on International Trade Law.
(6) The Arbitral Tribunal shall reach its award by majority vote taking into account the provisions of this Agreement, any agreement between the parties to the dispute and the relevant domestic law of the Contracting Party which has admitted the investment.
(7) Each party to the dispute shall bear the costs of its appointed arbitrator. The cost of the Chairman of the Tribunal and other expenses associated with the conduct of the arbitration shall be borne equally by the parties. The Arbitral Tribunal may, however, decide that a higher proportion of the costs shall be borne by 'one of the parties.
(8) An award shall be final and binding and shall be enforced in the territory of each Contracting Party in accordance with its law.
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