Communication from the Ministry of Foreign Affairs No 159 / 1994 Coll.
Communication from the Ministry of Foreign Affairs on the negotiation of the Agreement between the Czech Republic and the Republic of Slovenia on the promotion and protection of investment
Valid
International Treaty
Effective from 21.05.1994
Text versions:
29.07.1994
159
COMMUNICATION
Ministry of Foreign Affairs
The Ministry of Foreign Affairs announces that the Agreement between the Czech Republic and the Republic of Slovenia on the promotion and protection of investment was signed in Prague on 4 May 1993.
The Parliament of the Czech Republic agreed to the Agreement and the President of the Republic ratified it.
The Agreement entered into force on 21 May 1994 on the basis of Article 13 (1) thereof.
The Czech version of the Agreement is hereby published at the same time.
AGREEMENT
between the Czech Republic and the Republic of Slovenia on investment aid and protection
the Czech Republic and the Republic of Slovenia ("the Contracting Parties'),
led by the desire to intensify economic cooperation to the mutual benefit of both States,
DESIRING to create and maintain favourable conditions for investment by investors of one State in the territory of the other State; and
Recognising that the promotion and mutual protection of investment in accordance with this Agreement encourages business initiatives in this field,
agree on the following:
Definitions
For the purposes of this Agreement:
1. The term "investment" refers to any asset value invested in accordance with economic activities by an investor of one Contracting Party in the territory of the other Contracting Party in accordance with the law of the other Contracting Party and includes in particular, but not exclusively:
(a) movable and immovable property, and any rights in rem such as mortgages, mortgages, guarantees and similar rights;
(b) shares, bonds, deposits of companies or any other form of participation in companies;
(c) cash claims or claims on any activity having an economic value associated with the investment;
(d) intellectual property rights, including copyright, trademark rights, patents, industrial designs, technical procedures, know-how, business secrets, business names and goodwill associated with the investment;
(e) rights arising from a law or contractual arrangement, licence or permit issued under the law, including concessions for exploration, extraction, cultivation or use of natural resources.
Any change in the form in which values are invested does not affect their position as investments.
2. The term "investor" shall mean any natural or legal person investing in the territory of the other Contracting Party.
(a) the term "natural person" shall mean any natural person having citizenship of one of the Contracting Parties in accordance with its law;
(b) the term "legal person" means, in respect of both Parties, any company registered or established in accordance with its law and recognised as a legal person.
3. The term "income" shall mean the amounts resulting from the investment and shall include in particular, but not exclusively, profits, interest, capital gains, shares, dividends, royalties or other charges.
4. The term "territory 'means, in respect of each Party to the territory under its sovereignty, territorial waters and marine territories over which that Party exercises sovereign rights and jurisdiction in accordance with international law.
Aid and investment protection
1. Each Contracting Party shall promote and create favourable conditions for investors from the other Contracting Party to invest in its territory and to allow such investments, in accordance with its own law.
2. The investment of investors of one or the other Contracting Party shall always have proper and fair treatment and shall enjoy full protection and security in the territory of the other Contracting Party.
National treatment and most favoured nation clause
1. Each Contracting Party shall grant on its territory investment and investors' returns to the other Contracting Party treatment which is sound and fair and is no less favourable than that accorded to investment or income of its own investors or to investment or income of investors of any third State.
2. Each Contracting Party shall, on its territory, grant to investors of the other Contracting Party, treatment which is fair and fair and not less favourable than that which it provides to its own investors or to investors of any third State, as regards the management, maintenance, use, use or use of the latter.
3. The provisions of paragraphs 1 and 2 of this Article shall not be construed as obliging one Contracting Party to grant to investors of the other Contracting Party such treatment, benefits or privileges as may be granted by one Contracting Party under:
(a) a customs union or free trade zone or monetary union or similar international agreement leading to such Union or institutions or other forms of regional cooperation, the Contracting Party of which is or may be a member; or
(b) international agreements or arrangements relating wholly or principally to taxation.
Compensation for damage or loss
Where an investment by investors of one or the other Contracting Party suffers damage or loss as a result of war, armed conflict, exceptional situation, riot, insurrection, mutiny or other similar events within the territory of the other Contracting Party, that Contracting Party shall provide them with treatment as regards restitution, compensation, compensation or other settlement, not less favourable than that provided by that Contracting Party to its own investors or third State investors.
A fair and proportionate compensation shall be granted for the damage or loss suffered. The refund shall be freely transferable in freely convertible currency without delay.
Expropriation
1. Investment by investors of one or the other Contracting Party shall not be nationalised, expropriated or subject to measures having a similar effect to that of nationalisation or expropriation ("expropriation ') in the territory of the other Contracting Party, with the exception of the public interest. Expropriation will be carried out under the law, on a non-discriminatory basis, and will be accompanied by measures to pay immediate, proportionate and effective compensation. Such compensation shall be equal to the market value of the expropriated investment immediately before the expropriation or before the intended expropriation became known to the public. It will include interest from the date of expropriation to the date of payment. Interest shall be calculated on the basis of the normal interest rate applicable at the place and time. The refund will be made without delay, immediately available and freely transferable in freely convertible currency.
2. The investor concerned shall have the right to request urgent review of his case and to evaluate his investment by a judicial or other independent body of the Contracting Party in accordance with the principles contained in this Article.
3. The provisions of paragraph 1 of this Article shall also apply in cases where a contracting party earns the assets of a company which has been registered or established in accordance with the applicable legal order in any part of its own territory and in which the investors of the other Contracting Party own shares.
Transfers
1. The Contracting Parties shall ensure the transfer of investment-related payments or revenues. Transfers shall be made in freely convertible currency without limitation and without undue delay, provided that the investor has settled his financial obligations due to the counterparty where the investment was or is made. Such transfers shall include in particular:
(a) capital and additional amounts to maintain or increase the investment;
(b) profits, interest, dividends and other current income;
(c) repayments of loans and loans, including associated interest;
(d) royalties or other charges;
(e) proceeds from the sale or liquidation of the investment;
(f) the income of natural persons of the other Party for work and services carried out in connection with the investment.
2. For the purposes of this Agreement, official rates for current transactions in force at the date of transfer shall be used as conversion rates, unless otherwise agreed.
Transfer of rights
(SUBBRATION)
1. Where one Contracting Party or its authorised Agency makes payment to its own investor on the grounds of a guarantee it has provided in relation to an investment in the territory of the other Contracting Party, the other Contracting Party shall recognise:
(a) the transfer of any right or right of the investor to a Contracting Party or to an agency authorised by it, whether by law or by legal action in that country, and
(b) that the contracting party or the agency authorised by it is entitled, by way of transfer of rights, to exercise the rights and rights of the investor and to assume the obligations relating to the investment.
2. The transferred rights or entitlements shall not exceed the degree of original rights or rights of the investor.
Settlement of investment disputes between a Party and an investor of the other Party
1. Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of that other Contracting Party shall be the subject of a dispute between the Parties.
2. If a dispute between an investor of one Contracting Party and the other Contracting Party is not settled in such a manner within a period of six months, the investor shall be entitled to present the dispute either:
(a) the International Investment Dispute Settlement Centre (ICSID), taking into account the applicable provisions of the Investment Dispute Settlement Convention between States and citizens of other States, open for signature in Washington, D. C. 18 March 1965, where both Parties are Parties to this Convention; or
(b) an arbitrator or an ad hoc international arbitration panel established under the arbitration rules of the United Nations International Trade Law Commission (UNCITRAL). The Parties in the dispute may agree in writing to amend these rules. The arbitration panel shall be final and binding on both parties in the dispute.
Dispute settlement between Contracting Parties
1. Disputes between Contracting Parties concerning the interpretation or application of this Agreement may, where possible, be resolved by consultations or by diplomatic channels.
2. If the dispute cannot be resolved within six months, it shall be submitted to the arbitration panel at the request of one of the Contracting Parties in accordance with the provisions of this Article.
3. The arbitration panel shall be established in the following manner for each individual case. Each Party shall designate one arbitrator within two months of receipt of the request for arbitration. The two arbitrators shall then select a citizen of a third State who, with the agreement of the two Parties, will be appointed President of the Court (hereinafter referred to as "the President '). The President shall be appointed within three months of the date of the appointment of the two arbitrators.
4. If the necessary appointment has not been carried out within one of the time limits referred to in paragraph 3 of this Article, the President of the International Court of Justice may be asked to carry out the appointment. If the President is a citizen of a Contracting Party or for any other reason is unable to carry out this mandate, the Vice-President shall be requested to be appointed. If the Vice-President is also a citizen of a Contracting Party or is unable to carry out this mandate, the oldest member of the International Court of Justice who is not a citizen of any Contracting Party shall be requested to make the necessary appointment.
5. The arbitration panel shall take its decisions by a majority vote. Such a decision is binding. Each Party shall pay only the costs of its arbitrator and its participation in the arbitration procedure; the costs of the Chair and the other costs shall be borne equally by the Parties. The arbitration panel shall determine its own rules of procedure.
Application of other provisions and specific commitments
1. In the event that a question is addressed simultaneously by this Agreement and another international agreement to which both Parties are parties, nothing in this Agreement shall prevent any Contracting Party or any of its investors having investments in the territory of the other Contracting Party from making use of any provisions which are more favourable to it.
2. If the treatment granted by one Contracting Party to the investors of the other Contracting Party in accordance with its legal order or other specific contractual provisions is more favourable than that provided for by this Agreement, such favourable treatment shall be used.
Relationship between Contracting Parties
This Agreement shall apply irrespective of whether diplomatic or consular relations exist between the Parties.
Application of this Agreement
The provisions of this Agreement shall apply to future investments made by investors of one Contracting Party in the territory of the other Contracting Party and also to investments existing at the date of entry into force of this Agreement.
Entry into force, duration and termination
1. This Agreement shall enter into force on the day following the date of exchange of notes by which the Contracting Parties notify each other that all the requirements laid down in their laws for the entry into force of this Agreement have been fulfilled.
2. This Agreement shall remain in force for a period of 10 years and shall automatically continue for a further 10 years unless one year before the expiry of the initial or any subsequent period, one Contracting Party notifies the other Contracting Party in writing of its intention to terminate the Agreement.
3. For investments made before the termination of this Agreement, the provisions of this Agreement shall remain effective for a period of 10 years from the date of expiry. In order to prove the signature below, duly authorised, they signed this agreement.
Dane in Prague on 4 May 1993 in duplicate, each in the Czech and Slovenian languages, the two texts being equally authentic.
For the Czech Republic:
Ivan Kočárník v. r.
Minister for Finance
For the Republic of Slovenia:
Mitja Gaspari v. r.
Minister for Finance
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Regulation Information
| Citation | Communication from the Ministry of Foreign Affairs No. 159 / 1994 Coll., on the negotiation of the Agreement between the Czech Republic and the Republic of Slovenia on the promotion and protection of investment |
|---|---|
| Regulation Type | International Treaty |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.07.1994 |
|---|---|
| Effective from | 21.05.1994 |
| Effective until | - |
| Status | Valid |
Legal Areas:
International law
International public law
The regulation text is for informational purposes only.
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