Communication from the Ministry of Foreign Affairs No. 48 / 1996 Coll.
Communication from the Ministry of Foreign Affairs on the negotiation of the Agreement between the Czech Republic and the Republic of Tajikistan on the promotion and mutual protection of investments
Valid
Effective from 06.12.1995
Text versions:
29.02.1996
48
COMMUNICATION
Ministry of Foreign Affairs
The Ministry of Foreign Affairs states that the Agreement between the Czech Republic and the Republic of Tajikistan on the promotion and mutual protection of investments was signed in Prague on 11 February 1994.
The Parliament of the Czech Republic agreed to the Agreement and the President of the Republic ratified it.
The Agreement entered into force on 6 December 1995 on the basis of Article 12 (1) thereof.
The Czech version of the Agreement is hereby published at the same time. The Russian version of the Agreement, which is relevant for its interpretation, can be consulted by the Ministry of Foreign Affairs and the Ministry of Finance.
AGREEMENT
between
Czech Republic and Republic of Tajikistan
on the promotion and mutual protection of investments
the Czech Republic and the Republic of Tajikistan (hereinafter referred to as the "Contracting Parties'),
led by the desire to increase the effectiveness of economic cooperation on the principles of mutual benefit for both States,
DESIRING to create and maintain favourable conditions for investment by investors of one State in the territory of another State,
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 all types of assets invested in accordance with economic activities by an investor of one Contracting Party in the territory of the other Contracting Party in accordance with its legal order 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 the assets of legal persons;
(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.
2. The term "investor" shall mean any legal or natural 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, with regard to both Contracting Parties, any trading company, cooperative, association, company or other organisation established in accordance with the laws of each Contracting Party, irrespective of the form of ownership, registered and registered in the territory of one of the Contracting Parties.
3. The term "income" shall mean the amounts resulting from the investment and shall include in particular profits, interest, capital gains, shares, dividends, royalties or other charges.
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.
2. The investment of investors of one Contracting Party shall 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 equal and fair and is no less favourable than that which it grants to its own investors' investments or to investors' investments or returns to any third State, if it is more favourable.
2. Each Contracting Party shall grant on its territory to investors of the other Contracting Party, in respect of the management, maintenance, use, use or availability with their investment, treatment which is equal and fair and not less favourable than that which it provides to its own investors or investors of any third State, if it is more favourable.
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 other forms of regional cooperation, the Contracting Party of which is or may be a member; or
(b) international agreements or conventions concerning wholly or principally taxation.
Compensation for damage
1. Where an investment by one Contracting Party suffers damage as a result of war, armed conflict, emergency, 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, settlement or other settlement, no less favourable than that provided by that Contracting Party to its own investors or investors of any third State.
2. Notwithstanding paragraph 1 of this Article, investors of one Contracting Party who, at the events referred to in the preceding paragraph, have suffered damage within the territory of the other Contracting Party consisting of:
(a) seizure of their property by the armed forces or by the official authorities of the other Contracting Party;
(b) the destruction of their property by the armed forces or official authorities of the other Contracting Party, which was not caused by acts of combat or was not caused by the necessity of the situation;
a fair and reasonable compensation shall be granted for damage suffered during the occupation or destruction of the property. The resulting payments shall be transferred without delay in freely convertible currency.
Expropriation (nationalisation)
1. Investments by investors of one or the other Contracting Parties shall not be nationalised, expropriated or subject to measures having a similar effect to nationalisation (hereinafter referred to as "nationalisation ') in the territory of the other Contracting Party except where such measures are taken in the public interest. The nationalisation will be carried out by law, on a non-discriminatory basis and accompanied by measures to pay a swift, proportionate and effective compensation. The compensation will correspond to the actual value of the nationalised investment immediately before the nationalisation or before the intended nationalisation became publicly known. The refund shall be paid without undue delay in freely convertible currency, freely transferable and shall include interest from the date of nationalisation.
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 to the national assets of a legal person which has been registered or established in accordance with the applicable law in any part of its own territory has its permanent seat in one of the Contracting Parties and in which investors own their shares.
Transfers of payments
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. Such transfers shall include, in particular, but not exclusively:
(a) capital and additional amounts to maintain or increase the investment;
(b) profits, interest, dividends and other current income;
(c) the amounts to be recovered;
(d) royalties or other charges;
(e) proceeds from the sale or liquidation of the investment;
(f) the income of natural persons in accordance with the law of the Contracting Party in whose territory the investment is made.
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 by the Parties.
Transfer of rights
1. Where one Contracting Party or its authorised Agency makes a 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 all rights or rights of the investor to the Contracting Party or to the Agency authorised by it, whether by law or by legal action in that country or in the case of:
(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 that 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 the Contracting Party and the investor of the other Contracting Party
1. Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in relation to investments 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 a dispute for consideration either:
(a) to 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 each Contracting Party is a Party 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 implementation of this Agreement shall, where possible, be dealt with by consultations or negotiations.
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.
3. The arbitration panel shall be appointed separately for each individual case. Each Contracting Party shall designate one arbitrator within two months of receipt of the request to refer the dispute to the arbitration panel for consideration. The two arbitrators shall then select a citizen of a third State who, with the agreement of the two Contracting 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 time limits referred to in paragraph 3 of this Article are not complied with, the President of the International Court of Justice may be asked to make the necessary appointment. If the President is a citizen of a Contracting Party or the appointment cannot be made for any other reason, the Parties will appoint a Vice-President. If the Vice-President is also a citizen of a Contracting Party or cannot be appointed, 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 Contracting Party shall reimburse the costs associated with the activities of the designated arbitrator and its participation in arbitration, the costs associated with the activities of the President of the Court and the other costs shall be borne equally by the Contracting Parties. The arbitration panel shall determine separately the rules of procedure for all other questions.
Application of other provisions and specific obligations
1. If any question is to be addressed under this Agreement and any other international agreement to which both Contracting Parties are parties, this Agreement shall not prevent the application of more favourable provisions.
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, this favourable treatment shall be used.
Application of this Agreement
This Agreement shall apply to all investments made by investors of one Contracting Party in the territory of the other Contracting Party after its entry into force, including those undertaken earlier.
Entry into force, duration and termination
1. Each Contracting Party shall notify the other Contracting Party of the fulfilment of the constitutional requirements for the entry into force of this Agreement. This Agreement shall enter into force on the date of the second notification.
2. This Agreement shall be concluded for a period of 10 years. It will be automatically renewed if one of the Contracting Parties in writing does not notify the other Contracting Party of its intention to terminate the Agreement one year before the end of the initial or any subsequent period.
3. For investments made before the expiry 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 11 February 1994 in two original copies, Czech, Tajik and Russian languages, all three texts being equally valid. In the event of a different interpretation of the text of this Agreement, the text in the Russian language will be decisive.
For the Czech Republic:
Vladimir Rudlovčák v. r.
Deputy Minister for Finance
For the Republic of Tajik:
Izatullo Chaeev v. r.
Minister for External Economic Relations
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Communication from the Ministry of Foreign Affairs No. 48 / 1996 Coll., on the negotiation of the Agreement between the Czech Republic and the Republic of Tajikistan on the promotion and mutual protection of investments |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.02.1996 |
|---|---|
| Effective from | 06.12.1995 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0