2. člen BESPZN

Sporazum se v izvirniku v slovenskem in angleškem jeziku glasi:* Republika Slovenija in Kraljevina Španija, v nadaljevanju imenovani “pogodbenici“, sta se v želji, da utrdita gospodarsko sodelovanje v obojestransko korist obeh držav, z namenom, da bi ustvarili ugodne pogoje za naložbe vlagateljev ene pogodbenice na ozemlju druge pogodbenice, in v spoznanju, da bosta pospeševanje in zaščita naložb po tem sporazumu spodbudila pobude na tem področju, dogovorili: Za namene tega sporazuma, 1. Izraz “vlagatelj“ za obe pogodbenici pomeni: a) fizične osebe, ki se po zakonih ene pogodbenice, štejejo za njene državljane, b) pravne osebe, vključno s podjetji, združenji, družbami, korporacijami in katerimi koli drugimi organizacijami, ustanovljenimi ali pravilno organiziranimi po pravu te pogodbenice. 2. Izraz “naložba“ pomeni vsako vrsto premoženja in še zlasti, vendar ne izključno: a) premičnine in nepremičnine ter katere koli druge stvarne pravice, kot so hipoteke, zasegi, zastave in podobne pravice; b) lastniške deleže, delnice, obveznice in kakršno koli drugo obliko udeležbe v družbah; c) denarne terjatve, kot so posojila, ali zahtevke v zvezi s kakršno koli dejavnostjo po pogodbi, ki imajo ekonomsko vrednost; d) pravice intelektualne lastnine, ki vključujejo pravice iz industrijske lastnine, kot so patenti, licence, blagovne znamke, firme, tehnološki postopki, kot tudi know-how in vrednost na podlagi dobrega imena in slovesa; e) pravice do gospodarskih in komercialnih dejavnosti, podeljene z zakonom ali pogodbo, vključno s koncesijami za iskanje, negovanje, črpanje ali izkoriščanje naravnih bogastev. Naložbe, ki jih na ozemlju ene od pogodbenic izvede katera koli pravna oseba te iste pogodbenice, vendar jih dejansko nadzorujejo vlagatelji druge pogodbenice, se prav tako štejejo kot naložbe vlagateljev te druge pogodbenice, če so bile izvedene v skladu z zakoni in predpisi prve pogodbenice. Kakršna koli sprememba oblike, v kateri se premoženje vloži ali ponovno vloži, ne vpliva na njegovo naravo kot naložbe. 3. Izraz “dohodek“ pomeni zneske, ki jih prinaša naložba, in vključje zlasti, vendar ne izključno dobiček, dividende, obresti, prihodke od zvišanja vrednosti kapitala, licenčnine in pristojbine. 4. Izraz “ozemlje“ pomeni ozemlje in ozemeljske vode vsake pogodbenice vključno z ekskluzivno ekonomsko cono in podvodno ploščadjo, ki se razteza zunaj meja ozemeljskih voda vsake od pogodbenic, na katerih ti pogodbenici imata ali lahko imata jurisdikcijo ali suverene pravice po mednarodnem pravu. 1. Vsaka pogodbenica na svojem ozemlju ustvarja ugodne pogoje za vlagatelje druge pogodbenice in jih spodbuja pri izvajanju naložb ter dovoljuje take naložbe v skladu s svojimi zakoni in predpisi. 2. Kadar pogodbenica dovoli naložbo na svojem ozemlju, v skladu s svojimi zakoni in predpisi, podeli potrebna dovoljenja za izvajanje takšne naložbe. Kadar koli je to potrebno, si vsaka pogodbenica prizadeva, da bi izdala potrebna dovoljenja za opravljanje dejavnosti svetovalcev in drugih strokovnjakov, ne glede na njihovo državljanstvo. 3. Ta sporazum velja za naložbe, ki so jih vlagatelji ene pogodbenice izvedli na ozemlju druge, pred ali po uveljavitvi sporazuma. 1. Naložbam vlagateljev ene pogodbenice na ozemlju druge pogodbenice, se ves čas zagotavlja poštena in pravična obravnava ter polna zaščita in varnost. Pogodbenica v nobenem primeru ne sme obravnavati takih naložb manj ugodno kot to določa mednarodno pravo. 2. Nobena pogodbenica na noben način ne ovira z neupravičenimi ali diskriminacijskimi ukrepi upravljanja, vzdrževanja, uporabe, uživanja, povečevanja, prodaje in, če nastopi, tudi likvidacije teh naložb. Vsaka pogodbenica spoštuje kakršne koli pogodbene obveznosti, ki jih je prevzela v zvezi z naložbami vlagateljev druge pogodbenice. 1. Vsaka pogodbenica bo na svojem ozemlju zagotavljala naložbam vlagateljev druge pogodbenice obravnavo, ki ni manj ugodna od obravnave, ki jo zagotavlja naložbam svojih vlagateljev ali naložbam vlagateljev katere koli tretje države, kar koli je ugodnejše za zadevnega vlagatelja. 2. Taka obravnava se ne nanaša na privilegije, ki jih ena od pogodbenic lahko podeli vlagateljem tretje države na podlagi njenega članstva ali pridružitve v kakršni koli obstoječi ali prihodnji carinski uniji, gospodarski uniji, skupnem trgu ali podobnih mednarodnih sporazumih, v katerih ena od pogodbenic je ali lahko postane pogodbenica. 3. Obravnava, določena v tem členu, ne velja za davčne zadeve. 1. Naložbe vlagateljev ene ali druge pogodbenice na ozemlju druge pogodbenice se ne smejo nacionalizirati, razlastiti ali se v zvezi z njimi sprejemaiti drugi ukrepi, ki imajo enak učinek kot nacionalizacija ali razlastitev (v nadaljevanju imenovana “razlastitev“), razen v javnem interesu, na nediskriminacijski podlagi, v skladu z zakonskim postopkom in proti takojšnji, ustrezni in učinkoviti odškodnini. 2. Takšna odškodnina se izračuna na podlagi poštene tržne vrednosti razlaščene naložbe tik pred razlastitvijo ali preden razlastitev postane splošno znana, kar koli se zgodi prej (v nadaljevanju imenovan “datum vrednotenja“). Odškodnina se izplača brez odlašanja, je takoj vnovčljiva in prosto prenosljiva. 3. Takšna tržna vrednost se izračuna v prosto zamenljivi valuti na podlagi tržnega menjalnega tečaja, ki prevladuje za tisto valuto na datum vrednotenja. Odškodnina vključuje obresti po komercialni obrestni meri določeni na tržni podlagi, od dneva razlastitve do dneva izplačila. 4. Prizadeti vlagatelj ima po zakonu pogodbenice, ki izvede razlastitev, pravico, da sodni ali drug pristojni in neodvisni organ te pogodbenice takoj prouči njegov primer in ugotovi, ali je takšna razlastitev in ovrednotenje njegove naložbe ter plačilo odškodnine v skladu z načeli, določenimi v tem členu. 5. Kadar pogodbenica razlasti premoženje družbe, ki je ustanovljena po zakonih, veljavnih na katerem koli delu njenega ozemlja, in v kateri imajo vlagatelji druge pogodbenice lastniške deleže, zagotovi, da se določila tega člena uporabijo tako, da takšnim vlagateljem druge pogodbenice, ki so lastniki teh lastniških deležev, zagotovijo takojšnjo, ustrezno in učinkovito odškodnino za njihovo naložbo. 1. Vlagateljem ene pogodbenice, pri naložbah katerih so na ozemlju druge pogodbenice, nastale izgube zaradi vojne ali drugih oboroženih spopadov, izrednega stanja, revolucije, vstaje, nemirov ali kakršnega koli drugega podobnega dogodka, ta druga pogodbenica zagotovi glede vzpostavitve prejšnjega stanja, odškodnine, nadomestila ali druge oblike poravnave obravnavo, ki ni manj ugodna od tiste, ki jo ta pogodbenica zagotavlja lastnim vlagateljem ali vlagateljem katere koli tretje države, kar je ugodnejše za prizadetega vlagatelja. Plačila, ki iz tega izvirajo, morajo biti prosto prenosljiva. 2. Ne glede na določilo prvega odstavka, vlagatelj ene pogodbenice, ki v kakršnih koli razmerah iz tega odstavka, utrpi na ozemlju druge pogodbenice izgubo zaradi a) zaplembe njegove celotne ali delne naložbe, s strani njenih sil ali oblasti, ali b) uničenja njegove celotne ali delne naložbe, s strani njenih sil ali oblasti, kar ni bilo potrebno zaradi nujnosti razmer, ta pogodbenica zagotovi vzpostavitev prejšnjega stanja ali odškodnino, ki mora biti v vsakem primeru takojšnja, ustrezna in učinkovita. Plačila, ki iz tega izvirajo, se opravijo brez odlašanja in so prosto prenosljiva. 1. Vsaka pogodbenica jamči vlagateljem druge pogodbenice prost prenos vseh plačil, v zvezi z njihovimi naložbami. Takšni prenosi vključujejo zlasti, vendar ne izključno: a) začetni kapital in dodatne zneske, potrebne za vzdrževanje ali povečanje naložbe; b) dohodke od naložb, kot so opredeljeni v I. členu; c) sredstva za odplačilo posojil v zvezi z naložbo; d) nadomestila navedena v V. in VI. členu tega sporazuma; e) dohodke od celotne ali delne prodaje ali likvidacije naložbe; f) zaslužke in druge prejemke osebja iz tujine, zaposlenih v zvezi z naložbo; g) plačila, ki izvirajo iz reševanja spora. 2. Prenosi po tem sporazumu se opravijo brez odlašanja, v prosto zamenljivi valuti, po tržnem menjalnem tečaju, ki prevladuje na dan prenosa. 3. Pogodbenici zagotavljata za transfer po tem členu obravnavo, ki ni manj ugodna od obravnave, ki se podeljuje za transfer plačil, ki izhajajo iz naložb vlagateljev kater koli tretje države. Če bi zakonodaja katere koli pogodbenice ali obstoječe ali prihodnje medsebojne mednarodnopravne obveznosti pogodbenic poleg tega sporazuma, vsebovale splošen ali poseben predpis, ki bi naložbam vlagateljev druge pogodbenice zagotavljal ugodnejšo obravnavo, kot jo predvideva ta sporazum, bo tak predpis v obsegu, kolikor je ugodnejši, prevladal nad tem sporazumom. Če ena pogodbenica ali agencija, ki jo ta imenuje, izvede plačilo v zvezi z odškodnino, jamstvom ali pogodbo o zavarovanju proti nekomercialnim tveganjem, izdanim v zvezi z naložbo katerega koli od njenih vlagateljev na ozemlju druge pogodbenice, ta prizna odstop kakršnih koli pravic ali terjatev vlagatelja prvi pogodbenici ali agenciji, ki jo ta imenuje in pravico prve pogodbenice ali agencije, ki jo ta imenuje, da na podlagi subrogacije, uveljavlja kakršno koli pravico in terjatev v enakem obsegu kot njen predhodnik. Ta odstop pravic omogoči prejšnji pogodbenici ali agenciji, ki jo ta imenuje, da je neposredni koristnik kakršnega koli plačila za odškodnino ali drugo nadomestilo, do katerega bi lahko bil upravičen vlagatelj. 1. Kakršen koli spor med pogodbenicama v zvezi z razlago ali uporabo tega sporazuma se, če je le mogoče, rešuje s pogajanji po diplomatski poti. 2. Če pogodbenici takšnega spora ne moreta rešiti v treh mesecih od začetku pogajanj, se spor, na zahtevo ene ali druge pogodbenice, predloži arbitražnemu sodišču. 3. Arbitražno sodišče se sestavi na naslednji način: vsaka pogodbenica imenuje enega člana razsodišča, ta dva člana pa izbereta državljana tretje države za predsednika. Člana razsodišča se imenujeta v treh mesecih, predsednik pa v petih mesecih po dnevu, ko je katera koli od pogodbenic obvestila drugo o svojem namenu, da bo predložila spor arbitražnemu sodišču. 4. Če v rokih, navedenih v tretjem odstavku tega člena, potrebna imenovanja niso izvršena, lahko katera koli pogodbenica, če ni dogovorjeno drugače, povabi predsednika Meddržavnega sodišča, da izvrši potrebna imenovanja. Če je predsednik državljan ene od pogodbenic ali če iz kakršnega koli razloga ne more opraviti te naloge, se povabi podpredsednika, da opravi potrebna imenovanja. Če je podpredsednik državljan ene od pogodbenic ali če iz kakršnega koli razloga ne more opraviti te naloge, se povabi po funkciji naslednji najstarejši član Meddržavnega sodišča, ki ni državljan ene od pogodbenic, da opravi potrebna imenovanja. 5. Arbitražno sodišče sprejme odločitev na podlagi spoštovanja zakonov, določil tega sporazuma ali drugih veljavnih sporazumov med pogodbenicama ter splošno veljavnih načel mednarodnega prava. 6. Če se pogodbenici ne odločita drugače, arbitražno sodišče samo določi svoj poslovnik. 7. Arbitražno sodišče sprejme odločitev z večino glasov in taka odločitev je dokončna in zavezujoča za obe pogodbenici. 8. Vsaka pogodbenica nosi stroške svojega člana in stroške njenega zastopanja v arbitražnem postopku. Preostali stroški, vključno s stroški za predsednika, se v enakih delih razdelijo med pogodbenici. 1. O sporih, ki nastanejo po tem sporazumu med eno pogodbenico in vlagateljem druge pogodbenice v zvezi z naložbo, vlagatelj pisno, skupaj s podrobnimi podatki, obvesti prvo pogodbenico. V kolikor je le mogoče, si zadevni stranki prizadevata za sporazumno rešitev spora. 2. Če spora ni mogoče rešiti v šestih mesecih od datuma pisnega obvestila, določenega v prvem odstavku, se lahko spor, po izbiri vlagatelja, predloži: – pristojnemu sodišču pogodbenice, na ozemlju katere je bila izvedena naložba; ali – arbitražnemu sodišču, ustanovljenemu za tak primer na podlagi Arbitražnih pravil Komisije Združenih narodov za mednarodno trgovinsko pravo; ali – Mednarodnemu centru za reševanje sporov v zvezi z naložbami (ICSID), ki je bil ustanovljen v skladu s “Konvencijo o reševanju investicijskih sporov med državami in državljani drugih držav“, ki je bila dana na voljo za podpis v Washingtonu D.C. 18. marca 1965. 3. Arbitraža temelji na: – določbah tega sporazuma in drugih veljavnih sporazumov med pogodbenicama; – predpisih in splošno sprejetih načelih mednarodnega prava; – nacionalnem pravu pogodbenice, na ozemlju katere je bila naložba izvedena, vključno s kolizijskimi pravili. 4. Pogodbenica z namenom svoje obrambe ne sme uveljavljati, da je bila odškodnina ali drugo nadomestilo za vso ali delno domnevno škodo prejeta ali bo prejeta po pogodbi o zavarovanju ali jamstvu. 5. Arbitražne odločitve so dokončne in zavezujoče za obe stranki v sporu. Vsaka pogodbenica se obveže, da bo odločitve izvajala v skladu s svojim nacionalnim pravom. 1. Ta sporazum začne veljati na dan, ko sta pogodbenici druga drugo obvestili, da so izpolnjene ustavne zahteve za začetek veljavnosti mednarodnih sporazumov. Veljaven ostane za začetno dobo desetih let in se molče podaljšuje za nadaljna obdobja dveh let. 2. Vsaka pogodbenica lahko ta sporazum prekine s predhodnim pisnim obvestilom šest mesecev pred datumom prenehanja veljavnosti. 3. Za naložbe, ki so bile izvedene pred datumom prekinitve tega sporazuma, ostanejo določila vseh drugih členov tega sporazuma, še naprej veljavna za nadaljnjo dobo desetih let od dneva prekinitve. V DOKAZ TEGA sta podpisana predstavnika, ki sta bila za to pravilno pooblaščena, podpisala ta sporazum. Sestavljeno v dvojniku v treh originalih v slovenskem, španskem in angleškem jeziku, ki so vsi enako verodostojni, v Madridu dne 15. julija 1998. Za Republiko Slovenijo mag. Vojka Ravbar l. r. Za Kraljevino Španijo Elena Pisionero Ruiz l. r. The Republic of Slovenia and the Kingdom of Spain, hereinafter referred to as “the Contracting Parties“, Desiring to intensify their economic cooperation for the mutual benefit of both countries, Intending to create favourable conditions for investments made by investors of each Contracting Party in the territory of the other Contracting Party, and Recognizing that the promotion and protection of investments under this Agreement will stimulate initiatives in this field, Have agreed as follows: For the purposes of the present Agreement, 1. The term “investor“ means with regard to either Contracting Party: a) natural persons who, according to the law of that Contracting Party, are considered to be its nationals. b) legal entities, including companies, associations, partnerships, corporations and any other organization incorporated or constituted or, otherwise, duly organized under the law of that Contracting Party. 2. The term “investment“ means every kind of asset and in particular, although not exclusively, the following: a) movable and immovable property and any other rights in rem such as mortgages, liens, pledges and similar rights; b) shares and stocks in and debentures of a company or any other form of participation in a company; c) claims to money such as loans or claims to any performance under contract having economic value; d) intellectual property rights, including industrial property rights such as patents, licences, trademarks, tradenames, technical processes, as well as know-how and goodwill; e) rights to undertake economic and commercial activities conferred by law or by virtue of a contract, including concessions to search for, cultivate, extract or exploit natural resources. Investments made in the territory of one Contracting Party by any legal entity of that same Contracting Party but actually controlled by investors of the other Contracting Party shall likewise be considered as investments of investors of the latter Contracting Party if they have been made in accordance with the laws and regulations of the former Contracting Party. Any change in the form in which assets are invested or reinvested does not affect their character as investments. 3. The term “returns“ means the amounts yielded by an investment and includes, in particular although not exclusively, profit, dividends, interest, capital gains, royalties and fees. 4. The term “territory“ designates the land territory and territorial waters of each of the Contracting Parties, as well as the exclusive economic zone and the continental shelf that extend outside the limits of the territorial waters of each of the Contracting Parties, over which they have or may have jurisdiction and/or sovereign rights, pursuant to international law. l. Each Contracting Party shall encourage and create favourable conditions for investors of the other Contracting Party to make investments in its territory and shall admit such investments in accordance with its laws and regulations. 2. When a Contracting Party shall have admitted an investment in its territory, it shall, in accordance with its laws and regulations, grant the necessary permits in connection with such an investment and with the carrying out of the investment. Each Contracting Party shall, whenever needed, endeavour to issue the necessary authorizations concerning the activities of consultants and other qualified persons, regardless of their nationality. 3. This Agreement shall be applicable to investments made before or after its entry into force by investors of one Contracting Party in the territory of the other Contracting Party. l. Investments made by investors of one Contracting Party in the territory of the other Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy full protection and security. In no case shall a Contracting Party accord to such investments treatment less favourable than that required by international law. 2. Neither Contracting Party shall in any way impair by unreasonable or discriminatory measures the operation, management, maintenance, use, enjoyment, expansion, sale and, if it is the case, the liquidation of such investments. Each Contracting Party shall observe any contractual obligation it may have entered into with regard to investments of investors of the other Contracting Party. l. Each Contracting Party shall in its territory accord to investments of investors of the other Contracting Party treatment no less favourable than that which it accords to the investments of its own investors or to investments of investors of any third State, whichever is more favourable to the investor concerned. 2. This treatment shall not extend to the privileges which either Contracting Party may grant to investors of a third State by virtue of its membership of, or association with any existing or future customs union, common market or similar international agreement to which either of the Contracting Parties is or may become a party. 3. The treatment granted under this Article shall not apply to taxation matters. 1. Investments of investors of either Contracting Party in the territory of the other Contracting Party shall not be nationalized, expropriated or subjected to measures having equivalent effect to nationalization or expropriation (hereinafter referred to as “expropriation“) except for public interest, in accordance with due process of law, on a non discriminatory basis and against the payment of prompt, adequate and effective compensation. 2. Such compensation shall amount to the fair market value of the investment expropriated immediately before the expropriation or impending expropriation became public known, whichever is the earlier (hereinafter referred to as the “valuation date“). It shall be paid without delay, be effectively realizable and freely transferable. 3. Such market value shall be calculated in a freely convertible currency at the market rate of exchange prevailing for that currency on the valuation date. Compensation shall include interest at a commercial rate established on a market basis for the currency of valuation from the date of expropriation until the date of payment. 4. The investor affected shall have the right, under the law of the Contracting Party making the expropriation, to prompt review, by a judicial authority or other competent and independent authority of that Contracting Party, of his or its case to determine whether such expropriation and of the valuation of his or its investment and the payment of compensation conform to the principles set out in this Article. 5. Where a Contracting Party expropriates the assets of a company which is incorporated or constituted under the law in force in any part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions of this Article are applied so as to guarantee prompt, adequate and effective compensation in respect of their investment to such investors of the other Contracting Party who are owners of those shares. 1. Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or to other armed conflict, state of national emergency, revolution, insurrection, civil disturbance or any other similar event, shall be accorded by the latter Contracting Party, as regards restitution, indemnification, compensation or other settlement, treatment no less favourable than that which the latter Contracting Party accords to its own investors or to investors of any third State whichever is more favourable to the investor concerned. Resulting payments shall be freely transferable. 2. Without prejudice to paragraph 1), an investor of one Contracting Party who, in any of the situations referred to in that paragraph, suffers a loss in the territory of the other Contracting Party resulting from a) requisitioning of its investment or part thereof by the latter’s forces or authorities; or b) destruction of its investment or part thereof by the latter’s forces or authorities, which was not required by the necessity of the situation, shall be accorded by the latter Contracting Party restitution or compensation which in either case shall be prompt, adequate and effective. Resulting payments shall be made without delay and be freely transferable. 1. Each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of all payments relating to their investments. Such transfers shall include, in particular, though not exclusively: a) the initial capital and additional amounts needed for the maintenance or increase of an investment; b) investment returns, as defined in Article I; c) funds in repayment of loans related to an investment; d) compensations provided for under Articles V and VI; e) proceeds from the total or partial sale or liquidation of an investment; f) earnings and other remuneration of personnel engaged from abroad in connection with an investment; g) payments arising out of the settlement of a dispute. 2. Transfers under the present Agreement shall be made without delay in a freely convertible currency at the market rate of exchange prevailing on the date of transfer. 3. The Contracting Parties shall grant to transfers referred to in this present Article treatment no less favourable than that accorded to the transfer of payments originating from investments made by investors of any third State. If the legislation of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties in addition to this Agreement contain a regulation, whether general or specific, entitling investments by investors of the other Contracting Party to a treatment more favourable than that provided for by this Agreement, such regulation shall, to the extent that it is more favourable, prevail over this Agreement. If one Contracting Party or its designated Agency makes a payment under an indemnity, guarantee or contract of insurance against non-commercial risks given in respect of an investment made by any of its investors in the territory of the other Contracting Party, the latter Contracting Party shall recognize the assignment of any right or claim of such investor to the former Contracting Party or its designated Agency and the right of the former Contracting Party or its designated Agency to exercise, by virtue of subrogation, any such right and claim to the same extent as its predecessor in title. This subrogation will make it possible for the former Contracting Party or its designated Agency to be the direct beneficiary of any payment for indemnification or other compensation to which the investor could be entitled. l. Any dispute between the Contracting Parties relative to the interpretation or application of this Agreement shall as far as possible be settled through diplomatic channels. 2. If it were not possible to settle the dispute in this way within three months from the start of the negotiations, it shall be submitted, at the request of either of the two Contracting Parties, to an arbitral tribunal. 3. The arbitral tribunal shall be set up in the following way: each Contracting Party shall appoint one arbitrator and these two arbitrators shall elect a national of a third country as Chairman. The arbitrators shall be appointed within three months and the Chairman within five months from the date on which either of the two Contracting Parties informed the other Contracting Party of its intention to submit the dispute to an arbitral tribunal. 4. If within the periods specified in paragraph 3 of this Article the necessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is a national of either contracting Party or if he too is prevented from discharging the said function, 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 necessary appointments. 5. The arbitral tribunal shall issue its decision on the basis of respect for the law, of the provisions contained in this Agreement or in other agreements in force between the Contracting Parties, and as well as of the generally accepted principles of international law. 6. Unless the Contracting Parties decide otherwise, the arbitral tribunal shall lay down its own procedure. 7. The arbitral tribunal shall reach its decision by a majority of votes and that decision shall be final and binding on both Contracting Parties. 8. Each Contracting Party shall bear the expenses of its own arbitrator and those connected with representing it in the arbitration proceedings. The other expenses, including those of the president, shall be borne in equal parts by the two Contracting Parties. l. Disputes that may arise between one of the Contracting Parties and an investor of the other Contracting Party with regard to an investment in the sense of the present Agreement, shall be notified in writing, including a detailed information, by the investor to the former Contracting Party. As far as possible, the parties concerned shall endeavour to settle these disputes amicably. 2. If these disputes cannot be settled amicably within six months from the date of the written notification mentioned in paragraph 1, the dispute may be submitted, at the choice of the investor, to: – the competent court of the Contracting Party in whose territory the investment was made; or – an ad hoc tribunal of arbitration established under the Arbitration Rules of the United Nations Commission on International Trade Law; or – the International Centre for Settlement of Investment Disputes (ICSID) set up by the “Convention on Settlement of Investment Disputes between States and Nationals of other States“, opened for signature in Washington D.C. on March 18th 1965. 3. The arbitration shall be based on: – the provisions of this Agreement and of the other agreements in force between the Contracting Parties; – the rules and the universally accepted principles of international law; – the national law of the Contracting Party in whose territory the investment was made, including the rules relative to conflicts of law. 4. A Contracting Party shall not assert as a defence that indemnification or other compensation for all or part of the alleged damages has been received or will be received by the investor pursuant to a guarantee or insurance contract. 5. The arbitration decisions shall be final and binding on the parties in the dispute. Each Contracting Party undertakes to execute the decisions in accordance with its national law. l. This Agreement shall enter into force on the date on which the Contracting Parties shall have notified each other that their respective constitutional formalities required for the entry into force of international agreements have been completed. It shall remain in force for an initial period of ten years and, by tacit renewal, for consecutive periods of two years. 2. Either Contracting Party may terminate this Agreement by prior notification in writing, six months before the date of its expiration. 3. With respect to investments made prior to the date of termination of this Agreement, the provisions of all of the other Articles of this Agreement shall thereafter continue to be effective for a further period of ten years from such date of termination. IN WITNESS WHEREOF, the respective plenipotentiaries have signed this Agreement. DONE in duplicate in three originals in Spanish, Slovenian and English languages, all of which are equally authentic, in Madrid on 15th July, 1998. For the Republic of Slovenia Vojka Ravbar, (s) For the Kingdom of Spain Elena Pisionero Ruiz, (s)