3.
|
The Arbitration Tribunal shall consist of
three members. Each party to the dispute shall nominate one arbitrator within
a period of two months reckoned from the date of receipt of the request by
one party to refer the dispute to arbitration. Where Article XX of the
Convention and Article 20 of the Operating Agreement require the agreement of
the disputants to refer the dispute to arbitration, the period of two months
shall be reckoned from the date of that agreement. The first two arbitrators
shall, within a period of two months reckoned from the nomination of the
second arbitrator, nominate the third arbitrator, who shall be the Chairman
of the Arbitration Tribunal. If one of the two arbitrators has not been
nominated within the required period he shall, at the request of either
party, be nominated by the President of the International Court of Justice
or, if there is no agreement between the parties, the Secretary General of
the Permanent Court of Arbitration. The same procedure shall apply if the
Chairman of the Arbitration Tribunal has not been nominated within the
required period.
|
6.
|
The award of the Arbitration Tribunal shall
be made by a majority of its members, who may not abstain from voting. This
award shall be final and binding on all parties to the dispute and no appeal
shall lie against it. The parties shall comply with the award without delay.
In the event of a dispute as to its meaning or scope, the Arbitration
Tribunal shall interpret it at the request of any party to the dispute.
|