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ConventionontheSettlementofInvestmentDisputesBetweenStatesandNationalsofOtherStatesDoneatWashingtonon18March1965PREAMBLETheContractingStatesConsideringtheneedforinternationalcooperationforeconomicdevelopment,andtheroleofprivateinternationalinvestmenttherein;BearinginmindthepossibilitythatfromtimetotimedisputesmayariseinconnectionwithsuchinvestmentbetweenContractingStatesandnationalsofotherContractingStates;Recognizingthatwhilesuchdisputeswouldusuallybesubjecttonationallegalprocesses,internationalmethodsofsettlementmaybeappropriateincertaincases;AttachingparticularimportancetotheavailabilityoffacilitiesforinternationalconciliationorarbitrationtowhichContractingStatesandnationalsofotherContractingStatesmaysubmitsuchdisputesiftheysodesire;DesiringtoestablishsuchfacilitiesundertheauspicesoftheInternationalBankforReconstructionandDevelopment;Recognizingthatmutualconsentbythepartiestosubmitsuchdisputestoconciliationortoarbitrationthroughsuchfacilitiesconstitutesabindingagreementwhichrequiresinparticularthatdueconsiderationbegiventoanyrecommendationofconciliators,andthatanyarbitralawardbecompliedwith;andDeclaringthatnoContractingStateshallbythemerefactofitsratification,acceptanceorapprovalofthisConventionandwithoutitsconsentbedeemedtobeunderanyobligationtosubmitanyparticulardisputetoconciliationorarbitration,Haveagreedasfollows:CHAPTERIInternationalCentreforSettlementofInvestmentDisputesSection1EstablishmentandOrganizationArticle1(1)ThereisherebyestablishedtheInternationalCentreforSettlementofInvestmentDisputes(hereinaftercalledtheCentre).(2)ThepurposeoftheCentreshallbetoprovidefacilitiesforconciliationandarbitrationofinvestmentdisputesbetweenContractingStatesandnationalsofotherContractingStatesinaccordancewiththeprovisionsofthisConvention.Article2TheseatoftheCentreshallbeattheprincipalofficeoftheInternationalBankforReconstructionandDevelopment(hereinaftercalledtheBank).TheseatmaybemovedtoanotherplacebydecisionoftheAdministrativeCounciladoptedbyamajorityoftwo-thirdsofitsmembers.Article3TheCentreshallhaveanAdministrativeCouncilandaSecretariatandshallmaintainaPanelofConciliatorsandaPanelofArbitrators.Section2TheAdministrativeCouncilArticle4(1)TheAdministrativeCouncilshallbecomposedofonerepresentativeofeachContractingState.Analternatemayactasrepresentativeincaseofhisprincipal'sabsencefromameetingorinabilitytoact.(2)Intheabsenceofacontrarydesignation,eachgovernorandalternategovernoroftheBankappointedbyaContractingStateshallbeexofficioitsrepresentativeanditsalternaterespectively.Article5ThePresidentoftheBankshallbeexofficioChairmanoftheAdministrativeCouncil(hereinaftercalledtheChairman)butshallhavenovote.DuringhisabsenceorinabilitytoactandduringanyvacancyintheofficeofPresidentoftheBank,thepersonforthetimebeingactingasPresidentshallactasChairmanoftheAdministrativeCouncil.Article6(1)WithoutprejudicetothepowersandfunctionsvestedinitbyotherprovisionsofthisConvention,theAdministrativeCouncilshall:(a)adopttheadministrativeandfinancialregulationsoftheCentre;(b)adopttherulesofprocedurefortheinstitutionofconciliationandarbitrationproceedings;(c)adopttherulesofprocedureforconciliationandarbitrationproceedings(hereinaftercalledtheConciliationRulesandtheArbitrationRules);(d)approvearrangementswiththeBankfortheuseoftheBank'sadministrativefacilitiesandservices;(e)determinetheconditionsofserviceo...