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3

(b) Any claim, arising out of investments guaranteed in accordance
with this Agreement, against cither of the two Governments, which,
in the opinion of the other, presents a question of public international
law shall, at the request of the Government presenting the claim, be
submitted to negotiations. If at the end of three months following
the request. for negotiations the two Governments have not resolved
the claim by mutual agreement, the claim, including the question of
whether it presents a question of public international law. shall be sub-
mitted for settlement to an arbitral tribunal seleeted in accordance
with paragraph (a) above. The arbitral tribunal shall base its deci-
sion exclusively on the applicable principles and rules of public inter-
national law. Only the respective Governments may request the ar-
bitral procedure and participate in it.

7. This Agreement shall continue in force until six months from
the date of receipt of a note by which one Government informs the
other of an intent no longer to be a party to the Agreement. In such
event, the provisions of the Agreement with respect to guaranties
issued while the Agreement was in force shall remain in foree for the
duration of those guaranties, in no case longer than twenty years. after
the denunciation of the agreement.

8. This Agreement shall enter into force on the date of the note by
which the Host Government communicates to the Guarantecing Gov-
ernment that the Agreement has been approved in conformity with
the Tost Governnent’s constitutional procedures.

Upon receipt of a note from you, Sir, indicating that the foregoing
provisions are acceptable to the Government of St. Vincent. the Gov-
ernment of the United States of America will consider that this note
and your reply thereto constitute an Agreement between our two
Governments on this subject, the Agreement to enter into force in
accordance with paragraph 8 above

Accept, Sir, the renewed assurances of my highest consideration.

Emrex R Donovan

Eileen R. Donovan
American Ambassador
and U.S. Special Representative
to the West Indies Associated States

Tho Tonorable Janes F. Mirena,
Premiev of St. Vincent
Gorernment Headquarters
Kingstown, St. Vincent

TIAS 7530


2

4. To the extent that the laws of the Host Government partially
or wholly invalidate the acquisition of any interests in any property
within its national territory by the Guaranteeing Government, tho
Host Government shall permit such investor and the Guaranteeing
Government to make appropriate arrangements pursuant to which
such interests are transferred to an entity permitted to own such in-
terests under the laws of the Host Government. The Guaranteeing
Government shall assert no greater rights than those of the transfer-
ring investor under the laws of the Host Government with respect to
any interests transferred or succeeded to as contemplated in paragraph
3. The Guaranteeing Government does. however. reserve its rights to
assert a claim in its sovereign capacity in the eventnality of a denial of
justice or other question of state responsibility as defined in interna-
tional law.

5. Amounts in the lawful currency of the Host Government and
credits thereof acquired by the Guaranteeing Government under such
guaranties shall be accorded treatment neither less no: » favorable
than that accorded to funds of nationals of the Guaranteving Govern-
ment deriving from investment activities like those in which the
investor has been engaged. and such amounts and credits shall be freely
available to the Guaranteeing Government to meet expenditures
in the national territory of the Host Government.

6. (a) Differences between the two Governments concerning the
interpretation of the provisions of this Agreeme: all be seetled, in-
sofar as possible, through negotiations between the two Governments.
Tf such a difference cannot be resolved within a period of three months
following the request for such negetiations. it shall be submitted, at
the request of either Government, to an ad hoe arbitral tribunal for
settlement in accordance with the applicable principles and rules of
public international law. The arbitral! tribunal s! vblished as
follows: Each Government shall appoint one these two
arbitrators shall designate a President by common agreement: who
shall be a citizen of a third State and be appointed by the two Govern-
ments. The arbitrators shall be appointed within two months and the
President within three months of the date of receipt of cither Govern-
ment’s request. for arbitration. If the foregoing time limits are not
met, either Government may. in the absence of any other coment,
request the President of the International Court. of Justice to make
the necessary appointment. or appointments, and both Govermnents
agree to accept such appointment or appointments. The arbitral tri-
bunal shall decide by majority vote. Its decision shall be binding, Each
of the Governments shall pay the expense of its member and its repre-
sentation in the proceedings before the arbitral tribunal: the expenses
of the President and the other costs shall be paid in equal p by
the two Governments. The arbitral tribunal may adopt other regula-
tions concerning the costs. In all other matters, the arbitral tribunal
shall regulate its own procedures.

TIAS



4

The St. Vincent Premier to the American Ambassador and US.
Special Representative to the West Indies Associated States

OFFICE OF THE PREMIER
SAINT VINCENT
WES INDIES

14th June, 1972.

Your Excentency,

T have the honour to acknowledge receipt of your note dated 15th
May forwarding an Investment Guaranty Agreement, the text of
which is reproduced in full and attached hereto for the purpose of
establishing an Investment Guaranty Agreement between St. Vincent
and the United States of America.

Lam pleased to inform you that the Agreement has been approved
in conformity with the Constitutional procedures of St. Vincent.

Accept your Excellency, the renewed assurances of my highest con-
sideration.

Janes FP. Mircurnn

Premier.
Her

xeelleney,
Miss Emzmn Donovan,
American Ambassador and
U.S. Special Representative to the
West Indies Associated States,
TS. Embassy,
Barbados.

Ene.[*]

> Copy of the United States note, p. 1.

TIAS 7530

U5, GOVCRNMLNE PRINTING OBFICE: 1973,


TREATIES AND OTHER INTERNATIONAL ACTS SERIES

INVESTMENT GUARANTIES

Agreement Between the
Unirep States OF AMERICA
and St. VINCENT

Effected by Exchange of Notes
Signed at Bridgetown and St. Vincent
May 15 and June 14, 1972



NOTE BY THE DEPARTMENT OF STATE

Pursuant to Public Law 89-497, approved
July 8, 1966 (80 Stat. 271; 1 U.S.C. 113)—

“... the Treaties and Other International Acts
Series issued under the authority of the Secretary of
State shall be competent evidence . . . of the treaties,
international agreements other than treaties, and proc-
lamations by the President of such treaties and inter-
national agreements other than treaties, as the case
may be, therein contained, in all the courts of law
and equity and of maritime jurisdiction, and in all the
tribunals and public offices of the United States, and
of the several States, without any further proof or
authentication thereof.”

Subscription Price:

For sale by the Superintendent of Documents, U.S. Gorernment Printing Office,

Washington, D.
7 per year; $6.
Single copies vary in price

2. 20402

additional for foreign’ mailing.


ST. VINCENT

Investment Guaranties

Agreement effected by exchange of notes
Signed at Bridgetown and St. Vincent May 15 and June 14, 1972;
Entered into force June 14, 1972.

The American Ambassador and U.S. Special Representative to the
West Indies Associated States to the St. Vincent Premier

May 15, 1972
Sm:

Ihave the honor to refer to conversations which have recently taken
place between representatives of our two governments relating to
investments in St. Vincent which further the development of the eco-
nomic resources and productive capacities of St. Vincent and to guar-
anties of such investments by the Government of the United States
of America. I also have the honor to confirm the following under-
standings reached as a result of those conversations :

1. When nationals of the Government of the United States of Amer-
ica (the Guaranteeing Government) propose to invest with the assist-
ance of guaranties issued pursuant to this Agreement in a project or
activity within the territorial jurisdiction of the Government of St.
Vincent (the Host Government), the two Governments shall, upon the
request of either, consult respecting the nature of the project or
activity and its contribution to economic and social development in St.
Vincent.

2. The procedures set forth in this Agreement shall app
with respect to guaranteed investments in projects or acti
proved by the Tost Government.

8. If the Guarantecing Government makes payment to any investor
under a guaranty issued pursuant to the present Agreement, the Tost
Government shall, subject to the provisions of the following paragraph,
recognize the transfer to the Guaranteeing Government of any cur-
rency, credits, assets, or investment on account of which payment under
such guaranty is made as well as the succession of the Guaranteeing
Government to any right, title, claim, privilege, or cause of action
existing, or which may arise, in connection therewith.

lv only
ies ap-

SS-615—73 a) TIAS 7530