(b) The arbitral tribunal referred to in Paragraph (a) of

this Article, shall be established and function as follows:

(i) Each Government shall appoint one arbitrator;

these two arbitrators shall, by common agreement, designate
a president of the arbitral tribunal who shall be a citizen
ef a third state and whose appointment shall be subject to
acceptance by the two Governments. The arbitrators shall be
appointed within three months and the president within six
months of the date of receipt of either Government’s request
for arbitration. If the appointments are not made within
the foregoing time limits, either Government may, in the
absence of any other agreement, request the Secretary-
General of the International Centre for the Settlement of
Investment Disputes to make the necessary appointment or
appointments, and both Governments agree to accept such
appointment or appointments.

(ii) The arbitral tribunal shall base its decision on the
applicable principles and rules of international law. The
arbitral tribunal shall decide by majority vote. Its
decision shall be final and binding.

(iii) During the proceedings, each of the Governments shall
pay the expense of its arbitrator and of its representation
in the proceedings before the arbitral tribunal, whereas the
expenses of the president and other costs of arbitration
shall be paid in equal parts by the two Governments. In its
award, the arbitral tribunal may, in its discretion,

reallocate expenses and costs between the two Governments.

>


treatment to which such funds would be entitled in the hands of
the party under Coverage.

(b) Such amounts and credits may be transferred by the
Issuer to any person or entity and upon such transfer shall be
freely available for use by such person or entity in the
territory of Suriname in accordance with its laws.

(c) The provisions of this Article shall also apply to any
amounts and credits in the currency of Suriname which may be
accepted by ‘the Issuer in settlement of obligations with respect

to loans made by the Issuer for projects in Suriname.
ARTICLE 5

(a) Any dispute between the Government of the United States
of America and the Government of Suriname regarding the
interpretation of this Agreement or which, in the opinion of one
of the Governments, involves a question of international law
arising out of any project or activity for which Coverage has
been issued shall be resolved, insofar as possible, through
negotiations between the two Governments. If, at the end of six
months following the request for negotiations, the two
Governments have not resolved the dispute by agreement, the
dispute, including the question of whether such dispute presents
a question of international law, shall be submitted, at the
initiative of either Government, to an arbitral tribunal for

resolution in accordance with paragraph (b) of this Article.



(iv) In all other matters, the arbitral tribunal shall

regulate its own procedures.
ARTICLE 6

, The two Governments, desiring reciprocity, agree that, in
the event the Government of Suriname makes arrangements to issue
Coverage or make loans for projects in the United States of
America under a program similar in substance to the investment
incentive program to which this Agreement relates, provisions
equivalent to those of this Agreement shall apply with respect to
Suriname investments in the United States of America upon
completion of the constitutional or other legal processes of both

Governments approving such provisions.

ARTICLE 7

This Agreement shall continue in force unless either
government shall have received from the other a diplomatic note
stating its intention to terminate the Agreement, in which case
the date of termination shall be six months after receipt of such
note. Notwithstanding termination of this Agreement, the
provisions of this Agreement shall continue to apply with respect

to Coverage issued or loans made at any time before the date of

f

termination.

le


INVESTMENT INCENTIVE AGREEMENT BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA
AND THE GOVERNMENT OF SURINAME

The Government of the United States of America and the
Government of Suriname;

Affirming their common desire to encourage economic
activities in Suriname which promote the development of the
economic resources and productive capacities of Suriname; and

Recognizing that this objective can be promoted through
investment insurance (including reinsurance), loans and
investment guaranties which are backed in whole or in part by the
Government of the United States of America and provided by the
Overseas Private Investment Corporation ("OPIC"),
an agency of the Government of the United States of America, or
pursuant to arrangements between OPIC and private companies;

Have agreed as follows:
ARTICLE 2

As used in this Agreement, the term "Coverage" shall refer
to any investment insurance, reinsurance, or investment guaranty
which is provided by an Issuer in connection with a project in
the territory of Suriname, and the term "Issuer" shall refer to
OPIC, any successor agency of the Government of the United States

of America, and the agent of either. (
a


This Agreement shall enter into force on the date on which
the Government of Suriname communicates to the Government of the
United States of America that all necessary legal requirements

for entry into force of this Agreement have been fulfilled.

In witness whereof, the undersigned, being duly authorised

by their respective governments, have signed this Agreement.

Done at Paramaribo on the 28th day of May, 1993, in
duplicate, in the English and Dutch languages, both texts being

equally authentic.

For the Government of For the Government of
THE UNITED STATES OF AMERICA SURINAME

Ln [ (2G
JOHN P.LEONARD, H.S.HILDENBERG,
Ambassador Ministry of Finance


ARTICLE 2

(a) (i) If the Issuer makes payment to any party under
Coverage, the Government of Suriname shall, subject to the
provisions of Article 3 of this Agreement, recognize the transfer
to the Issuer of any assets, including those in the form of
investment as well as currency or credits, in connection with
such payment, as well as the succession of the Issuer to any
right, title, clain, privilege, or cause of action existing, or
which may arise, in connection therewith.

(ii) If the Issuer, in the exercise of its rights as a
creditor, acquires any such assets or succeeds to any right,
title, claim, privilege or cause of action, the Government of
Suriname shall, subject to the provisions of Article 3 of this
Agreement, recognize such acquisition or succession.

(b) The Issuer shall assert no greater rights than those of
the party from whom such rights were acquired as described in
Paragraph (a) of this Article. Nothing in this Agreement shall
limit the right of either government to assert a claim under
international law in its sovereign capacity, as distinct from any
rights it may have under this Agreement.

(c) The Issuer, as a non-commercial agency of the
Government of the United States of America, shall not be subject
to regulation under the laws of Suriname applicable to commercial

insurance or financial organizations.



(d) Interest and fees on loans made or guaranteed by the
@ Issuer shall be exempt from tax in Suriname. The Issuer shall
not be subject to tax in Suriname as a result of any transfer,
succession or other acquisition described in Paragraph (a) of
this Article. In all other cases, tax treatment of transactions
conducted by the Issuer in Suriname shall be determined by
applicable law of Suriname or specific agreement between the
Government of the United States of America and the Government of

Suriname.
ARTICLE 3

To the extent that the laws of Suriname partially or wholly

invalidate or prohibit the transfer, succession or other
@ acquisition, as described in Article 2 (a) of this Agreement, of
any interest in any property within the territory of Suriname by
the Issuer, the Government of Suriname shall permit the Issuer to
make appropiate arrangements pursuant to which such interests are
transferred to a person or entity permitted to own such interests

under the laws of Suriname.
ARTICLE 4

(a) Amounts in the currency of Suriname, including credits
thereof, acquired by the Issuer by virtue of payment to a party
under Coverage shall be accorded treatment in the territory of

| Suriname no less favorable as to use and conversion than the /