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ContractDate Posted: 2009-08-18 13:08:34
According to the Model EPSC, venue of the arbitration is ICSID. But at the same time Hydrocarbon Law Article 70.3 indicates that if the Contractor don't prefer ICSID, UNCITRAL is the other option for dispute resolution. I wonder if you are kind enough to explain in case of any dispute, which one is prevailing Model EPSC or Hydrocarbon Law?
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Date Answered: 2009-08-18 13:08:12
The article XXIV of the Model EPSC specifies that disputes shall be settled in accordance with the ICSID Convention. Having signed the EPSC with this wording, both parties will be bound by Article XXIV.