Investment disputes under Part III of the Energy Charter Treaty are governed by Article 26 which provides that an investor may, following a cooling-off period of 3 months, submit the dispute to resolution:
- to the courts or administrative tribunals of the host Contracting party to the dispute;
- in accordance with a previously agreed dispute settlement procedure; or
- to international arbitration or conciliation.
If the investor opts to submit the dispute to arbitration, the investor then has the further choice among an arbitration under the rules of the International Centre for Settlement of Investment Disputes (ICSID), the United Nations Commission on International Trade Law (UNCITRAL) or the Arbitration Institute of the Stockholm Chamber of Commerce.
In that respect, Contracting Parties give their unconditional consent under Article 26(3) to the submission of a dispute to international arbitration or conciliation.