Decreto

Decreto n.º 24/2004

Aprova o Acordo entre a República Portuguesa e a Grande Jamahiriya Árabe Líbia Popular Socialista sobre a Promoção e a Protecção Recíprocas de Investimentos, assinado em Sirte em 14 de Junho de 2003

Capítulo I - Âmbito e objecto

Artigo 1.º

Definições

Para efeitos do presente Acordo, os seguintes termos têm o seguinte significado:

1) «Investimentos»: toda a espécie de bens e direitos propriedade dos investidores de uma das Partes e investidos no território da outra Parte, nos termos da legislação da última.

Esta definição inclui em particular o seguinte:

a)Bens tangíveis e intangíveis e direitos, tais como hipotecas, garantias, penhores e direitos análogos;
b)Acções, quotas ou outras formas de interesses no capital de sociedades;
c)Débitos, direitos de crédito ou quaisquer pagamentos em conformidade com um acordo de empréstimo ou com outro contrato com valor económico e relacionado com o investimento;
d)Direitos de propriedade intelectual tais como direitos de autor, patentes, marcas e denominações comerciais, segredos comerciais, good will, desenhos industriais, processos técnicos e know-how;
e)Quaisquer direitos conferidos por uma concessão ou licença, ou nos termos de um contrato, em conformidade com a lei, incluindo os direitos de perfuração, extracção e exploração de recursos naturais.
Qualquer alteração na forma de realização dos investimentos não afectará a sua qualificação como investimentos, desde que essa alteração não contradiga as leis e regulamentos da Parte no território da qual os investimentos tenham sido realizados.
2) «Investidor»:
a)Qualquer pessoa singular com a nacionalidade de uma das Partes; e
b)Qualquer pessoa jurídica constituída de acordo com as leis de uma das Partes e que tenha sede no território dessa Parte.
3) «Território»: o termo «território» significa a área terrestre, as águas interiores, o mar territorial, a plataforma continental e todas as outras áreas sobre as quais as Partes exerçam soberania, direitos soberanos ou jurisdição de acordo com o Direito Internacional.
4) «Rendimentos»: montantes resultantes de investimentos, incluindo lucros, dividendos, juros, royalties e pagamentos por conta de assistência técnica e outras formas de ganhos relacionados com o investimento.
Os rendimentos dos investimentos gozam da mesma protecção concedida aos investimentos.
Os reinvestimentos dos rendimentos e seus ganhos gozam da mesma protecção concedida aos investimentos iniciais.

Artigo 2.º

Âmbito

O presente Acordo aplica-se a todos os investimentos realizados por investidores de uma das Partes no território da outra Parte, em conformidade com as respectivas disposições legais, antes e após a sua entrada em vigor, com excepção dos litígios relativos a investimentos emergentes antes da respectiva entrada em vigor.

Capítulo II - Disposições gerais

Artigo 3.º

Promoção e protecção dos investimentos

Para se alcançarem os objectivos do Acordo:

1) Ambas as Partes promoverão e encorajarão, na medida do possível, a realização de investimentos por investidores da outra Parte no seu território, admitindo tais investimentos de acordo com a respectiva legislação. Em qualquer caso, concederão aos investimentos tratamento justo e equitativo.

2) Os investimentos realizados por investidores de uma das Partes no território da outra Parte, em conformidade com a respectiva legislação, gozam de plena protecção e segurança no território da última.

3) As Partes não sujeitarão a gestão, manutenção, uso, fruição ou disposição dos investimentos realizados no seu território por investidores da outra Parte a medidas injustificadas, arbitrárias ou de carácter discriminatório.

Artigo 4.º

Tratamento nacional e da nação mais favorecida

1 -Ambas as Partes concederão aos investimentos realizados por investidores de uma das Partes no território da outra Parte tratamento justo e equitativo e não menos favorável do que o concedido aos investimentos dos seus próprios investidores ou aos investimentos de investidores de terceiros Estados.
2 -Ambas as Partes concederão aos investidores da outra Parte - no seu território -, no que respeita à gestão, manutenção, uso, fruição ou disposição dos seus investimentos, um tratamento justo e equitativo e não menos favorável do que esta última concede aos seus próprios investidores ou a investidores de terceiros Estados.
3 -As disposições deste artigo não implicam a obrigatoriedade de uma das Partes alargar aos investidores da outra Parte o benefício de qualquer tratamento, preferência ou privilégio que possa ser outorgado pela primeira em virtude de:
1. a)Acordos existentes ou futuros, relativos a zonas de comércio livre, uniões aduaneiras, mercados comuns ou outros acordos internacionais similares, incluindo outras formas de cooperação económica, a que qualquer das Partes tenha aderido ou venha a aderir; e
2. b)Qualquer acordo ou acordos internacionais, de natureza total ou parcialmente fiscal.
4 -As disposições deste artigo não prejudicam o direito de cada uma das Partes de aplicar as relevantes disposições da sua lei fiscal, que distinguem entre contribuintes que não se encontram na mesma situação no que respeita ao seu local de residência ou no que respeita ao local onde o seu capital é investido.

Artigo 5.º

Aplicação de outras regras

1 -Se, para além do presente Acordo, as disposições legais de uma das Partes ou as obrigações emergentes do direito internacional em vigor ou que venham a vigorar entre as duas Partes estabelecerem um regime, geral ou específico, que confira aos investimentos efectuados por investidores da outra Parte um tratamento mais favorável do que o previsto no presente Acordo, prevalecerá sobre este o regime mais favorável.
2 -Se as disposições de qualquer acordo ou contrato internacional assinado por ambas as Partes ou por uma das Partes e um investidor da outra Parte concederem termos mais favoráveis do que os do presente Acordo, tais disposições prevalecerão sobre o presente Acordo, na medida em que sejam mais favoráveis.

Artigo 6.º

Nacionalização e expropriação

1 -Nos termos do presente Acordo, os investimentos efectuados por investidores de uma das Partes no território da outra Parte não podem ser nacionalizados, expropriados ou sujeitos a outras medidas que limitem o direito de propriedade, gestão ou utilização do investimento (medidas adiante designadas como «expropriação»), permanente ou temporariamente, excepto por força da lei, no interesse público, sem carácter discriminatório e mediante pronta indemnização.
2 -A indemnização deve corresponder ao valor de mercado que os investimentos expropriados tinham à data imediatamente anterior ao momento em que a expropriação tenha ocorrido, ou ao momento em que a futura expropriação seja do conhecimento público, contando, para o efeito, a primeira das datas. A indemnização deve ser paga sem demora, incluirá os habituais juros comerciais a partir da data da expropriação até à data da sua liquidação e deve ser pronta, efectiva, adequada e livremente transferível.
3 -O investidor cujos investimentos sejam expropriados terá o direito, de acordo com a legislação da Parte no território da qual os bens tiverem sido expropriados, à pronta revisão do seu caso, por uma autoridade judicial ou outra autoridade competente, e à avaliação dos seus investimentos, de acordo com os princípios definidos neste artigo.

Artigo 7.º

Compensação por danos ou perdas

1 -Os investidores de uma das Partes que venham a sofrer perdas nos investimentos realizados no território da outra Parte em virtude de guerra ou outros conflitos armados, revolução, estado de emergência nacional, desobediência ou perturbações ou quaisquer outros eventos considerados equivalentes receberão dessa Parte tratamento que restitua as condições desses investimentos tal como existiam antes de os danos terem ocorrido, ou compensação ou qualquer outra medida que não seja menos favorável do que o concedido por essa Parte aos investimentos dos seus próprios investidores ou de investidores de terceiros Estados, consoante o que for mais favorável. Qualquer pagamento feito nos termos do presente artigo será livremente transferível, sem demora e em moeda convertível.

Artigo 8.º

Transferências

1 -Ambas as Partes garantem aos investidores da outra Parte a livre transferência das importâncias relacionadas com os seus investimentos, na mesma moeda em que foram trazidas, ou em qualquer moeda convertível, em particular, mas não exclusivamente:
1. a)Do capital original investido e de quaisquer outros montantes adicionais necessários à manutenção ou ampliação dos investimentos;
2. b)Dos rendimentos definidos no n.º 4 do artigo 1.º deste Acordo;
3. c)Das importâncias necessárias para o pagamento de dívidas e empréstimos relacionados com operações reconhecidas por ambas as Partes como investimentos;
4. d)Das indemnizações ou outros pagamentos previstos nos artigos 6.º e 7.º deste Acordo;
5. e)Do produto resultante da alienação ou da liquidação total ou parcial dos investimentos;
6. f)De quaisquer pagamentos que possam ter sido efectuados em nome do investidor de acordo com o artigo 9.º do presente Acordo;
7. g)De um montante apropriado do rendimento e propriedade dos trabalhadores estrangeiros, devidamente autorizados a trabalhar em conexão com o investimento, no território da outra Parte.
2 -As transferências referidas no n.º 1 do presente artigo serão efectuadas sem demora, em conformidade com a taxa de câmbio efectiva no dia da transferência no território da Parte Contratante onde o investimento tenha sido efectuado e em moeda convertível.

Artigo 9.º

Sub-rogação

No caso de uma das Partes ou a agência por ela designada efectuar pagamentos a um dos seus investidores em virtude de uma garantia prestada a um investimento realizado no território da outra Parte, essa Parte fica por esse facto sub-rogada nos direitos e acções desse investidor, podendo exercê-los nos mesmos termos e condições que o titular originário.

Artigo 10.º

Litígios entre as Partes

1 -Os litígios que surjam entre as Partes sobre a interpretação ou aplicação do presente Acordo serão, na medida do possível, resolvidos de forma amigável.
2 -Se as Partes não chegarem a acordo no prazo de seis meses a contar da data em que uma das Partes notifica a outra Parte por escrito, o litígio será submetido, a pedido de qualquer das Partes, a um tribunal arbitral, a estabelecer nos termos do presente artigo.
3 -O tribunal arbitral é constituído do seguinte modo:
Cada Parte designa um membro e ambos os membros propõem um nacional de um terceiro Estado como presidente do tribunal arbitral, que será nomeado pelas duas Partes. Os membros serão nomeados no prazo de dois meses e o presidente no prazo de cinco meses a contar da data em que uma das Partes tiver comunicado à outra a intenção de submeter o litígio a um tribunal arbitral.
4 -Se os prazos fixados no n.º 3 do presente artigo não forem observados, qualquer das Partes pode, na falta de outro acordo, solicitar ao Presidente do Tribunal Internacional de Justiça que proceda às necessárias nomeações. Se o Presidente estiver impedido ou for nacional de uma das Partes, as nomeações caberão ao Vice-Presidente. Se este também estiver igualmente impedido de o fazer por qualquer razão, ou for nacional de uma das Partes, as nomeações caberão ao membro do Tribunal que se siga na hierarquia, desde que esse membro não seja nacional de qualquer das Partes.
5 -O tribunal arbitral decidirá de acordo com o presente Acordo e com as regras do direito internacional, as suas decisões serão tomadas por maioria e serão finais e vinculativas para ambas as Partes.
6 -O tribunal arbitral define as regras e medidas aplicáveis ao processo.
7 -A cada Parte cabe suportar as despesas do respectivo árbitro, bem como da respectiva representação no processo perante o tribunal arbitral. Ambas as Partes suportarão em partes iguais as despesas do presidente, bem como as demais despesas.

Artigo 11.º

Litígios entre uma parte e um investidor da outra Parte

1 -Qualquer litígio relacionado com investimentos e surgido entre uma Parte e investidores da outra Parte será resolvido de forma amigável.
2 -Se o litígio não puder ser resolvido no prazo de seis meses a contar da data da notificação escrita a solicitar essa resolução, o mesmo será submetido a uma das autoridades seguintes, à escolha do investidor:
1. a)A um tribunal competente da Parte em cujo território foi feito o investimento; ou
2. b)À Câmara Internacional de Comércio, em Paris; ou
3. c)Ao Centro Internacional para a Resolução de Diferendos Relativos a Investimentos (CIRDI), nos termos da Convenção para a Resolução de Diferendos Relativos a Investimentos entre Estados e Nacionais de outros Estados, celebrada em Washington D. C. em 18 de Março de 1965. Se a Parte em disputa não for membro da citada Convenção, o litígio será resolvido em conformidade com as Facilidades Adicionais para a Administração de Procedimentos, pelo Secretariado do CIRDI.
3 -A sentença não será sujeita a qualquer recurso, para além do previsto nas leis ou regulamentos internos no caso da alínea a), em cima, ou nas referidas convenções.
4 -A sentença é vinculativa para ambas as Partes em litígio e ambas as Partes comprometem-se a executá-la.
5 -Após a conclusão do processo e em caso de incumprimento da sentença proferida nos termos deste artigo, as Partes podem, a título excepcional, recorrer à via diplomática, com vista a garantir a execução da referida sentença.

Capítulo III - Disposições finais

Artigo 12.º

Consultas

Os representantes das Partes devem, sempre que necessário, realizar consultas sobre qualquer matéria relacionada com a interpretação e aplicação do presente Acordo. Estas consultas serão realizadas sob proposta de qualquer das Partes, podendo estas, se necessário, propor a realização de reuniões, em lugar e data a acordar por via diplomática.

Artigo 13.º

Entrada em vigor

O presente Acordo entrará em vigor 30 dias depois de as Partes se terem notificado, por escrito e por via diplomática, de que foram cumpridos todos os respectivos requisitos internos constitucionais ou legais.

Artigo 14.º

Vigência, denúncia e revisão

1 -Este Acordo permanecerá em vigor por um período de 10 anos, que será prorrogável por iguais períodos, a menos que 12 meses antes de expirado o período uma das Partes notifique a outra, por escrito e por via diplomática, da sua intenção de terminar o Acordo.
2 -Relativamente aos investimentos realizados antes da data de denúncia do presente Acordo, as disposições dos artigos 1.º a 12.º continuarão em vigor por um período de 10 anos a contar da data de denúncia do presente Acordo.
3 -O presente Acordo pode ser revisto se tal for requerido por qualquer das Partes. A revisão entrará em vigor, nos termos do artigo 13.º
Feito em duplicado aos ... dias de ... de 2003, nas línguas portuguesa, árabe e inglesa, todos os textos fazendo igualmente fé. Em caso de divergência de interpretação, prevalecerá a versão inglesa.
Pela República Portuguesa:
(ver assinatura no documento original)
Pela Grande Jamahiriya Árabe Líbia Popular Socialista:
(ver assinatura no documento original)
(ver texto em língua árabe no documento original)
AGREEMENT BETWEEN THE PORTUGUESE REPUBLIC AND GREAT SOCIALIST PEOPLES LIBYAN ARAB JAMAHIRIYA ON THE MUTUAL PROMOTION AND PROTECTION OF INVESTMENTS.
The Portuguese Republic and Great Socialist Peoples Libyan Arab Jamahiriya hereinafter referred to as the «Parties»:
Desiring to create encouraging conditions to develop economic cooperation between them, especially investments made by investors of one Party in the territory of the other Party;
Both Parties realising that mutual promotion and protection of such investments will activate economic cooperation between both countries;
have agreed as follows:
CHAPTER I
Scope and object
Article 1
Definitions
For the purpose of this Agreement, the following terms have the following corresponding explanation:
1) «Investments»: all kinds of assets and rights owned by investors of one Party and invested in the territory of the other Party in accordance with the laws of the latter.
This definition especially includes the following:
1. a)Tangible and intangible assets and rights such as mortgage, liens, pledges and similar rights;
2. b)Shares, stocks, or other forms of interest in the equity of companies;
3. c)Debits, financial claims or any payments according to a loan agreement or according to another contract having an economic value and related to the investment;
4. d)Intellectual property rights such as copyrights, patents, trade marks and names, trade secrets, good will, industrial designs, technical processes and know-how;
5. e)Any rights conferred by a permission or licence, or in compliance with a contract, in accordance with the law including the rights of drilling, extracting and exploiting natural resources.
  Any changes in the form in which assets are invested shall not affect their character as investments, provided that such a change does not contradict the laws and regulations of the Party in which territory the investment was made.
  2) «Investor»:
6. a)Any natural person having the nationality of either Party; and
7. b)Any legal person established in accordance with the laws of one of the Parties and which have a main office in the territory of that Party.
  3) «Territory»: the term territory means the land territory, the internal waters, the territorial sea, the continental shelf and all the other areas upon which the Parties exercise their sovereignty, sovereign rights or jurisdictional rights in accordance with the international law.
  4) «Returns»: amounts resulting from investments, including profits, dividends, interests, royalties and technical assistance fees and other forms of income related to the investment.
  The returns of investments shall be subject to the same protection given to investment.
  The reinvestments of the returns and their income shall enjoy the same treatment given to the first investment.
  Article 2
  Scope
  This Agreement shall be applied to all investments made by investors from one of the Parties in the territory of the other Party in accordance with the respective legal provisions, prior to as well as after its entry into force, but shall not apply to any dispute concerning investments which have arisen before its entry into force.
  CHAPTER II
  General provisions
  Article 3
  Promotion and protection of investments
  To achieve the goals of the Agreement:
  1) Each Party shall promote and encourage, as far as possible, within its territory investments made by investors of the other Party and shall admit such investments into its territory in accordance with its laws and regulations. It shall in any case accord such investments fair and equitable treatment.
  2) Investments made by investors of one of the Parties in the territory of the other Party in accordance with its laws and regulations shall enjoy full protection and security in the territory of the latter.
  3) Neither Party shall in any way impair by unreasonable, arbitrary or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory of investors of the other Party.
  Article 4
  National and most favoured nation treatment
1 -Both Parties shall accord to investments made by investors of the other Party in its territory fair and equitable treatment not less favourable than the one accorded to the investments of its own investors or investments of investors of any third State.
2 -Each Party shall accord to investors of the other Party - in its territory - as regards the management, maintenance, use, enjoyment or disposal of their investments, treatment which is fair and equitable and not less favourable than the latter Party accords to its own investors or to investors of any third State.
3 -The provisions of this article shall not be construed so as to oblige one Party to extend to the investors of the other Party the benefit of any treatment, preference or privilege which may be extended by the former Party by virtue of:
1. a)Existing or future free trade area, customs union, common market or other similar international agreements including other forms of economic cooperation to which either of the Parties is or may become a Party; and
2. b)Any agreement or international arrangements, relating wholly or partially to taxation.
4 -The provisions of this article shall be without prejudice to the right of either Party to apply the relevant provisions of their tax law which distinguish between taxpayers who are not in the same situation with regard to their place of residence or with regard to the place where their capital is invested.
Article 5
Application of other rules
1 -If the provisions of laws and regulations of either Party or obligations under international law existing at present or established hereafter between the Parties in addition to this Agreement contain a regulation, whether general or specific, entitling investments made by investors of the other Party to a treatment more favourable than is provided for by this Agreement, such provisions shall, to the extent that they are more favourable, prevail over this Agreement.
2 -If the provisions of any international agreement or contract entered into by both Parties or by one Party and an investor of the other Party provide better terms than those provided by this Agreement, such provisions shall, to the extent they are more favourable, prevail over this Agreement.
Article 6
Nationalisation and expropriation
1 -According to this Agreement, investments made by investors of either Party in the territory of the other Party shall not be nationalised, expropriated, or subject to any arrangement that limit the right of ownership, management or use of the investment (measures hereinafter referred to as expropriation), permanently or temporarily, except by virtue of law for a public purpose, on a non-discriminatory basis and against prompt compensation.
2 -Such compensation shall amount to the market value of the expropriated investments immediately before the expropriation or before it became publicly known, whichever occurs first. The compensation shall be paid without delay, shall include the usual commercial interest from the date of the expropriation until the date of payment and shall be prompt, effective, adequate and freely transferable.
3 -The investor whose investments are expropriated shall have the right under the laws of the expropriating Party to the prompt review by a judicial or other competent authority of that Party of his or its case and of valuation of his or its investments in accordance with the principles set out in this article.
Article 7
Compensation for damages or losses
Each Party shall provide to investors of the other Party, whose investments suffer losses in the territory of the first Party owing to war or armed conflict, revolution, a state of national emergency, disobedience or disturbances or any other event considered as such, treatment that restitutes the conditions of these investments that existed before the damage had occurred, or compensation, or any other settlement that is no less favourable than that Party accords to the investments of its own investors, or of any third State, whichever is more favourable. Any payment made under this article shall be, without delay, freely transferable in convertible currency.
Article 8
Transfers
1 -Each Party guarantees to investors of the other Party the free transfer of sums related to their investments, in the same currency they were brought in, or in any convertible currency in particular, though not exclusively:
1. a)The original invested capital and any other related amounts necessary to maintain or increase the investments;
2. b)The returns defined in paragraph 4, article 1 of this Agreement;
3. c)Funds allocated for the payment of debts and loans related to operations recognised by both Parties as an investment;
4. d)Compensation or other payment referred to in articles 6 and 7 of this Agreement;
5. e)The proceeds obtained from the sale or from the total or partial liquidation of the investment;
6. f)Any payments that may be made in the name of the investor in accordance with article 9 of this Agreement;
7. g)An appropriate amount of the income and the property of foreign workers dully authorised to work in connection with the investment in the territory of the other Party.
2 -Payments stated in item (1) of this article would be transferred without delay, according to the exchange rate effective on the day of the transfer in the territory of the Contracting Party where the investment was made and in convertible currency.
Article 9
Subrogation
If either Party or its designated agency makes any payment to one of its investors as a result of a guarantee in respect of an investment made in the territory of the other Party, the former Party shall be subrogated to the rights and actions of this investor, and may exercise them according to the same terms and conditions as the original holder.
Article 10
Settlement of disputes between the Parties
1 -Disputes between the Parties concerning the interpretation and application of this Agreement should, as far as possible, be settled amicably.
2 -If the Parties fail to reach such settlement within six months from the date that one Party notifies the other Party in writing, the dispute shall be submitted to an arbitral court, in accordance with the provisions of this Article upon the request of either Party.
3 -The arbitral court shall be constituted as follows:
Each Party shall appoint one member and these two members shall propose a national of a third State as chairman of the arbitral court to be appointed by the two Parties. The members shall be appointed within two months and the chairman shall be appointed within five months from the date on which either Party notifies the other of its wish to submit the dispute to an arbitral court.
4 -If the deadlines specified in paragraph 3 of this article are not complied with, either Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments. If the President is prevented from doing so, or is a national of either Party, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is also a national of either Party or if he is prevented from making the appointments for any other reason, the appointments shall be made by the member of the Court who is next in seniority and who is not a national of either Party.
5 -The arbitral court shall rule in accordance with this Agreement and the rules of international law and its decisions shall be made by majority of votes and shall be final and binding on both Parties.
6 -The arbitral court shall define the rules and arrangements applicable to its work procedures.
7 -Each Party shall be responsible for the costs of its own arbitrator and of its representatives at the arbitral proceedings. Both Parties shall assume an equal share of the expenses incurred by the chairman, as well as any other expenses.
Article 11
Settlement of disputes between a Party and investors of the other Party
1 -Any dispute in respect of investments arising between one Party and investors of the other Party shall be settled amicably.
2 -If it is not possible to reach such settlement within six months from the date of a written notification requesting for settlement, the dispute should be submited to one of the following, subject to the choice of the investor:
1. a)A competent court of the Party in which territory the investment was made; or
2. b)The International Chamber of Commerce in Paris; or
3. c)The International Centre for the Settlement of Investment Disputes (ICSID), established under the Convention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature in Washington D. C., on March 18, 1965. If the Party to the dispute is not a party to the above mentioned Convention, the dispute shall be settled in accordance with the Additional Facilities for the Administration of Proceedings by the Secretariat of the ICSID.
3 -The awards shall not be subject to any appeal or remedy other than those provided for in domestic laws or regulations in the case of a) above or in the said Conventions.
4 -The awards shall be enforceable for both parties in the dispute and both Parties should abide by implementing it.
5 -Once the proceedings have terminated and a Party has failed to abide by or to comply with the award rendered in compliance with this article, Parties may exceptionally use diplomatic channels in order to guarantee the enforcement of the said award.
CHAPTER III
Final provisions
Article 12
Consultations
Representatives of the Parties shall, whenever necessary, hold consultations on any matter related to the interpretation and application of this Agreement. These consultations shall be held on the proposal of one of the Parties, which shall, if necessary, propose meetings at a place and a time to be agreed upon through diplomatic channels.
Article 13
Entry into force
This Agreement shall enter into force 30 days after the Parties notify each other in writing and by diplomatic channels that their respective internal constitutional or legal procedures have been fulfilled.
Article 14
Duration, termination and amendments
1 -This Agreement shall remain in force for a period of 10 years, which shall be extended for equal periods, unless, 12 months before the expiration of the period, either Party notifies the other in writing and by diplomatic channels of its intention to terminate the Agreement.
2 -In respect of investments made prior to the date of termination of this Agreement the provisions of articles 1 to 12 shall remain in force for a further period of 10 years from the date of termination of this Agreement.
3 -The present Agreement can be revised if required by any of the Parties. The amendments shall enter into force in accordance with the article 13.
Done in duplicate at this ... day of ... 2003, in the Portuguese, Arabic and English languages, all texts being equally authentic. In case of any divergence of interpretation, the English text shall prevail.
For the Portuguese Republic:
(ver assinatura no documento original)
For the Great Socialist Peoples Libyan Arab Jamahiriya:
(ver assinatura no documento original)

Artigo 14.º

Vigência, denúncia e revisão

1 -Este Acordo permanecerá em vigor por um período de 10 anos, que será prorrogável por iguais períodos, a menos que 12 meses antes de expirado o período uma das Partes notifique a outra, por escrito e por via diplomática, da sua intenção de terminar o Acordo.
2 -Relativamente aos investimentos realizados antes da data de denúncia do presente Acordo, as disposições dos artigos 1.º a 12.º continuarão em vigor por um período de 10 anos a contar da data de denúncia do presente Acordo.
3 -O presente Acordo pode ser revisto se tal for requerido por qualquer das Partes. A revisão entrará em vigor, nos termos do artigo 13.º
Feito em duplicado aos ... dias de ... de 2003, nas línguas portuguesa, árabe e inglesa, todos os textos fazendo igualmente fé. Em caso de divergência de interpretação, prevalecerá a versão inglesa.
Pela República Portuguesa:
(ver assinatura no documento original)
Pela Grande Jamahiriya Árabe Líbia Popular Socialista:
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(ver texto em língua árabe no documento original)
AGREEMENT BETWEEN THE PORTUGUESE REPUBLIC AND GREAT SOCIALIST PEOPLES LIBYAN ARAB JAMAHIRIYA ON THE MUTUAL PROMOTION AND PROTECTION OF INVESTMENTS.
The Portuguese Republic and Great Socialist Peoples Libyan Arab Jamahiriya hereinafter referred to as the «Parties»:
Desiring to create encouraging conditions to develop economic cooperation between them, especially investments made by investors of one Party in the territory of the other Party;
Both Parties realising that mutual promotion and protection of such investments will activate economic cooperation between both countries;
have agreed as follows:
CHAPTER I
Scope and object
Article 1
Definitions
For the purpose of this Agreement, the following terms have the following corresponding explanation:
1) «Investments»: all kinds of assets and rights owned by investors of one Party and invested in the territory of the other Party in accordance with the laws of the latter.
This definition especially includes the following:
1. a)Tangible and intangible assets and rights such as mortgage, liens, pledges and similar rights;
2. b)Shares, stocks, or other forms of interest in the equity of companies;
3. c)Debits, financial claims or any payments according to a loan agreement or according to another contract having an economic value and related to the investment;
4. d)Intellectual property rights such as copyrights, patents, trade marks and names, trade secrets, good will, industrial designs, technical processes and know-how;
5. e)Any rights conferred by a permission or licence, or in compliance with a contract, in accordance with the law including the rights of drilling, extracting and exploiting natural resources.
  Any changes in the form in which assets are invested shall not affect their character as investments, provided that such a change does not contradict the laws and regulations of the Party in which territory the investment was made.
  2) «Investor»:
6. a)Any natural person having the nationality of either Party; and
7. b)Any legal person established in accordance with the laws of one of the Parties and which have a main office in the territory of that Party.
  3) «Territory»: the term territory means the land territory, the internal waters, the territorial sea, the continental shelf and all the other areas upon which the Parties exercise their sovereignty, sovereign rights or jurisdictional rights in accordance with the international law.
  4) «Returns»: amounts resulting from investments, including profits, dividends, interests, royalties and technical assistance fees and other forms of income related to the investment.
  The returns of investments shall be subject to the same protection given to investment.
  The reinvestments of the returns and their income shall enjoy the same treatment given to the first investment.
  Article 2
  Scope
  This Agreement shall be applied to all investments made by investors from one of the Parties in the territory of the other Party in accordance with the respective legal provisions, prior to as well as after its entry into force, but shall not apply to any dispute concerning investments which have arisen before its entry into force.
  CHAPTER II
  General provisions
  Article 3
  Promotion and protection of investments
  To achieve the goals of the Agreement:
  1) Each Party shall promote and encourage, as far as possible, within its territory investments made by investors of the other Party and shall admit such investments into its territory in accordance with its laws and regulations. It shall in any case accord such investments fair and equitable treatment.
  2) Investments made by investors of one of the Parties in the territory of the other Party in accordance with its laws and regulations shall enjoy full protection and security in the territory of the latter.
  3) Neither Party shall in any way impair by unreasonable, arbitrary or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory of investors of the other Party.
  Article 4
  National and most favoured nation treatment
1 -Both Parties shall accord to investments made by investors of the other Party in its territory fair and equitable treatment not less favourable than the one accorded to the investments of its own investors or investments of investors of any third State.
2 -Each Party shall accord to investors of the other Party - in its territory - as regards the management, maintenance, use, enjoyment or disposal of their investments, treatment which is fair and equitable and not less favourable than the latter Party accords to its own investors or to investors of any third State.
3 -The provisions of this article shall not be construed so as to oblige one Party to extend to the investors of the other Party the benefit of any treatment, preference or privilege which may be extended by the former Party by virtue of:
1. a)Existing or future free trade area, customs union, common market or other similar international agreements including other forms of economic cooperation to which either of the Parties is or may become a Party; and
2. b)Any agreement or international arrangements, relating wholly or partially to taxation.
4 -The provisions of this article shall be without prejudice to the right of either Party to apply the relevant provisions of their tax law which distinguish between taxpayers who are not in the same situation with regard to their place of residence or with regard to the place where their capital is invested.
Article 5
Application of other rules
1 -If the provisions of laws and regulations of either Party or obligations under international law existing at present or established hereafter between the Parties in addition to this Agreement contain a regulation, whether general or specific, entitling investments made by investors of the other Party to a treatment more favourable than is provided for by this Agreement, such provisions shall, to the extent that they are more favourable, prevail over this Agreement.
2 -If the provisions of any international agreement or contract entered into by both Parties or by one Party and an investor of the other Party provide better terms than those provided by this Agreement, such provisions shall, to the extent they are more favourable, prevail over this Agreement.
Article 6
Nationalisation and expropriation
1 -According to this Agreement, investments made by investors of either Party in the territory of the other Party shall not be nationalised, expropriated, or subject to any arrangement that limit the right of ownership, management or use of the investment (measures hereinafter referred to as expropriation), permanently or temporarily, except by virtue of law for a public purpose, on a non-discriminatory basis and against prompt compensation.
2 -Such compensation shall amount to the market value of the expropriated investments immediately before the expropriation or before it became publicly known, whichever occurs first. The compensation shall be paid without delay, shall include the usual commercial interest from the date of the expropriation until the date of payment and shall be prompt, effective, adequate and freely transferable.
3 -The investor whose investments are expropriated shall have the right under the laws of the expropriating Party to the prompt review by a judicial or other competent authority of that Party of his or its case and of valuation of his or its investments in accordance with the principles set out in this article.
Article 7
Compensation for damages or losses
Each Party shall provide to investors of the other Party, whose investments suffer losses in the territory of the first Party owing to war or armed conflict, revolution, a state of national emergency, disobedience or disturbances or any other event considered as such, treatment that restitutes the conditions of these investments that existed before the damage had occurred, or compensation, or any other settlement that is no less favourable than that Party accords to the investments of its own investors, or of any third State, whichever is more favourable. Any payment made under this article shall be, without delay, freely transferable in convertible currency.
Article 8
Transfers
1 -Each Party guarantees to investors of the other Party the free transfer of sums related to their investments, in the same currency they were brought in, or in any convertible currency in particular, though not exclusively:
1. a)The original invested capital and any other related amounts necessary to maintain or increase the investments;
2. b)The returns defined in paragraph 4, article 1 of this Agreement;
3. c)Funds allocated for the payment of debts and loans related to operations recognised by both Parties as an investment;
4. d)Compensation or other payment referred to in articles 6 and 7 of this Agreement;
5. e)The proceeds obtained from the sale or from the total or partial liquidation of the investment;
6. f)Any payments that may be made in the name of the investor in accordance with article 9 of this Agreement;
7. g)An appropriate amount of the income and the property of foreign workers dully authorised to work in connection with the investment in the territory of the other Party.
2 -Payments stated in item (1) of this article would be transferred without delay, according to the exchange rate effective on the day of the transfer in the territory of the Contracting Party where the investment was made and in convertible currency.
Article 9
Subrogation
If either Party or its designated agency makes any payment to one of its investors as a result of a guarantee in respect of an investment made in the territory of the other Party, the former Party shall be subrogated to the rights and actions of this investor, and may exercise them according to the same terms and conditions as the original holder.
Article 10
Settlement of disputes between the Parties
1 -Disputes between the Parties concerning the interpretation and application of this Agreement should, as far as possible, be settled amicably.
2 -If the Parties fail to reach such settlement within six months from the date that one Party notifies the other Party in writing, the dispute shall be submitted to an arbitral court, in accordance with the provisions of this Article upon the request of either Party.
3 -The arbitral court shall be constituted as follows:
Each Party shall appoint one member and these two members shall propose a national of a third State as chairman of the arbitral court to be appointed by the two Parties. The members shall be appointed within two months and the chairman shall be appointed within five months from the date on which either Party notifies the other of its wish to submit the dispute to an arbitral court.
4 -If the deadlines specified in paragraph 3 of this article are not complied with, either Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments. If the President is prevented from doing so, or is a national of either Party, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is also a national of either Party or if he is prevented from making the appointments for any other reason, the appointments shall be made by the member of the Court who is next in seniority and who is not a national of either Party.
5 -The arbitral court shall rule in accordance with this Agreement and the rules of international law and its decisions shall be made by majority of votes and shall be final and binding on both Parties.
6 -The arbitral court shall define the rules and arrangements applicable to its work procedures.
7 -Each Party shall be responsible for the costs of its own arbitrator and of its representatives at the arbitral proceedings. Both Parties shall assume an equal share of the expenses incurred by the chairman, as well as any other expenses.
Article 11
Settlement of disputes between a Party and investors of the other Party
1 -Any dispute in respect of investments arising between one Party and investors of the other Party shall be settled amicably.
2 -If it is not possible to reach such settlement within six months from the date of a written notification requesting for settlement, the dispute should be submited to one of the following, subject to the choice of the investor:
1. a)A competent court of the Party in which territory the investment was made; or
2. b)The International Chamber of Commerce in Paris; or
3. c)The International Centre for the Settlement of Investment Disputes (ICSID), established under the Convention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature in Washington D. C., on March 18, 1965. If the Party to the dispute is not a party to the above mentioned Convention, the dispute shall be settled in accordance with the Additional Facilities for the Administration of Proceedings by the Secretariat of the ICSID.
3 -The awards shall not be subject to any appeal or remedy other than those provided for in domestic laws or regulations in the case of a) above or in the said Conventions.
4 -The awards shall be enforceable for both parties in the dispute and both Parties should abide by implementing it.
5 -Once the proceedings have terminated and a Party has failed to abide by or to comply with the award rendered in compliance with this article, Parties may exceptionally use diplomatic channels in order to guarantee the enforcement of the said award.
CHAPTER III
Final provisions
Article 12
Consultations
Representatives of the Parties shall, whenever necessary, hold consultations on any matter related to the interpretation and application of this Agreement. These consultations shall be held on the proposal of one of the Parties, which shall, if necessary, propose meetings at a place and a time to be agreed upon through diplomatic channels.
Article 13
Entry into force
This Agreement shall enter into force 30 days after the Parties notify each other in writing and by diplomatic channels that their respective internal constitutional or legal procedures have been fulfilled.
Article 14
Duration, termination and amendments
1 -This Agreement shall remain in force for a period of 10 years, which shall be extended for equal periods, unless, 12 months before the expiration of the period, either Party notifies the other in writing and by diplomatic channels of its intention to terminate the Agreement.
2 -In respect of investments made prior to the date of termination of this Agreement the provisions of articles 1 to 12 shall remain in force for a further period of 10 years from the date of termination of this Agreement.
3 -The present Agreement can be revised if required by any of the Parties. The amendments shall enter into force in accordance with the article 13.
Done in duplicate at this ... day of ... 2003, in the Portuguese, Arabic and English languages, all texts being equally authentic. In case of any divergence of interpretation, the English text shall prevail.
For the Portuguese Republic:
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For the Great Socialist Peoples Libyan Arab Jamahiriya:
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