Article 48 Settlement of differences on the interpretation or application of this Agreement or supplementary arrangements or agreements

All differences arising out of the interpretation or application of this Agreement or supplementary arrangements or agreements between the Tribunal and the host State shall be settled by consultation, negotiation or other agreed mode of settlement.

If the difference is not settled in accordance with paragraph 1 of this article within three months following a written request by one of the Parties to the difference, it shall, at the request of either party, be referred to an arbitral tribunal according to the procedure set forth in paragraphs 3 to 5 of this article.

The arbitral tribunal shall be composed of three members: one to be chosen by each party and the third, who shall be the chairman of the arbitral tribunal, to be chosen by the other two members. If either party has failed to make its appointment of a member of the arbitral tribunal within two months of the appointment of a member by the other party, that other party may invite the President of the International Court of Justice to make such appointment. Should the first two members fail to agree upon the appointment of the chairman of the tribunal within two months following their appointment, either party may invite the President of the International Court of Justice to choose the chairman.

Unless the Tribunal and the host State otherwise agree, the arbitral tribunal shall determine its own procedure and the expenses shall be borne by the Tribunal and the host State as assessed by the arbitral tribunal.

The arbitral tribunal, which shall decide by a majority of votes, shall reach a decision on the difference on the basis of the provisions of this Agreement and subsequent arrangements or agreements and the applicable rules of international law. The decision of the arbitral tribunal shall be final and binding on the Tribunal and the host State.