44. Dispute settlement

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Investment disputes under this Part shall be settled promptly and amicably through consultations and negotiations between the parties.

(2)

Where an amicable solution cannot be reached, any investor shall have the right to use all other remedies under the laws of Sri Lanka:

Provided that, where the dispute relates to one between a foreign investor and the State, the parties may agree to seek settlement of disputes, through alternate dispute resolution mechanisms including ad hoc arbitration and institutional arbitration.

(3)

If any award is made by a foreign arbitral tribunal, such award shall be recognized and enforceable in Sri Lanka in accordance with the laws of Sri Lanka including the

Arbitration Act, No. 11 of 1995.

(4)

For the purposes of this section, “parties” means the investor and any Government institution, an investor has dealings with in respect of his investment.

Read on from s 45

Part III

Read on from Part III

Part IV

Read on from Part IV

Part V

Read on from Part V

Part VI

Read on from Part VI

Part VII

Read on from Part VII