Diplomatic Immunities and Privileges Act, 2001 (Act No. 37 of 2001)NoticesRecognition of New Development Bank Africa Regional Centre for purposes of granting immunities and privilegesArticle 18 : Settlement of disputes |
| (1) | Any dispute between the Bank and the Government arising out of or relating to this Agreement shall be settled amicably by negotiation or other mode of settlement as may be agreed, failing which such dispute shall be submitted to arbitration at the request of either Party. |
| (2) | Each Party shall appoint one arbitrator, and the two arbitrators so appointed shall appoint a third, who shall be the Chairperson. if within two (2) months of the request for arbitration either Party has not appointed an arbitrator, or if within two (2) months of the appointment of two arbitrators, the third arbitrator has not been appointed, either Party may request the President of the International Court of Justice to make the necessary appointments. All decisions of the arbitrators shall require a vote of two of them and shall be binding on the Parties. |
| (3) | The arbitrators shall determine the procedure of the arbitration, and expenses of the arbitration shall be borne by the Parties as assessed by the arbitrators. The arbitral award shall contain a statement of the reasons on which it is based and shall be accepted by the Parties as the final adjudication of the dispute. |