Page:United States Statutes at Large Volume 105 Part 3.djvu/767

 PROCLAMATION 6320—AUG. 2, 1991 105 STAT. 2651 tations, tariff measures or any other restrictions or measiires it deems appropriate, and for such period of time it deems necessary, to prevent or remedy threatened or actual market disruption, and (b) take appropriate measures to ensure that imports from the territory of the other Party comply with such quantitative limitations or other restrictions introduced in connection with market disruption. In this event, the other Party shall be free to deviate from its obligations under this Agreement with respect to substantially equivalent trade. 4. Where in the judgment of the importing Party, emergency action is necessary to prevent or remedy such market disruption, the importing Party may take such action at any time and without prior consultations provided that such consultations shall be requested immediately thereafter. 5. In the selection of measures under this Article, the Parties shall endeavor to give priority to those measures which cause least disturbance to the achievement of the goals of this Agreement. 6. The Parties acknowledge that the elaboration of the market disruption safeguard provisions in this Article is without prejudice to the right of either Party to apply laws applicable to unfair trade. 7. Each Party shall ensure that its domestic legislation and procedures for determining market disruption are transparent and afford affected parties an opportunity to submit their views. Article XII. —Dispute Settlement 1. Nationals, companies and organizations of either Party shall be accorded national treatment with respect to access to all coiurts and administrative bodies in the territory of the other Party, as plaintiffs, defendants or otherwise. They shall not claim or enjoy immunity from suit or execution of judgment, proceedings for the recognition and enforcement of arbitral awards or other liability in the territory of the other Party with respect to commercial transactions; they also shall not claim or enjoy immunities from taxation with respect to commercial transactions, except as may be provided in other bilateral agreements. 2. The Parties encourage the adoption of arbitration for the settlement of disputes arising out of commercial fransactions concluded between nationals and companies of the United States and organizations of the Soviet Union. Such arbifration may be provided for by agreements in contracts between such nationals, companies or organizations, or in separate written agreements between them. 3. The parties to individual transactions may provide for arbitration under any internationaly recognized arbitration rules, including the UNCITRAL Rules in which case the parties should designate an Appointing Authority under said Rules in a country other than the United States or the Soviet Union. 4. Unless otherwise agreed between the parties, the parties should specify as the place of arbitration a country, other than the United States or the Soviet Union, that is a party to the U.N. Convention on

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