Institutions & Structures
Court of Conciliation and Arbitration
The main mechanism offered by the Convention is conciliation, which aims at proposing terms of settlement to the States Parties to a dispute. This mechanism can be activated unilaterally by any State party to the Convention for a dispute between it and one or more other States parties. At the conclusion of the proceedings, the conciliation commission presents a report and recommendations to the Parties. The Parties then have thirty days to decide whether they accept those or not. If there is no agreement within that period, and if the parties have agreed to submit to arbitration, an ad hoc arbitral tribunal may be set up whose ruling will be legally binding on the Parties. Arbitral proceedings may also be initiated by agreement between States parties concerned.