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Agreement between the Government of Ukraine and Government of the Republic of Estonia on assistance and mutual protection of investments

of February 15, 1995

The government of Ukraine and the Government of the Republic of Estonia what "Contracting parties" hereinafter are referred to as further;

wishing to intensify economic cooperation in mutual advantage of both States;

have intention to create and support favorable conditions for investments of investors of one State in the territory of other State;

agreed about it:

Article 1 Determination

For the purpose of this Agreement:

1. Term "investment" covers any property invested in connection with economic activity of the investor of one Contracting Party in the territory of other Contracting Party according to the legislation and regulations of the last and includes, in particular, but not only:

a) personal and real estate, and also any other property right "in rem", such as mortgage pledge, content right, manual pledge and other similar rights;

b) shares, shares and debt obligations of the companies or any other form of participation in the company;

c) monetary claims or requirements of any actions which have economic cost in connection with investment;

d) the intellectual property rights, inclusive with copyright and the rights to logos, patents, industrial developments, engineering procedures, "know-how", trade secrets, brand names and "goodwill" which are connected with investment;

e) any rights granted under the law or under the contract and also any licenses and permissions according to the legislation, inclusive with concessions on searches, production, development or use of natural resources.

Any change of form in which the property invested cannot affect its nature of investment on condition that such change is performed according to the legislation of the Contracting Party in the territory of which this investment is performed.

2. The term "investor" means any physical person or legal entity which performs investment in the territory of other Contracting Party:

a) The term "physical person" means any physical person who is citizen of one of Contracting Parties, according to its legislation.

b) The term "legal entity" means in the relation to one of Contracting Parties any legal entity who has the rights legal persons or created according to the legislation of that Party and is recognized to them the legal entity.

3. The term "income" means the bags received owing to investment but, in particular, though not only, includes profits, percent, increases in the capital, the share, dividends, "royalty" and service fee.

4. The term "territory" means in the relation to each of Contracting Parties, the territory which is under its sovereignty, and also sea and underwater areas concerning which this Party it agrees with international law performs the sovereignty, the sovereign rights or jurisdiction.

Article 2 Assistance and protection of investments

1. Each Contracting Party shall encourage investments, create in the territory favorable conditions for investments from investors of other Contracting Party and will accept such investments according to the laws and regulations.

2. Investments of investors of one of Contracting Parties shall meet the fair relation at any time and have complete protection and providing in the territory of other Party.

Article 3 National treatment and mode of the greatest assistance of the nation

1. Each of Contracting Parties in the territory shall provide to investments and the income of investors of other Party the fair mode, at least favorable, than the mode which it provides to investments and the income of own investors or investments and the income of investors of any third State - depending on what of the modes more favorable.

2. Concerning management, contents, uses of investments, use and the order them each of Contracting Parties in the territory shall provide to investors of other Party the fair mode, at least favorable, than the mode which it provides to own investors or investors of any third state - depending on what of the modes more favorable.

3. Provision of paragraphs 1 and 2 of this Article shall not be interpreted thus which would oblige one of Contracting Parties to provide to investors of other Party of privilege on the mode, benefit or privileges which can be provided by the first Party on the basis:

a) any custom union, either the free trade area, or the cash union, or other similar international agreements which lead to creation of such unions or organizations, or other forms of regional cooperation in which one of the parties is or there can be any of Contracting Parties;

b) any international agreement or the arrangement that completely or mainly concerns the taxation.

Article 4 Compensation of Losses

1. If investments of investors of one of Contracting Parties undergo losses as a result of war, armed conflicts, extraordinary condition, revolution, revolt, mass riots or other similar events in the territory of other Party, this Party shall provide to such investments the restitution mode, compensation, compensations or other settlement, at least favorable, than the mode which it provides to own investors or investors of any third state.

2. Without harm for contents of paragraph 1 of this Article, to investors of one of Contracting Parties which during the events which are celebrated in this paragraph suffered losses in the territory of other Party, as a result:

a) requisition of their property by its forces or authorities;

b) destruction of their property by its forces or the authorities which did not occur during military operations and was not caused by need of situation fair and adequate compensation of losses which they suffered during the period requisition or as a result of destruction of their property shall be provided.

Compensating payments shall be translated freely in freely converted currency without delay.

Article 5 Expropriation

1. Investments of investors of each of Contracting Parties are not subject to nationalization, expropriation or actions which have the result equivalent to nationalization or expropriation (further "expropriation"), in the territory of other Party, except as for the sake of the public purposes. Expropriation shall be performed on due course of law on bases of nondiscrimination and shall be followed by ensuring bystry, adequate and effective compensation. The amount of such compensation shall answer market value of the expropriated investment for a while just before expropriation, or for a while when about expropriation or threat of expropriation it became well-known. Compensation can include percent which is charged on the London interbank rate (LIBOR) of date of expropriation, it can be performed immediately, effectively be implemented and freely be translated in freely converted currency.

2. The injured investor will have the right according to the legislation of that Contracting Party which performs expropriation, on immediate viewing by judicial or other independent authorities of this Party of its case and assessment of its investment by the principles which established by this Article.

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