Agreed Minutes to the Agreement on the Settlement of Problem Concerning Property and Claims and on the Economic Co-operation between Japan and the Republic of Korea (2)

National Graduate Institute for Policy Studies (GRIPS); Institute for Advanced Studies on Asia (IASA), The University of Tokyo

[Title] Agreed Minutes to the Agreement on the Settlement of Problem Concerning Property and Claims and on the Economic Co-operation between Japan and the Republic of Korea (2)

[Notes] Quote from the United Nations Treaty Collection: "Translation by the Government of Japan. The Secretariat also received an English translation of this agreement from the Government of Republic of Korea which on certain points differs from that provided by the Government of Japan. At the request of the Government of Republic of Korea, these differences have been shown by printing in italics the pertinent word of phrase in the translation of the Government of Japan and providing in square brackets the corresponding expression in the translation by the Government of the Republic of Korea."

The representatives of the Governments of Japan and the Republic of Korea have reached the following understandings concerning the Agreement on the Settlement of Problem Concerning Property and Claims and on the Economic Co-operation between Japan and the Republic of Korea (hereinafter referred to as "the Agreement"), signed today, and the related documents thereto.

It is understood that in case the ceiling on the amount of the supply for any one year is increased in accordance with the proviso of paragraph 1 (a), such increase will [shall] be made through advancement from the ceiling on the amount of the supply, in retrogressive order from the last year, within the limit that such ceiling shall not fall below the amount of payment for that year provided for in Article I of the Second Protocol.

It is understood that, with respect to the application of paragraph 5, the two Governments will consult at the Joint Committee, taking into consideration the actual situation of transportation and insurance in the two countries.

3. Re Exchange of Notes Concerning the Details for the Implementation of the Provisions of the First Protocol:

It is understood that disputes arising from or in connection with the Contracts will be referred, in case there has not been established a commercial arbitration organ in the country hi which one party to the Contract concerned resides, to a commercial arbitration organ in the country in which the other resides, notwithstanding the provisions of paragraph II 3 of the Notes.