The permanent court of arbitration created by the ldquoInternational Convention for the Pacific Settle of International Disputesrdquo adopted by the International Peace Conference of 1899 It is composed of persons of known competency in questions of international law nominated by the signatory powers From these persons an arbitration tribunal is chosen by the parties to a difference submitted to the court On the failure of the parties to agree directly on the arbitrators each chooses two arbitrators an umpire is selected by them by a third power or by two powers selected by the parties
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