SECTION 2 — The role of the Court

2.1 The Court shall ensure that an arbitral award is made, in accordance with the present Rules, for the settlement by arbitration of any contractual dispute submitted to it by any party to a contract, pursuant to an arbitration clause or a submission agreement , either because one of the parties is resident or has his usual place of residence in the territory of one or more States Parties, or where the contract is performed or will be performed, wholly or partly in the territory of one or more States Parties. 2.2 The Court shall not itself settle disputes. It shall appoint or confirm arbitrators, who shall keep the court informed of the progress of the proceedings and submit the draft award to the court for its approval. It shall, upon request, rule on the exequatur of its arbitral awards and on disputes relating to the binding effect of the said awards. 2.3 The Court shall deal with issues relating to arbitral proceedings conducted by the Court pursuant to Part IV and Article I of these rules. 2.4 The Court may where necessary draw up its own Internal Rules. The Court may, in accordance with these internal rules, delegate to a restricted panel of the court the power to take certain decisions, provided that any such decision shall be reported to the Court at its next session. These rules shall be deliberated upon and adopted at the General Assembly. They shall become binding upon approval by the Council of Ministers pursuant to Article 4 of the Treaty. 2.5 The President of the Court or any other member of the court delegated to this effect by him shall have the power to take, in case of urgency, decisions necessary for the smooth conduct of arbitral proceedings other than those that must be taken by the Court sitting in its judicial capacity, provided that any such decision shall be reported to the Court at its next session.