Art. XV. International arbitration has for its purpose the settlement of disputes between states by judges of their own choice and upon a basis of respect for law.

Art. XVI. In questions of a judicial character, and especially in questions of the interpretation and application of international agreements, arbitration is recognized by the signatory powers as the most effective, and at the same time the most equitable, method of adjusting disputes which have not been settled in the diplomatic way.

Art. XVII. The arbitral convention is agreed to for disputes already existing, or for future controversies. It can apply to all disputes or to disputes of a limited class.

Art. XVIII. The arbitral convention implies the engagement to submit in good faith to the arbitral decision.

Art. XIX. Independently of general or special treaties which expressly stipulate for a reference to arbitration on the part of the signatory powers, these powers reserve to themselves the right, either before the ratification of the present agreement, or subsequently thereto, to conclude new agreements, general or special in character, with a view to extend compulsory arbitration to all cases which they shall judge possible to submit to it.