Laudo 124910 ENERGIZETT S.A. E.S.P. y GETSA S.A.S. VS. MUNICIPIO DE TOCANCIPA

TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

1

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2

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5

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7/?-2,"& "& 9"2& :"2$-"& :.& C?1.-2-&,.:/2-97</.7& 8":& /?78-:& A78872%<& -<& ,-2-/C"(& F8& 92"/-,.0.-<$"& 7& :-#?.2&:-2%&-8&-:$7$?.,"&-<&87&8-=&5U+[&,-&3453d&&'-8&6/?-2,"&,-&6//."<.:$7:&,-&KF>G6&72$Z/?8"&5SI&& c>",7&,.A-2-</.7&"&/"<$2";-2:.7&2-87$.;7&7&-:$-&/"<$27$"&@?-&"/?227&-<$2-&8":& 7//."<.:$7:& "& -<$2-& -:$":& =& 87& :"/.-,7,& "& /"<& :?:&7,0.<.:$27,"2-:&7:Z& /"0"& 87& .09?#<7/.W<& ,-& ,-$-20.<7/."<-:& ,-& 87& 7:7018-7& :-&2-:"8;-2%& 7<$-& -8& /-<$2"& ,-& /"</.8.7/.W<& =& 721.$27a-& ,-& 87& )%0727& ,-&)"0-2/."&,-&!"#"$%&9"2&$2-:&%21.$2":&,-:.#<7,":&/7,7&972$-&,-:.#<72%&?<&%21.$2"&=&-8&$-2/-2"&,-&/"0f<&7/?-2,"&87&A78$7&,-&7/?-2,"&:-&2-:"8;-2%&9"2&,-:.#<7/.W<&,-&87&)%0727&,-&)"0-2/."&,-&!"#"$%&0-,.7<$-&:"2$-"&-<$2-& 8":&

8":& %21.$2":& .<:/2.$":& -<& 87:& 8.:$7:& @?-& 88-;7& ,./C7& /%0727(& H":&%21.$2":&7:Z&-:/"#.,":&:-&:?a-$72%<&78&92"/-,.0.-<$"&-:$718-/.,"&-<&87&8-=&5U+[& ,-& 3453& =& 7& 87:& ,.:9":./."<-:& 8-#78-:& 9-2$.<-<$-:& 8":& %21.$2":&,-/.,.2%<&-<&,-2-/C"(d&&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

6

[( D<$-#27/.W<&,-8&>2.1?<78&=&,-:722"88"&,-8&$2%0.$-&&&D<$-#27/.W<&,-8&>2.1?<78&&H7&,-07<,7&A?-&92-:-<$7,7&-8&3[&,-&:-9$.-012-&,-&3434(&&H":&

%21.$2":& .<$-#27<$-:& ,-8&>2.1?<78& A?-2"<& ,-:.#<7,":& 9"2& /"0f<& 7/?-2,"& -8& \& ,-&"/$?12-&,-&3434(&&6?,.-</.7&,-&.<:$787/.W<&&&H7&.<:$787/.W<&,-8&>2.1?<78&$?;"&8?#72&-<&7?,.-</.7&@?-&:-&88-;W&7&/71"&-8&,Z7&55&,-&<";.-012-&,-&3434(&&F<&-:7&0.:07&A-/C7&A?-2"<&,-:.#<7,":&92-:.,-<$-&=&:-/2-$72."&,-8&>2.1?<78&9"2&0-,."&,-&6?$"&E"(&5(&&&M"2&6?$"&E"(&3&92"A-2.,"&-<&-:7&0.:07&"9"2$?<.,7,&:-&.<7,0.$.W&87&,-07<,7(&&M":-:.W<&,-8&:-/2-$72."&.<$-#27/.W<&,-&87&2-87/.W<&a?2Z,./"&g&92"/-:78&&&F8&:-/2-$72."&$"0W&9":-:.W<&,-&:?&/72#"&92-;."&7#"$70.-<$"&,-8&,-1-2&,-&.<A"207/.W<&92-;.:$"&-<&87&8-=&-8&,Z7&3U&,-&<";.-012-&,-&3434(&&H7&,-07<,7&A?-&:?1:7<7,7&"9"2$?<70-<$-&,-&07<-27&@?-&0-,.7<$-&6?$"&E"(&[&,-8&3U&

,-& <";.-012-& ,-& 3434& :-& "2,-<W& <"$.A./72& 7& 87& 972$-& /"<;"/7,7& 7:Z& /"0"& 78&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

7

N.<.:$-2."&Mf18./"&=&7&87&6#-</.7&E7/."<78&,-&'-A-<:7&b?2Z,./7&,-8&F:$7,"&O6E'bFP&7&8"&/?78&:-&92"/-,.W&-8&3+&,-&<";.-012-&,-&3434(&&'-1.,"& 7& @?-& -8& 5U& ,-& ,./.-012-& ,-& 3434& 87& 972$-& /"<;"/7<$-& :"8./.$W& -8& ,-/2-$"& =&92%/$./7&,-&0-,.,7:&/7?$-872-:&,-&87:&0.:07:&:-&/"22.W&$27:87,"&7&87&972$-&/"<;"/7,7&-<$2-&8":&,Z7:&5\&=&3[&,-&,./.-012-&,-&3434(&N-,.7<$-&0-0"2.78-:&,-&8":&,Z7:&35&=&33&,-&,./.-012-&,-&3434&87&972$-&/"<;"/7,7&:-&92"<?</.W&:"12-&,./C7&:"8./.$?,&/7?$-872(&&F8&>2.1?<78&<-#W&87&0-,.,7&/7?$-872&:"8./.$7,7&9"2&87&972$-&/"<;"/7<$-&9"2&0-,."&,-&6?$"& E"(& S& ,-8& 3[& ,-& ,./.-012-& ,-& 3434& @?-& A?-& 2-/?22.,"& "9"2$?<70-<$-& 9"2&

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$"&92"/-:78&@?-&:-&;-2.A./W&-8&,Z7&3+&,-&<";.-012-&,-&3434&-8&[&,-&A-12-2"&,-&3435&87&0.:07&92-:-<$W&/"<$-:$7/.W<&7&87&0.:07&0-,.7<$-&0-0"2.78&-<&-8&@?-&A"20?8W&-]/-9/."<-:&,-&0Y2.$"&:"8./.$W&92?-17:&=&"1a-$W&-8&a?270-<$"&-:$.07$"2."&/"<$-<.,"&-<&87&,-07<,7(&&F8&0.:0"&[&,-&A-12-2"&,-&3435&-8&79",-27,"&,-&87&972$-&/"<;"/7<$-&:"8./.$W&@?-&:-&$?;.-27&

9"2& -]$-09"2%<-7& 87& /"<$-:$7/.W<& 7& 87& ,-07<,7& 9-$./.W<& @?-& -8& >2.1?<78&7<78.BW&=&,-:-:$.0W&:-#f<&,7&/?-<$7&,-&-88"&-8&6?$"&E"(&+&,-&A-12-2"&S&,-&3435(&&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

8

F<&-:7&0.:07&92";.,-</.7&:-&,.:9?:"&,72&7&87&972$-&/"<;"/7<$-&8":&$27:87,":&92-;.:$":&-<&8":&72$Z/?8":&35&,-&87&H-=&5U+[&,-&3453&=&34+&,-8&)W,.#"&K-<-278&,-8&M2"/-:"&=&:-&A.aW&A-/C7&9727&87&7?,.-</.7&,-&/"</.8.7/.W<&9727&-8&5Q&,-&A-12-2"&,-&3435(&&F8& 5R& ,-& A-12-2"& ,-& 3435& ?<& ,Z7& 7<$-:& ,-& 87& A-/C7& 92-;.:$7& 9727& 7#"$72& 87& A7:-& ,-&/"</.8.7/.W<&

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=& ,."& $27:87,"& ,-& 87& 0.:07& 78& N^ED)DMD_& -<& 8":& $Y20.<":& ,-8& 72$Z/?8"& Q[&O<?0(&[P&,-8&)W,.#"&K-<-278&,-8&M2"/-:"(&&H7& ,-07<,7& 2-A"207,7& A?-& "9"2$?<70-<$-& /"<$-:$7,7& 9"2& -8& N^ED)DMD_& 0-,.7<$-&0-0"2.78&,-8&55&,-&072B"&,-&3435(&&M"2&0-,."&,-8&6?$"&E"(&Q&,-8&53&,-&072B"&,-&3435&-8&>2.1?<78I&.P&$?;"&9"2&/"<$-:$7,7&-<& $.-09"& 87& ,-07<,7h& ..P& ,."& $27:87,"& 7& 87& 972$-& /"<;"/7<$-& ,-& 87:& -]/-9/."<-:&92"9?-:$7:& 9"2& -8& N^ED)DMD_h& ...P& ,."& $27:87,"& 7& 87& /"<;"/7<$-& ,-& 87& "1a-/.W<& 78&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

9

a?270-<$"& -:$.07$"2."& 92"9?-:$7& 9"2& 87& 972$-& /"<;"/7,7& -<& -8& 0-0"2.78& ,-&/"<$-:$7/.W<&,-&87&,-07<,7(&&H7& 972$-& /"<;"/7<$-& :-& 92"<?</.W& -<& "9"2$?<.,7,& :"12-& 87:& -]/-9/."<-:& ,-& 0Y2.$"&92"9?-:$7:&9"2&-8&N^ED)DMD_&=&:"12-&87&"1a-/.W<&78&a?270-<$"&-:$.07$"2."&/"<$-<.,7&-<&87&/"<$-:$7/.W<&,-&87&,-07<,7(&&F8&Q&,-&712.8&,-&3435&87&/"<;"/7<$-&KF>G6&:"8./.$W&@?-&8-&A?-27&/"</-,.,"&?<&70972"&,-&9"12-B7&C71.,7&/?-<$7&,-&87&.09":.1.8.,7,&,-<?</.7,7&9"2&-:7&972$-&9727&7$-<,-2&8":&#7:$":&,-8&92"/-:"&=&8":&C"<"272.":&,-&8":&.<$-#27<$-:&,-8&>2.1?<78(&&S(

6?,.-</.7&,-&/"</.8.7/.W<&A.a7/.W<&=&97#"&,-&8":&#7:$":&,-8&92"/-:"&=&,-&8":&C"<"272.":&,-&8":&.<$-#27<$-:&,-8&>2.1?<78(&H":&70972":&,-&9"12-B7&:"8./.$7,":&9"2&7017:&972$-:&=&2-#?87/.W<&,-&8":&C"<"272.":&&F<& -:7& 0.:07& "9"2$?<.,7,&g&53& ,-& 712.8&g&:-& ,-:-:$.0W& 87& :"8./.$?,& ,-& 70972"& ,-&9"12-B7&:"0-$.,7&7&/"<:.,-27/.W<&,-8&>2.1?<78&9"2&KF>G6&$78&/"0"&/"<:$7&-<&-8&6?$"&E"(&5[&,-8&53&,-&712.8&,-&3435(&&)"<$27&-:7&,-/.:.W<&87&/"<;"/7<$-&KF>G6&92"0";.W&?<&2-/?2:"&,-&2-9":./.W<&@?-&A?-&,-:-:$.07,"&-<&8":&$Y20.<":&,-&8":&/?78-:&,7&/?-<$7&-8&6?$"&E"(&5[(&&F8&0.:0"&53&,-&712.8&,-&3435&-8&>2.1?<78&92"A.2.W&-8&6?$"&E"(&5S&9"2&-8&/?78&:-&A.a72"<&87:&

:?07:& /"22-:9"<,.-<$-:& 7& 8":& C"<"272.":& =& #7:$":& ,-8& >2.1?<78& 7& /72#"& ,-& 87:&972$-:(&&&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

10

H7& 92";.,-</.7& ,-& A.a7/.W<& ,-& #7:$":& A?-& 2-/?22.,7& 9"2& 87& 972$-& /"<;"/7<$-(& F<& 87&"9"2$?<.,7,&-<&@?-&:-&,."&-8&$27:87,"&/"22-:9"<,.-<$-&7&87&79",-27,7&,-8&N^ED)DMD_&,./C7&07<,7$72.7&a?,./.78&:-&"9?:"&7&87&92":9-2.,7,&,-8&2-/?2:"&=&A"20?8W&7&:?&$?2<"&?<&70972"&,-&9"12-B7&7&A7;"2&,-&:?&07<,7<$-(&&M"2&0-,."&,-&6?$"&E"(&5U&:-&9":9?:"&9727&-8&5S&,-&712.8&87&,-/.:.W<&:"12-&-8&2-/?2:"&=&:"8./.$?,-:&987<$-7,":&78&>2.1?<78(&&F8&5S&,-&712.8&,-&3435&-8&>2.1?<78&92"A.2.W&-8&6?$"&E"(&5+&9"2&0-,."&,-8&/?78&92-;.7&/"<:.,-27/.W<&,-8&2-$.2"&,-&78#?<7:&,-&87:&92-$-<:."<-:&,-&87&,-07<,7&:-&2-A"20W&87&92";.,-</.7&9"2&87&/?78&:-&A.a72"<&8":&C"<"272.":&=&#7:$":&,-8&92"/-:"(&&G-#f<&

6?$"& E"(& 5\& :-& <-#W& -8& 70972"& ,-& 9"12-B7& :"8./.$7,"& 9"2& -8& N^ED)DMD_&,-/.:.W<&@?-&/"12W&A.20-B7&-<&-:7&0.:07&"9"2$?<.,7,(&&H7&/"<:.#<7/.W<&,-&C"<"272.":&=&#7:$":&,-8&>2.1?<78&&H7& $"$78.,7,& ,-& 8":& C"<"272.":& =& #7:$":& ,-8& 92"/-:"& A?-& 7:?0.,7& 9"2& 87& 972$-&/"<;"/7<$-&-<&87:&"9"2$?<.,7,-:&92-;.:$7:&-<&87&8-=&:-#f<&/"<:$7&-<&8":&.<A"20-:&@?-&-8&92-:.,-<$-&=&-8&:-/2-$72."&,-8&>2.1?<78&2.<,.-2"<&7&87:&972$-:&9727&:?&/"<"/.0.-<$"&=&A.<-:&9-2$.<-<$-:(&&M72$./.97/.W<&,-8&N.<.:$-2."&Mf18./"&&F8& N.<.:$-2."& Mf18./"& $"0W& 972$-& -<& -8& 92"/-:"& 9"2&

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11

&&U( M2.0-27&7?,.-</.7&,-&$2%0.$-&&i:$7&A?-&/"<;"/7,7&9727&-8&,Z7&53&,-&07="&:-#f<&6?$"&E"(&5R&,-8&U&,-&07="&,-&3435&<"&"1:$7<$-&A?-&9":9?-:$7&9727&-:$7&A-/C7&0-,.7<$-&6?$"&E"(&5Q&,-8&\&,-&07="&,-&3435& C71.,7& /?-<$7& ,-& 87& :"8./.$?,& ,-& 87& 972$-& /"<;"/7<$-& @?-& $.-<-& "2.#-<& -<& -8&C-/C"& ,-& 87& 2-<?</.7& ,-& :?& 79",-27,"& a?,./.78& 87& /?78& A?-& "9"2$?<7& =& ,-1.,70-<$-&/"0?<./7,7&7&8":&:?a-$":&,-8&92"/-:"&9"2&-8&07<,7$72."&,.0.$-<$-(&&F<& -8& /?2:"& ,-& 87& 0.:07& =& /"0"& /?-:$.W<& .<./.78& ,-& 7/?-2,"& /"<& 87& 8-=& -8& >2.1?<78&0-,.7<$-&6?$"&E"(&34&,-/872W&:?&/"09-$-</.7&9727&/"<"/-2&=&2-:"8;-2&87:&,.A-2-</.7:&:"0-$.,7:&7&:?&/"<:.,-27/.W<(&&'./C"&

7?$"& A?-& 2-/?22.,"& 9"2& -8& N^ED)DMD_& 'F& >_)6E)DM`(& M2-;."& $27:87,"& ,-8&0.:0"&7&87&972$-&/"<;"/7<$-&=&78&N.<.:$-2."&Mf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

DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

12

H":&79",-27,":&,-&87:&972$-:&=&-8&N.<.:$-2."&Mf18./"&-]92-:72"<&:?&98-<7&/"<A"20.,7,&A2-<$-&78&0.:0"(&&&+( F8&2-/7?,"&92"17$"2."&&F8&,Z7&Q&,-&a?<."&,-&3435&:-&.<./.W&87&A7:-&92"17$"2.7&,-8&92"/-:"(&&F<& -:7& A-/C7& :-&

,."& /"0.-<B"& 7& 87:& -]C.1./."<-:& ,-& ,"/?0-<$":& 7& /72#"& ,-& 87& ^>&68?0127,"&Mf18./"&,-&>"/7</.9%&=&7&/72#"&,-&KF>G6&-<&2-87/.W<&/"<&87:&/?78-:&:-&A.a72"<&87:&97?$7:&9727&:?&7,-87<$70.-<$"&=&/.-22-(&&F8&0.:0"&Q&,-&a?<."&A?-&2-/.1.,"&-8&$-:$.0"<."&,-8&:-V"2&N72."&F<2.@?-&G?7</7&M?8.,"(&&M"2&0-,."&,-&6?$"&E"(&3S&,-&-:7&A-/C7&-8&>2.1?<78&0",.A./W&972$-&,-8&7?$"&,-&,-/2-$"&,-&92?-17:&,-8&5Q&,-&07="&,-&3435&-<&-8&:-<$.,"&,-&,.:9"<-2&@?-&-8&.<$-22"#7$"2."&,-&972$-&,-8&J-92-:-<$7<$-&H-#78&,-&KF>G6&:-&927/$./727&/"<&722-#8"&7&8"&,.:9?-:$"&-<&-8&72$Z/?8"&5QU&,-8&)W,.#"&K-<-278&,-8&M2"/-:"&C71.,7&/?-<$7&,-&87&<7$?278-B7&a?2Z,./7&,-&-:7&972$-(&&F<&7?,.-</.7&,-8&54&,-&a?<."&,-&3435&:-&2-/.1.W&-8&$-:$.0"<."&,-8&:-V"2&j:/72&k72;-=&J"a7:&

)7./-,"& =& :-& 7,0.$.W&-8& ,-:.:$.0.-<$"& ,-8& $-:$.0"<."& ,-& 87& :-V"27& H?B& `<#-87&J-=&A"20?87,"&9"2&-8&79",-27,"&,-&87&972$-&/"<;"/7<$-(&&F8&5+&,-&a?<."&,-&3435&:-&:"8./.$W&87&7/8727/.W<&=&/"098-0-<$7/.W<&,-8&D<A"20-&2-<,.,"&9"2& -8& G-/2-$72."& ,-& k7/.-<,7& ,-8& N^ED)DMD_& 'F& >_)6E)DM`& 9-$./.W<& @?-& -8&>2.1?<78&7/"#.W&:-#f<&/"<:$7&-<&-8&6?$"&E"(&3+&,-8&5R&,-&a?<."&,-&3435(&&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

13

N-,.7<$-& 6?$"& E"(& 3R& ,-8& R& ,-& a?8."& ,-& 3435& :-& "2,-<W& .</"29"272& 78& -]9-,.-<$-& 87:&7/8727/."<-:& =& /"098-0-<$7/."<-:& ,-8& D<A"20-& 7<$-2."20-<$-& :-V787,"& =& :-& ,."&$27:87,"& ,-8& ,./$70-<& -/"<W0./"&g&A.<7</.-2"& 79"2$7,"& 78& 92"/-:"& 9"2& 87& 972$-&/"<;"/7<$-(&&G-#f<&6?$"&E"(&3Q&,-8&5S&,-&a?8."&,-&3435&-8&>2.1?<78&$?;"&9"2&/"<$-:$7,"&-<&$.-09"&-8&.<$-22"#7$"2."&,-&972$-&71:?-8$"&9"2&-8&J-92-:-<$7<$-&H-#78&,-&KF>G6&-<&8":&$Y20.<":&,-8&72$Z/?8"&5QU&,-8&)W,.#"&K-<-278&,-8&M2"/-:"(&&M"2&0-,."&,-&-:7&0.:07&92";.,-</.7&:-&,.:9?:"&@?-&-8&$27:87,"&,-8&,./$70-<&9-2./.78&-/"<W0./"&g&A.<7</.-2"&

79"2$7,"& 9"2& 87& 972$-& /"<;"/7<$-& :-& :?2$.-27& /"<& & ,-:$.<"& 7&$",":&8":&:?a-$":&92"/-:78-:&=&<"&:"870-<$-&7&87&972$-&/"<;"/7,7(&&H7&972$-&/"<;"/7<$-&:"8./.$W&7/8727/."<-:&=&/"098-0-<$7/."<-:&-<&2-87/.W<&/"<&,./C"&,./$70-<(&&E"&7:Z&87&972$-&/"<;"/7,7&@?-&A2-<$-&78&,./$70-<&0-,.7<$-&0-0"2.78&,-8&[&,-&7#":$"&,-&3435&92-:-<$W&?<&0-0"2.78&,-<"0.<7,"&/"0"&,-&"1a-/.W<&/?=7&.</"29"27/.W<&78&-]9-,.-<$-&:-&"2,-<W&9"2&0-,."&,-&6?$"&E"(&[4&,-8&54&,-&7#":$"&,-&3435&-<&-8&/?78&:-& ,.:9?:"& @?-& 87& 2-A-2.,7& "1a-/.W<& <"& 2-/.1.2Z7& c$2%0.$-&

,-& <.<#?<7& Z<,"8-d& -<&/"<:.,-27/.W<& 7& @?-& 7& a?./."& ,-8& >2.1?<78& <.<#?<7& ,-& 87:&,.:9":./."<-:& 798./718-:& 78&$2%0.$-&,-&?<7&-]9-2$./.7&c$.-<-&92-;.:$"&$2%0.$-&78#?<"&,-&"1a-/.W<&9"2&-22"2&#27;-&:.&1.-<&7&87&972$-&8-&7:.:$-&-8&,-2-/C"&,-&A"20?872&=&,-A-<,-2&:?&92"9.7&9":./.W<&:"12-&87:&/"</8?:."<-:&"A2-/.,7:&9"2&-8&9-2.$"ld&&F8&,./$70-<&9-2./.78&-/"<W0./"&A.<7</.-2"&79"2$7,"&78&92"/-:"&9"2&87&972$-&/"<;"/7<$-&A?-&7/8727,"&=&/"098-0-<$7,"&"9"2$?<70-<$-&0-,.7<$-&.<A"20-&,-8&3+&,-&7#":$"&,-&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

14

3435(&M"2&6?$"&E"(&[5&,-8&3\&,-&7#":$"&,-&3435&:-&,.:9?:"&-8&$27:87,"&7&87:&972$-:&,-&,./C"& .<A"20-&,-& /"098-0-<$7/."<-:& =& 7/8727/."<-:& 9"2& -8& $Y20.<"& ,-& 54& ,Z7:& @?-&92-/8?=W&-8&[&,-&:-9$.-012-&-<&:.8-</."&,-&8":&:?a-$":&92"/-:78-:(&&F<&7?,.-</.7&@?-&$?;"&8?#72&-8&S&,-&"/$?12-&,-&3435&:-&927/$./72"<&-8&.<$-22"#7$"2."&,-&972$-&=&87&,-/8727/.W<&,-8&J-92-:-<$7<$-&H-#78&,-&FEFJKDLF>>(&&&F<&-:7&0.:07&A-/C7&:-#f<&6?$"&E"(&[[&:-&,-/872W&/"</8?.,7&87&-$797&92"17$"2.7&,-8&92"/-:"&=&:-&-0.$.W&?<&<?-;"&)"<$2"8&,-&H-#78.,7,&-<&2-87/.W<&/"<&-8&/?78&$7<$"&87:&972$-:&/"0"&-8&N.<.:$-2."&Mf18./"&-]92-:72"<&98-<7&/"<A"20.,7,(&&\(

6?,.-</.7&,-&78-#7$":&,-&/"</8?:.W<&&H7&0.:07&A?-&A.a7,7&0-,.7<$-&6?$"&E"(&[[&,-8&S&,-&"/$?12-&,-&3435&=&$?;"&8?#72&-8&,Z7&5+&,-&<";.-012-&,-&3435(&&F<& -8& /?2:"& ,-& 87& 0.:07& $7<$"& 8":& 79",-27,":& ,-& 87:& 972$-:& /"0"& 87& 6#-<$-& ,-8&N.<.:$-2."& Mf18./"& @?-& $"0W& 972$-& -<& -8& 92"/-:"& -]9?:.-2"<& :?:& 78-#7/."<-:& A.<78-:&87:&/?78-:&C./.-2"<&/"<:$72&-<&2-:f0-<-:&-:/2.$":&,-&8":&0.:0":&/?=7&.</"29"27/.W<&78& -]9-,.-<$-& A?-& "2,-<7,7& 9"2& -8& >2.1?<78& f<./70-<$-& -<& -8& /7:"& ,-& 87& 972$-&/"<;"/7<$-& =& ,-8& N.<.:$-2."& Mf18./"(& H7& 79",-27,7& ,-8& N^ED)DMD_& 'F&

>_)6E)DM`&8.0.$W&:?:&78-#7/."<-:&7&87&-]9":./.W<&@?-&C.B"&-<&-8&/?2:"&,-&87&7?,.-</.7&2-:9-/$.;7(&&R( >Y20.<"&,-8&92"/-:"&&>-<.-<,"&-<&/?-<$7&@?-&87&92.0-27&7?,.-</.7&,-&$2%0.$-&:-&/-8-12W&=&$-20.<W&-8&5Q&,-&07="&,-&3435&,-&/"<A"20.,7,&/"<&87:&,.:9":./."<-:&798./718-:&OH-=&5U+[&,-&3453&=&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

15

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

H7:&9":./."<-:&,-&87:&972$-:&&GZ<$-:.:&,-&8":&C-/C":&,-&87&,-07<,7&2-A"207,7&=&,-&:?&2-:9?-:$7&9"2&972$-&,-8&N^ED)DMD_&'F&>_)6E)DM`&&)"0"&@?-,W&-]92-:7,"&-<&7<$-2."2-:&7972$-:&,-&-:$7&92";.,-</.7&87&,-07<,7&.<./.78&A?-& 2-A"207,7& 9"2& 87& 972$-& /"<;"/7<$-(& './C"& 0-0"2.78& ,-& 2-A"207& :-& .<./.7& /"<& ?<&$-]$"&,-<"0.<7,"&c692"].07/.W<&92-8.0.<72&78&/7:"d(&&'-<$2"&,-&8":&0.:0":&87&972$-&/"<;"/7<$-&/"0.-<B7&9"2&-]92-:72&@?-&78&-a-&,-8&8.$.#."&/"<:.:$-&-<&-8&.</?098.0.-<$"&,-8&N^ED)DMD_&,-&:?:&"18.#7/."<-:&2-87/."<7,7:&/"<&87&/"<:$.$?/.W<& ,-& KF>G6& :"/.-,7,& ,-& -/"<"0Z7& 0.]$7& /"<:$.$?.,7& /"<& FEFJKDLF>>&9727& 87& 92-:$7/.W<&

,-8& :-2;./."& ,-& 78?0127,"& 9f18./"& -<& -8& N^ED)DMD_& 'F&>_)6E)DM`(&TRIBUNAL DE ARBITRAJE DE ENERGIZETT S.A. – ESP y GETSA S.A.S. Vs. MUNICIPIO DE TOCANCIPÁ CASO 124910

16

&H7& 972$-& /"<;"/7<$-& 7$2.1?=-& 87& 7A-/$7/.W<& ,-& 87& 7/$.;.,7,& ,-& KF>G6& 7& 87& 7//.W<&a?,./.78&-092-<,.,7&9"2&87&K"1-2<7/.W<&,-&)?<,.<7072/7&/"<$27&-8&6/?-2,"&E"(&443&,-& 345Q& ,-8& )"</-a"& N?<./.978& ,-8& N^ED)DMD_& 'F& >_)6E)DM`& -<& /?=7& ;.2$?,& :-&,.:9?:"&87&/-:.W<&7&KF>G6&,-8&.09?-:$"&,-&78?0127,"&9f18./"&9"2&-:97/."&,-&[4&7V":&/"<& -8& A.<&,-& A.<7</.72& 87& "9-27/.W<& ,-& -:7& :"/.-,7,& 6/?-2,"&@?-&A?-& ,-/8727,"&972/.780-<$-&<?8"&-<&/?7<$"&7&,./C7&/-:.W<&9"2&,-/.:.W<&,-8&>2.1?<78&6,0.<.:$27$.;"&,-&)?<,.<7072/7&,-8&5S&,-&07="&,-&3434(&&G-V787&87&,-07<,7&@?-&87&68/78,Z7&,-8&N^ED)DMD_&'F&>_)6E)DM`&C7&-<$"29-/.,"&87&<"2078&

"9-27/.W<& ,-& KF>G6& =& 8-& .09?$7& 7& -:7& 972$-& 87& .<,-1.,7& 2-$-</.W<& ,-& 8":&2-/?2:":&,-8&78?0127,"&9f18./"&/7?:7,":&/"<&7<$-2."2.,7,&78&A788"&,-&<?8.,7,&78&$.-09"&@?-& 8-& -<,.8#7& -8& .</?098.0.-<$"& ,-& :?:& "18.#7/."<-:& -/"<W0./7:& 9727& /"<& KF>G6&9727& 8"& /?78& :":$.-<-& cC712Z7<& 9",.,"& ?$.8.B72:-& 2-/?2:":& ,.:$.<$":& 78& 2-/7?,"& ,-8&D09?-:$"d(&&&'-&.#?78&07<-27&-<&-:$-&/79Z$?8"&92-8.0.<72&7&8":&C-/C":&,-&87&,-07<,7&:-V787&87&972$-&/"<;"/7<$-& @?-& -8& N^ED)DMD_& 'F& >_)6E)DM`&

C7& 9?-:$"& -<& $-87& ,-& a?./."& -8&1?-<& <"012-& ,-& 87:& :"/.-,7,-:& /"<;"/7<$-:& =& C7& :?:9-<,.,"& ?<.87$-2780-<$-& 87&"9-27/.W<&,-&KF>G6&17:7,7&-<&?<7&c.<7/-9$718-d&.<$-292-$7/.W<&,-8&A788"&a?,./.78&7<$-:&.<,./7,"(&&)"0"&/"<:-/?-</.7&,-&-88"&92":.#?-&87&,-07<,7&:-&C7&/7?:7,"&?<&A?</."<70.-<$"