The Convention provides three ways of to settling by peaceful means disputes.
First, the Parties agree to submit to the judgment of the International Court of Justice all international legal disputes which may arise between them and concern the interpretation of a treaty, any question of international law, the existence of any fact constituting a breach of an international obligation, and the nature or extent of the reparation to be made for the breach of an international obligation (Article 1).
Second, for the settlement of other disputes or when Parties have agreed to submit them to conciliation prior to recourse to judicial resolution, Parties agree to submit a dispute to a Permanent Conciliation Commission or to a special Conciliation Commission (Chapter II).
Third, for all disputes which may arise between the Parties other than those mentioned in Article 1 and which have not been settled by conciliation, either because the Parties have agreed not to have prior recourse to it or because conciliation has failed, Parties agree to apply the procedure of arbitration (Chapter III).
The provisions of this Convention are not applied to disputes which the Parties have agreed to submit to another procedure of peaceful settlement. As regards disputes falling within the scope of Article 1 of the Convention, Parties shall refrain from invoking as between themselves agreements which do not provide for a procedure entailing binding decisions.
Finally, if one of the Parties to a dispute fails to carry out its obligations under a decision of the International Court of Justice or an award of the Arbitral Tribunal, the other Party to the dispute may seise the Committee of Ministers of the Council of Europe which may make recommendations with a view to ensuring compliance with the decision or award.