Artikel 1

1. In the present Agreement the term “outstanding financial problems” shall include all financial claims of either of the Contracting Parties and of its nationals against the other Contracting Party and its nationals, either based on bilateral agreements or resulting from other causes, pension-rights included, as far as these claims originated before August 15, 1962.
2. The term “outstanding financial problems” shall not comprise any rights and obligations deriving from (normal) trade relations between the two countries and from the existing bilateral payments agreement, nor does the term comprise the obligations which either of the Parties has towards nationals of the other Party as a consequence of contractual relations or decisions of the national courts of either country.
3. The present Agreement shall also cover the losses sustained by Netherlands nationals as a consequence of the factual impossibility of exercising their property rights in West-Irian, as mentioned in article XXII, paragraph 3, of the Agreement between the Kingdom of the Netherlands and the Republic of Indonesia concerning West New Guinea (West-Irian).