1. The Tribunal has considered the Parties’ several submissions regarding the possible bifurcation of one or more preliminary issues leading to an earlier first hearing in this arbitration, made during the procedural meeting on 13 March 2012 (held by telephone conference-call) and in writing, namely the Parties’ letters both dated 29 March 2012 responding to the Tribunal’s request by letter dated 22 March 2012 (following receipt of the Claimants’ Supplemental Memorial on the Merits of 21 March 2012), the Respondent’s letter dated 9 March 2012, the Claimants’ letter dated 14 March 2012 and the Respondent’s letter dated 19 March 2012.