国际BOT投资合同格式(附英文)
【题 目】国际BOT投资合同格式(附英文) 【颁布单位】 目 录
1.定义与解释 2.工程 3.工程造价 4.工程实施责任 5.新公司 6.基础设施的建造 7.工程进度 8.调试 9.生效日和特权 10.基础设施的运行 11.基础设施的服务 12.基础设施的服务费用和收入分配 13.转让所有权 14.赔偿责任 15.文件和专利 16.不可抗力 17.保险 18.情况的变化 19.通知 20.争议解决 21.放弃主权豁免权 22.法律和语言 23.仲裁 本合同由_____(下称A)代表_____国政府(下称B)和根据中华人民共和国法律组建的_____公司(下称C)签署,C主要办公地点在中华人民共和国________。 鉴于A和C于__年__月__日签订的基础设施建设备忘录对B授予C勘测和实施基础设施工程的专有权,方式为B与C共同投资。鉴于,贷款协议、担保协议、保函等为本合同不可分割的一部分,基础设施总装机容量为__,以及________等主要内容达成了一致意见。 因此双方达成协议如下: 1.定义与解释: “工程”指基础设施建设的规划、可行性研究、设计与工程技术服务、建造、供货、竣工、调试、试运行和运行。 “工程造价”指第3款的费用。 “运行期”指从基础设施商业运行开始日计算的日期。 “竣工期”指C证明基础设施调试成功并可以开始运行期的日期。 “不可抗力”含义见第16款。 “工程范围”指实施本工程时附件二规定的供货范围和服务范围。 “转让日期”指运行期最后一天的第二天。 “新公司”指由第5款规定的C和__国实体组建的公司。 “投资协定”指《中华人民共和国政府和______国政府关于相互鼓励和保护投资协定》。 “专有权”指备忘录、协议以及附属文件中授予C或新公司的特殊权力。 “日”指公历日。 2.工程 2.1本工程命名为__工程。 2.2基础设施位于_____国_____地区。其确切位置可以根据现场条件在详细设计阶段予以调整。 2.3本工程应在建造、运行和转让(BOT)的基础上实施。 2.4本工程的组成。 2.5经B和C接受后,最终可行性研究报告和详细设计应作为本工程开发和竣工的基础。 3.工程造价 3.1工程造价__亿美元,建设期利息__万美元,工程总造价__万美元,见附件。 3.2工程总造价应由下述费用组成但不限于下述费用,工程造价的细目见附件: 1)可行性研究、设计和工程技术服务及其他咨询服务的费用; 2)建造和安装费用; 3)购买设备和材料的费用; 4)管理费用(含国外支出); 5)其他费用; 6)不可预见费; 7)建造期利息__%/年加银行手续费; 8)工程建设和出口信用保险的保险费。 3.3工程造价以可行性研究报告为基础。如因工程地质等问题引起大的投资变化,资金的追加部分应经B批准。C与B另行签订追加投资协议或合同。 4.工程实施责任 4.1C应负责下述工作,但在新公司成立后,责任转给新公司,由新公司股东分担: 1)设计与工程技术服务、采购、建造和试运行; 2)建造基础设施的所有费用及所有必要的融资安排; 3)基础设施的运行; 4)在转让日期将基础设施转让给B。 4.2B应负责: 1)安排 ——向C或新公司提供一切必要的条件,包括开发批准、许可、同意、现场转让、使用及其他权利,解决公司注册、进口许可证、关税免除等必需的要求; ——为C获得贷款提供一切必要的、必需的帮助; ——获得实施工程必要的一切管理、法律等方面的同意、批准、授权、税款减免、投资鼓励; ——为C或新公司将资金和盈利(美元)从__国带出从__有关当局获得一切必要的许可和批准; ——为C或新公司的职员以及工程设计、制造、安装、施工人员以及家属从有关当局获得工作期的居住签证、工作许可和其他必要的批准; ——如果C或新公司愿意,在扩大基础设施建设方面提供一切必要的批准和许可; ——B应在转让日期之前为本工程提供必要的安全保卫,确保工程建设人员、运行人员和设施的安全; ——为工程建设和运行提供通讯和交通方便。 2)协助基础设施运作。 3)向C和/或新公司免费提供现场包括但不限于施工场地、交通道路用地、输变电线路用地和某些范围内的开发和利用等,不予妨碍。 4)同C或新公司、_____保险公司的代表一起与其他国家政府谈判并签署基础设施服务协议,应保证C或新公司、____保险公司等代表出席谈判,并征得其同意。 5)在现场和新公司派驻代表,协助C或新公司,并在C或新公司和B之间作必要的协调。 4.3B保证本工程运行期不少于__年。但是如果内部回收率未达到__%,双方将商谈适当延长运行期直至年内部回收率达到__%。 4.4先决条件 B应负责提供下述文件,使C在签署本协议之日起一个月内获得本协议的各个部分,这些文件对新公司应是有效的: 1)由C接受的___国议会签发主权担保书,该担保书应在转让日期交回B。 2)B承担工程建设费用的__%由B提出,由__国中央银行作为借款人,由__国财政部作为担保人,签订和开出__国银行和__国保险公司可以接受的贷款协议和担保手续以及按照__国银行的要求,开出信用证或保函。贷款期为__年(包括工程建设期__年),贷款利息
(年息)__%。B的贷款可以提前偿还。 3)为C获得国际一流银行的贷款提供一切必要的帮助和方便,由B中央银行和财政部开出(包括建设期利息)和__国保险公司以及贷款银行可以接受的C所占工程费用__%份额的贷款保函和担保。保函和担保期为到达转让日期(保函和担保有效期到__年__月__日)。 4)__国最高法院院长签署的法律证明书和__国最高检察院检察长签署的法律证明书,证明本协议在各方面根据法律都是有效和可实施的。__国政府签发的批准书证明该项目的合法性。 5)B允许本工程所需的施工机械、材料和设备等可由海运经__进入__国和/或陆运经__边境以及经空运进入__国境内,__国边境检查机关和海关应予以方便和及时的放行。 4.5B保证其不改变或不允许他人改变现场环境以致影响本工程的建造和运行。 4.6B工程建设费用的_%由中方提供买方信贷,其支付给C的时间分别为: 1)合同签订_日支付贷款额的_%; 2)__年_月_日支付贷款额的_%; 3)__年_月_日支付贷款额的_%。 4.7双方应互相提供足够的信息,以便清楚地了解影响工程有关事物的主要问题。 4.8双方应互相合作以实现本协议的目标,履行各自的义务。 5.新公司 5.1双方同意在新公司股东准备投资时,但在工程竣工前建立新公司,为此__国政府应推荐并指定一个__国实体成为新公司的股东。C占股份_%,应是主要公司,应任命新公司董事长。其余股份可由__国实体占有。 5.2工程的设计和建造由C实施。每月的第_天(如遇节假日顺延),C应向B提出基于上一个月的土建和工程的进度报告,这种报告应是证明公正性的结论性证据,但明显计算错误除外。 5.3B应尽力协助在__国有关当局注册新公司,从__国有关当局得到一切必要的准许或批准。 5.4新公司应同样被赋予第9.2款规定给予C的特权,本协议规定的C的义务和责任应转交给新公司,并由新公司各股东分担。 新公司股东应在新公司成立时,在基于本协议的规定制订的公司章程中描述其权利和义务的规定。 5.5如果新公司各股东对本工程的有关事宜不能达成协议,主要股东的意见和决定应是最终的,对新公司其他股东具有约束力。 6.基础设施的建造 6.1根据第4.1款关于基础设施建造的义务,C完全有权利同B协商从事下述工作: 1)进行详细的设计,其设计和施工应符合____国现行国家标准; 2)任命顾问和专业顾问; 3)购买设备和材料包括建筑设备,设备和材料以及安装、调试等应符合____国现行国家标准; 4)任命、组织和领导职工,管理和监督工程; 5)签署提供设备、材料和服务的合同; 6)按照以上工程标准,从事完成基础设施建设一切必要的工作; 7)选择分包商。 6.2B有权自费监督建造和安装工作的速度和质量,因此C应: 1)保证B和B任命的与本工程有关的专家可以进入现场,但这种进入不应妨碍工作; 2)为现场视察人员准备图纸和设计的复印件; 3)在工程竣工6个月后,向B提供__套图纸和其他文件。 6.3B应保证及时自费提供本工程竣工所需要的一切基础设施,尤其是: 1)使C在建造期免费拥有现场; 2)保证海关按时,使C不受延迟和影响进口设备、材料、施工机械等; 3)保证C可以使用___国的施工用电和通信设施,按__国现行工业用电价格计费,使用费应记在C帐上,按照第3.2款的规定,打入工程造价,作为建造费用或管理费用;C每两个月向___国电力部门支付一次施工期用电的费用; 6.4B应保证在建造期C可以免去下述税费: 1)免除各种设备和材料的进口关税,政府税费以及地方税费,如发电设备、施工设备、车辆(包括卧车、吉普车等)、工具、建筑材料以及其他物品和生活设施; 2)免除__国有关当局对C在__国的工程建造活动征收的公司销售税、所得税等各种税费。 7.工程进度 7.1双方应共同努力,按照附件四及时使工程竣工。建造期从开工日计算为__年,C可以经B同意延长竣工期。 7.2开工日应为本协议生效日_个月之后的第_天,但C可在开工日之前开始修建进厂通道、勘探、测量和现场清理等。如果C按照第9.1款的规定开始土建工作,开工日应为C实际开始土建工作的日期,C应通知B。 7.3在工程实质性竣工时,C可以由新公司或其代表提出,基础设施建设已成功地完成了调试,因此竣工日已经到来。 7.4如果工程有变化,而这种变化影响到工程的施工时间,C应得到B关于延长施工时间的批准,但B不应无故推延批准。 8.调试 8.1双方应按中国标准协商并就基础设施调试计划、程序达成共识。 8.2C应在开始调试前___天通知B。 8.3B和/或其专家有权参加双方同意的调试。 8.4调试结束后,C应询问新公司或其代表:基础设施是否调试成功,并向B提供这种证明。 9.生效日和特权 9.1本协议自签署之日起生效,但C有权保留履行其义务直至下述条件满足为止。 1)B不收租金将现场交给C,并签发同样内容的信函(期限到__年运行结束)。 2)履行第4.4款的规定。 本协议一经签署,B可以终止在本协议序言中所述的备忘录中规定的专有权的权力应失效。 9.2C应通过B的安排从有关当局获得下述特权的批准文件,在新公司建立时,应将该特权转让于新公司或与新公司同时共享。 1)__国中央银行和财政部对下述的批准: C的投资包括但不限于这种投资的利润以美元寄回____国。 2)B在转让日期前对雇佣外国国民担任监理、技术和咨询职位的批准以及担任董事长、财务总监、总经理或类似职位的批准。 3)工程进展必需的国家其它批准和地方批准。 4)由___国有关当局对下述项目免税的批准: ——在项目移交前对进口设备、材料和工程所需的施工设备和物品的关税和进口的其它税收全免; ——自第_个盈利年起_年内利润税、附加税、地方税和营业税_%免除,接下来利润税免除_%。 5)投资的自由寄出,包括但不仅限于这种投资的利润和/或收到的付款或销售盈利,不扣留税、汇款税或根据__国法律征收的其他税款。 6)__国政府有关机构对同本工程有关的所有设备材料等直接进口的批准。 7)C将在__国注册分公司或子公司。B签发的有关本工程的注册证书,确认C(包括分、子公司)是一个根据__国外国投资法注册的企业。 8)可以将酬金(美元)自由寄出__国,免收个人所得税、汇款税或其他税款。 10.基础设施的运行 10.1新公司应在运行期,即基础设施开始商业运行后的_年内负责其管理、运行、维护、修理和大修,应尽力确保状况良好。如在30年运行期内内部回收率未达到_%,上述运行期的延长应经双方商定。 10.2为了从事必要的大修、维护、检查和修理,新公司自竣工日起每年应停机检修一次。 10.3根据第10.1款的义务,新公司应有权利: 1)签订提供材料和服务包括购买替换设备的合同,参与基础设施商业运行协议的谈判和签约; 2)任命、组织和领导职员,管理和监督电站; 3)建立和保持定期检查、维护和大修程序; 4)从事基础设施运行所需要的一切其他工作。 10.4B和新公司应经常地共同讨论并就基础设施运行的安全规则达成共识。 10.5新公司应按照签署本协议时现行的所有__国国家和地方法律及规则经营基础设施。 如果任何变化或新的立法 1)使基础设施不能在通常的条件下运行; 2)使新公司的利益在很大程度上受到减少、受到歧视或其他不利影响;那末双方应协商,努力就修改本协议达成共识。 10.6B应有权任命和分配其专家机构监督新公司对基础设施的经营,费用由B承担。这种监督不应妨碍新公司对电站的正常经营。 11.基础设施的服务 11.1新公司应按照合同的规定向其他国家提供基础设施的服务,但如服务对象不是合同所规定的国家,则双方另行签订协议。 11.2如果B打算将基础设施的服务分配到需要的当地市场,B应将其作为第12.4款规定的资源补偿费,如B的需要多于资源补偿费,应经新公司同意,但是应按照第12款的规定以美元向新公司支付费用。 12.基础设施的服务费用和收入分配 12.1为了达到第__、__、__和__款的目的,B应负责同__国政府谈判,签署基础设施服务协议。B应提供对谈判有用和必要的信息和资料,并指定一人会同C或新公司和__国保险公司代表负责谈判。 负责谈判人员应按照下述程序行使职责: 1)自签署本协议之日_天内提交工程的基本思路和整体规划; 2)自签署本协议之日_天内开始有关基础设施服务费的具体的技术谈判和讨论; 3)自签署本协议之日_个月内结束有关事宜,签署基础设施服务协议。 C或新公司应全面协助和支持B,提供谈判所需要的一切技术资料、信息和材料。如双方派遣代表团同要求基础设施服务者谈判,C或新公司应任命经验丰富、技术过硬的人员参加代表团。 12.2B和C或新公司同意作为谈判的一个要点:基础设施服务出口付款应按月收取,直接转到新公司指定的__国的新公司帐号,以美元结算,不得扣留税费。 12.3基础设施服务收入应由新公司的主要股东——C按照下述顺序分配: 1)按第12.4款的规定向B支付资源补偿费; 2)运行和维护费用; 3)建造基础设施的贷款本息; 4)给新公司股东的股息。 双方同意使新公司不作任何折旧扣除或设立任何贮备金,在支付1)、2)两项后,应首先保证偿还基础设施建设的本息。__国保险公司作为出口信用险的保险人,在所担保的贷款偿还期内,作为新公司的财务总监,以便确保贷款本息的偿还。 12.4应使用附件一作为参考计算分配给B和新公司股东的收入。作为资源补偿费支付给B的比例如下所述,并根据基础设施服务协议和工程造价予以调整: ——在运行期的第一个_年内_%; ——在运行期的其他时期_%。 上述支付给B的资源补偿费的补偿范围包括但不仅限于B提供给C或新公司自由使用现场、技术援助、行政安排和支持以及本协议规定的其他协助和支持。 12.5如主要设备需要替换,新公司股东应按其股份比例增加投资额,用以购买和安装替换设备。替换设备和部件的使用年限由国际上接受的会计原则确定,如使用年限超过转让期,替换费应由B和新公司按照超过转让期的年份比例和在转让期的年份比例分担。 13.转让所有权 13.1在新公司成立以前,C和B在建造期和/或运行期应是基础设施或其任何部分的业主,应拥有和行使各种权利、特权、对基础设施的权利和利益。新公司成立时,这种所有权应由新公司各股东按其股份比例分享直至转让期。 B承认这种所有权,并保证这种所有权应根据__国法律予以尊重和保护,B应做出决定、发布命令或采取必要的措施以保护这种所有权。B保证在任何情况下,无论是任何理由,在建造期或竣工期之后,基础设施的所有权和C或新公司的其他资产不得予以征用、充公、收归国有或受
到限制。但C或新公司取消本工程则例外。 本款中的取消指:i)C或新公司通知B不建基础设施的最终意愿;ii)C或新公司无故不建基础设施超过_个月。 在建造期和/或运行期,C或新公司应自行对基础设施和构成本工程的其他设施行使置留权,B不应对此予以反对。 13.2在转让期,新公司应将对基础设施的权利转让给B,新公司不应置留,也不能要求补偿,除非协议或补充协议中另有规定。 13.3转让期1年前,B和新公司应讨论基础设施转让的必要程序,在转让期6个月前,B和新公司应开会商讨有关的清单和转让的机制。 13.4根据第13款转让的基础设施和所有其他设备应照原样转让,在转让期之后,新公司对B经营基础设施或B指定的人员经营基础设施以及基础设施发生的责任等均不负任何责任。 13.5B应负责同第13款所述的与转让有关的所有费用和支出(含律师费、税费或关税,以及获得政府的批准和其他批准、执照、注册和归档的费用),并采取必要的措施,以补偿新公司因转让产生的所有费用和支出。 14.赔偿责任 14.1C或新公司对任何损失均不负赔偿责任,但由于严重违反本协议规定的义务而造成的直接损失除外。 14.2在第14.1款所述情况下,C或新公司有权将C或新公司对建造中或已竣工的基础设施的拥有权和所有权作为违约罚金全部或部分转让给B,以替代对实际损失的计算和赔偿。这种转让应是C自愿的或仲裁第23款裁定的。在贷款本息偿还期中,任何转让须经__国保险公
司和贷款银行确认并批准。在上述情况下,C或新公司对B的赔偿责任仅限于将其对基础设施的拥有权和所有权转让给B,B向C或新公司的索赔一律无效。 15.文件和专利 15.1本协议中的任何规定不应被解释为对本协议所述设备的专利或版权进行转让,所有这些权利均属于其真正的合法的主人,C或新公司应保留对有关规范、图纸和其他文件的所有权利,B保证在未经C或新公司事先书面同意的条件下,将有关内容泄露给第三国。 15.2对有关该项目的所有商务文件、技术文件、协议、议案均应保密,其保密权归C或新公司所有。B保证在未经C或新公司事先书面同意的条件下,将有关内容泄露给第三国或第三方。 16.不可抗力 16.1如未履行本协议的有关条款、规定或条件是由于天灾或C或新公司力所不及的类似情况所造成的,则这种情况不应被视作违反本协议。 不可抗力包括但不仅限于下述内容: a.战争、敌意行为(无论是否宣战)、侵略、国外敌对势力的行为; b.叛乱、革命、暴乱、兵变、篡权或内战; c.核燃料的辐射造成的离子辐射或污染,核燃料、辐射性有毒爆炸物、爆炸性核聚集的其他危险性能或核成份的燃烧产生的核废物造成的离子辐射或污染; d.以音速或超音速行驶的飞行器或其他空中设施造成的压力波; e.骚乱、骚动、混乱、罢工、破坏、封锁或雇员的其他工业行为影响到C或新公司或其分包商; f.任何政府当局的进出口限制、关闭港口、码头、运河; g.火灾、异常的水灾、地震、泥石流、塌方、滑坡、暴风雨、闪电或其他异常恶劣的天气; h.航行事故、船舶故障或损坏; i.流行病、防疫隔离; j.原材料短缺、不可预见的主要货源关闭; k.船卸货和报关时多于30天的不合理延误; l.现场表面下遇到的隐蔽状况。 16.2尽管有16.1款的规定,B不应自行宣布发生不可抗力。 16.3援引不可抗力条款的一方应: a.尽快书面通知其他方不可抗力的性质和迫使该方暂停履行本协议规定的该方义务的程度; b.在不可抗力状况一经结束,尽快恢复履行义务。 16.4如在竣工期之前遇到不可抗力,双方应开会讨论修改工程竣工的时间表。 16.5如在运行期遇到不可抗力,运行期的延长期应等同于不可抗力的适用期。 16.6尽管有第16.4和16.5款的规定,如不可抗力超过90天,双方应开会讨论本协议继续执行的基础和条件,如双方认为本协议不能继续执行,双方应讨论减少损失的办法。 16.7双方应互相协商,采取一切合理的步骤将各方因不可抗力造成的损失减少到最低程度。 16.8如不可抗力的发生损坏了工程或基础设施,C或新公司没有义务重新恢复之,或完成其修建,但双方就这种恢复或完成的条件达成一致意见则例外。 17.保险 C或新公司应负责基础设施建造或运行所要求的保险。 18.情况的变化 如由于__国法律或规则、政府控制下任何机构或组织的法律或法规,基础设施所在区域地区当局的法律或法规在协议签字之日后生效,如由于现行的这种法律或法规(含C签署本协议时适用的任何官方解释)在协议签字日后予以修改、撤销,那么由此产生的对C在现场、工程或基础
设施的利益和/或C对其投资的经济回收受到很大程度的影响、歧视或不利影响(包括但不仅限于对把美元资金汇出__国的限制),双方应开会努力就修改本协议达成一致意见。 19.通知 对本协议的任何通知应以书面形式给予,应派人送达或挂号邮寄、电传或传真发送,地址如下: C地址:__ 电话:__ 传真:__ 邮编:__ B地址:__ 电话:__ 传真:__ 任何一方均应提前_天通知另一方需改变上述地址,另一方收到这种通知后这种改变则生效。 20.争议解决 20.1在本协议有效期限内,双方代表应至少半年与会一次讨论工程的进展和基础设施的运行以便保证双方的安排在互相满意的基础上继续进行。 20.2双方同意如在执行本协议或解释有关规定时产生争议或歧义,双方应协商努力解决这种争议,如不能解决,双方代表应开会解决争议或歧义,双方的联合决定对各方均有约束力,如根据本款不能解决争议或歧义,适用于第23款。 20.3如在基础设施建造或运行的技术问题上双方有争议,应提供设计和生产标准,提交双方同意的专家决定。这种决定应是最终的,但可以仲裁。如该专家未能在30天内做出决定,或有一方不满意这种决定,该方可以在收到这种决定通知后或在争议提交30天后的30天内将争
议提交仲裁,详见第23款。 21.放弃主权豁免权 B声明并保证:本协议是商业协议而不是公共或政府法令,因而B放弃就其本身或其任何资产由于主权或根据任何法律或在任何管辖范围内要求免予诉讼的权力。 22.法律和语言 本协议的适用法律为__国法律,并据此解释(技术标准除外)。本协议用__文书写,一式_份,双方各持_份。 23.仲裁 在执行本协议中产生的或关于违约的所有分歧,应经过友好协商予以解决,如经三次以上协商解决无效,应按照《中华人民共和国政府和________国政府关于相互鼓励和保护投资协定》进行。如《投资协定》失效,则应根据国际商会调解仲裁规则,由此法指定三个仲裁员最终
仲裁解决,仲裁应在____进行,仲裁员的仲裁应是最终的,对双方均有约束力。 双方授权各自代表于__年_月_日签署本协议,以兹为证。 __国政府代表 中国__总公司代表 (签字) (签字) 附件(略)
附件1 基本情况 附件2 工程范围 附件3 工程造价 附件4 工程进度 附件5 贷款协议和担保协议 附件6 保函格式和担保格式 附件7 主权担保书格式 附件8 __国最高法院院长签署的法律证明书、 __国最高人民检察院检察长签署的法律证明书 附件9 __国政府批准书 附件10 授权证书 9. AGREEMENT OF BOT PROJECT Whole Doc.
This Agreement is made and entered into by and between The government of_____________(hereinafter called "B") represented by________(hereinafter called "A") And __________Corporation, a company duly organized and existing under the laws of the People's Republic of China with its principal office at___________(hereinafter called "C"). Whereas, A and C concluded the Memorandum Concerning __________Project on the ____________and C had been given Exclusive Right from B to carry out investigation and implement ____________Project (hereinafter called "the Project") by way of joint financing between C and B (so called BOT). Whereas, the loan agreement, guarantee agreement, letter of guarantee, etc. shall constitute integral components of this Agreement. The Project's installed capacity is __________. Now therefore, the parties hereby agree as follows: 1. Definition and Interpretation
"Project" means the planning, feasibility study, design and engineering, construction, equipping, completion, testing, commissioning and operation of the infrastructure project. "Project Cost" means the cost specified in Clause 3. "Operation Period" means the period specified in Clause 10.1 from the starting date of commercial operation of the infrastructure project. "Completion Date" means the day upon which C certifies that the infrastructure project has successfully completed its testing and can start Operation Period. "Force Majeure" shall have the meaning specified in Clause 16. "Project Scope" means the scope of supply and services of C in connection with the execution of the Project as described in Annex 2. "Site" means the site for the infrastructure project including ___________, special roads, and other areas for construction as specified in Annex 2. "Transfer Date" means the day following the last day of the Operation Period. "New Company" means the Company to be established between C and ________entity as specified in Clause 5. "Investment Agreement" means the Agreement on Mutual Encouragement and Protection of Investment between the Government of the People's Republic of China and the Government of the ___________. "Exclusive Right" means the special power granted to C or New Company in the Memorandum, Agreement and its annex. "Day" means the solar calendar day. 2. The Project
2.1 The Project shall be named as "________". 2.2 The infrastructure project is intended to be located at __________. The exact location of the infrastructure project may be adjusted at the stage of detailed design in consideration of the site condition. 2.3 The Project shall be implemented on Building, Operation and Transfer Basis. 2.4 The Project shall be composed of ____________________, _________, _________, the details of which shall be as attached Annex 2 - Scope of the Project. 2.5 The final feasibility study report and detailed design after acceptance of B and C shall form basis for the development and completion of the Project. 3. The Project Cost
3.1 The project cost is $______, interest of the construction period is $______, the total project cost is $__________, and the details of which are shown in Annex 3 - Project Cost. 3.2 The total project cost shall comprise but not limited to the following costs and the details of the project cost shall be as attached Annex 3 - Project Cost: 1) Cost for feasibility study, design and engineering and other consulting services; 2) Cost for construction and installation; 3) Cost for purchasing equipment and materials; 4) Cost for administration including overseas expenses; 5) Overhead and miscellaneous expenses; 6) Contingencies; 7) Interest during the construction period (__________% per annum plus bank commission); 8) Premium for construction insurance and export credit insurance. 3.3 The Project Cost shall be based on the feasibility study report and in case of a substantial variation in investment arising from geologic reasons, the additional part to the Project Cost shall be approved by B. An additional investment agreement or contract should be concluded between B and C. 4. Responsibilities for Project Execution
4.1 C shall be responsible for the following provided that if and after New Company is established, responsibilities shall be transferred to New Company and be shared by the members of New Company: 1) the design and engineering, procurement, construction and commissioning of the Project; 2) all costs in connection with the building of the infrastructure project and the arrangement of all necessary funding; 3) operation of the infrastructure project; 4) transfer of the infrastructure project to B on the Transfer Date; 4.2 B shall be responsible for: 1) the arrangement of: the provision of all necessary development approvals, permits, consents, site leases, access and other rights for C or New Company together with the fulfillment of essential requirements such as company registration, import license and exemption of customs duties and the like; the provision of all necessary or desirable aids for C to obtain the loan; obtaining of all regulatory, statutory and other consents, approvals, authorizations, tax concessions and investment incentives as described hereinafter which are necessary or desirable for the implementation of the Project; obtaining of all necessary permits and approvals from the relevant _____________authorities for C or New Company to repatriate capital and dividends in US Dollars from ______; obtaining of resident visas, work permits and other necessary approvals from the relevant authorities for C or New Company's personnel, design, manufacturing, installation and construction personnel as well as their direct relatives including the travel in ___________; the provision of all necessary approvals and permits relating to extension of the infrastructure project and the Project facilities in order to increase _________________production if C or New Company intends to do so; the provision of all necessary security measures for construction and operation personnel and Project facilities till the Transfer Date; the provision of communications and transport facilities of the Project construction and the operation of the infrastructure project; 2) the assistance in the operation of the infrastructure project. 3) providing C and/or New Company with free use of the Site, including but not limited to the area of construction site, access road, transmission line right of way, __________and etc. 4) the negotiation and conclusion of service agreement with ___________Government or other countries' governments jointly with C or new Company, the People's Insurance Company of China representatives, whose presence in the negotiation B shall ensure, and whose approval B Shall obtain; 5) the exportation of ________________percent of __________ produced by the infrastructure project to __________or any third country; 6) the assignment of its representatives at Site and to the New Company to assist C or New Company and make necessary coordination between B and C or New Company.
4.3 B ensures that the Operation Period of the Project shall be not less than _______years. However if IRR (Inter Rate of Return) does not reach _______percent, both parties will discuss the proper extension of the Operation Period until the year IRR reaches _______%. 4.4 Conditions Precedent B shall be responsible for the provision of the following documents for C to make available any part of this Agreement within _______months from the date of signing this Agreement and such documents shall be valid and effective to New Company: 1) a power guarantee issued by ___________________parliament acceptable to C in the form defined in Annex 7, which shall be returned to B on the Transfer Date; 2) warranty to be issued and loan agreement to be concluded with the proposal made by B for bearing __________percent of the Project Cost, the Bank of ______________as the loanee and __________Finance Ministry as the guarantor and acceptable to the Bank of China and the People's Insurance Company of China, and a letter of credit or letter of guarantee to be issued as required by the Bank of China provided that the length of maturity is__________ years including a _______year construction period and loan interest is ________percent per annum; B may make earlier reimbursement; 3) loan guarantee and warranty for C's sharing __________% of the Project Cost including interest of the construction period to be issued by the Bank of _____________ and ______________Finance Ministry respectively, acceptable to the People's Insurance Company of China and the Lending Bank and valid until to the Transfer Date (__________), providing all necessary assistance in enabling C to obtain the loan from international prime banks; 4) the legal certificate issued by _____________President of Supreme Court and the legal certificate issued by______________ Procurator General, certifying that this Agreement shall be valid and enforceable under the laws of _____________in every respect in the form defined in Annex 8; the certificate of approval issued by the Government of _____________, certifying that the Project is lawful and legitimate; 5) B shall permit the construction machinery, material and equipment necessary for the Project to be transported into __________via _____________by sea, and/or by road through __________as Well as by air, ensuring facilities from the __________border control and customs authorities. 4.5 B warrants and undertakes that B shall not change or permit others to change the environment of the Site which adversely affects the construction or operation of the Project. Such change shall include, but not limited to, _____________.
4.6 Buyer's Credit for B's sharing __________% of the Project Cost shall be provided by the Chinese side, payment terms of which to C are as follows: 1)________% of the credit shall be paid within _________days after the date of the conclusion of this Agreement; 2)_______% of the credit shall be paid by ____________; 3)_______% of the credit shall be paid by ____________; ...... 4.7 The parties shall provide each other sufficient information that enables each party to have a clear understanding of the principal issues that affect matters associated with the Project. 4.8 The parties hereto shall mutually collaborate with each other in order to achieve the objectives of this Agreement and the performance by each party of their respective obligations. 5. New Company
5.1 The parties agree to establish a New Company at the time when the members of New Company are ready to invest their portions, but before the completion of the Project and for this purpose B shall recommend and designate a _______________entity which will be a member of New Company. C having _____________ percent of equity, shall be the leading company and shall appoint chairman of New Company. The remaining portion of equity shall be shared by _______entity. 5.2 Design and Construction of the Project shall be executed by C. At monthly intervals until ___________day (subject to postponement in case of______) of each month, C shall execute a statement of a claim for progress payment based on the prices for the construction works done in the preceding month to B and such statement shall be the conclusive evidence proving fairness of such claim except manifest calculation error. 5.3 B shall make its effort to assist in registering New Company at authority concerned in __________and to obtain all required permits or approvals from the relating authorities in ___________. 5.4 New Company shall be granted the same privileged rights as those granted to C specified in Clause 9.2 and C's obligations and responsibilities specified in this Agreement shall be transferred to New Company and be shared by the members of New Company. The members of New Company shall describe the provisions on their rights and responsibilities in the articles of incorporation to be made on the basis of the provisions in this Agreement at the time of the establishment of New Company. 5.5 If members of New Company do not reach an agreement about any matters in relation with the Project, the opinion and decision of the major shareholder shall be final and binding upon the other members of New Company. 6. Construction of the infrastructure project
6.1 In pursuance of its obligations in relation with the construction of the infrastructure project under clause 4.1, C shall do followings with its full right in consultation with B: 1) to prepare detailed design and engineering in conformity with the national standards of P.R.China in force; 2) to appoint consultants and professional advisers; 3) to purchase equipment and materials including construction equipment, the specification of which and installation and testing shall meet the national standards of P.R.China in force; 4) to appoint, organize and direct staff; manage and supervise the Project; 5) to enter into contracts for the supply of equipment and materials and services; 6) to do all other thins necessary or desirable for the completion of the infrastructure project in accordance with the engineering standards; 7) to select subcontractors;
6.2 B shall be entitled at its own cost to monitor the progress and quality of the construction and installation work and for this purpose C shall: 1) ensure that B and any experts appointed by B in connection with the Project are afforded reasonable access to the Site provided that such access does not materially interfere with the works; 2) make available copies of plans and designs for inspection at the Site; 3) after ________months of the completion of the Project, supply B with ______sets of copies of "as built" drawings and other documents. 6.3 B shall ensure that all infrastructure requirements and utilities necessary for the completion of the infrastructure project are made available in a timely fashion and accordingly shall at its own cost, interalia: 1) give free possession of the Site to C during the construction period; 2) ensure that custom clearance system is available to C to import equipment and materials for the Project without any delay and interference; 3) ensure that C will use electricity for construction and communication facilities in ________, the cost of the utilization of which shall be for C's account at __________current________________ rate and shall be included in the Project Cost as cost for construction or cost for administration as stipulated in Clause 3.2; C shall pay _____________charge to ______________authority every other months during the construction period; 4) ensure that C will build transmission line from___________ or another still nearer place to the Site for the use of _________in construction, which will be used to transmit _____________ from the infrastructure project after the completion of the Project; 5) jointly with C negotiate with _______________or other countries' governments to take necessary actions for the ___________________to be connected, received and supplied in those countries through the proper transmission line without any interference at the time of completion of the Project. 6.4 B shall ensure that during construction period C shall be granted the exemption of 1) customs duties, government taxes and local levies relating to the importation of all kinds of equipment and materials such as generating equipment, construction equipment, vehicles including cars, jeeps, etc., tools, construction materials and other goods for the construction of the infrastructure project as well as accommodation facilities; 2) company sales tax, income tax and so on to be imposed on C construction activities for the Project in _____________by the _____________authorities. 7. Project Schedule
7.1 The parties shall work together in order to endeavour to achieve the timely completion of the Project in accordance with the Project Schedule as Annex 4 according to which the construction period shall be _________years from the commencement date. However, C may extend the construction period upon the agreement of B. 7.2 The commencement date shall be the ______day after _______months from the Effective Date of this Agreement provided that C can start work for access road, survey, investigation, clean-up work around the site, etc. before the commencement date. However, if C commences construction work in accordance with the provision of Clause 9.1, the commencement date shall be the date where C materially starts the construction work, which shall be notified to B by C. 7.3 Upon substantial completion of the infrastructure project, C may request to New Company or its representative that the infrastructure project has successfully completed its testing and that accordingly the Completion Date has occurred. 7.4 If there is a variation to the Project and such variation affects the construction time of the infrastructure project, then C shall get the approval of B to extend the construction period, B shall not unreasonably withhold its approval. 8. Testing
8.1 The parties shall meet and agree procedures and a programme for the testing of the infrastructure project in accordance with the Chinese standards. 8.2 C shall give to B ________days' notice of its intention to commence any testing. 8.3 B and/or its experts shall be entitled to be present at testing which is agreed upon by the parties. 8.4 Forthwith upon the completion of any testing, C shall request to New Company or its representative whether or not the infrastructure project has satisfied such test and shall provide B with a copy of such certificate. 9. Effective Date and Privileged Right
9.1 This Agreement shall become in full force and effect as of the date of signing this Agreement provided that C has the right of reserving the fulfillment of its obligations until the fulfillment of the following conditions: 1) Handing over the Site to C free from rental charge and issuing by B of the letter to that effect valid till the expiration of BOT; 2) Fulfillment of the provisions of Clause 4.4. Upon execution and signing of this Agreement, B's right to terminate the Exclusive. Right provided in the Memorandum mentioned in the preamble of this Agreement shall Lapse. 9.2 C shall be given following privileged rights in written document from the authorities concerned by the arrangement of B thereof and the same privileged rights shall be transferred to or enjoyed concurrently by New Company as the case may be, when it is established. 1) Approved by the Bank of the __________________and the _________Finance Ministry for: the repatriation of C's investment including, but not limited to, the profits of such investment in US Dollars. 2) The Government of _______________approval of the employment of foreign nationals in supervisory, technical and advisory positions and for the positions of chairman, treasurer and general manager or their equivalent until the Transfer Date. 3) Other national and local approvals as may be necessary to proceed with the Project. 4) Approval of tax exemption as below by the authorities concerned in __________: Full exemption of customs duties and other levies (if any) throughout BOT period for the importation of equipment, materials, construction machinery and other goods for the Project; _____________percent exemption of profit tax, additional tax, local tax, and business tax for ______years starting from the first profit-making year and _________percent profit tax exemption for the subsequent years. 5) Free remittance of investment including, but not limited to, the profits of such investment in US Dollars and/or receipt of payments or sales proceeds in US Dollars, without withholding tax, remittance tax or any other taxes leviable under________ laws. 6) The approval by the relevant _________________Government agencies for the immediate importation into _____________of all equipment for the Project. 7) C shall register its subsidiary or affiliated or associated companies in _____________. A certificate of Registration issued by the B in relation to the Project, confirming that C including its subsidiary or affiliated or associated companies is a registered enterprise under the Law on Foreign Investment in the __________. 8) Free remittance abroad of the remuneration in US Dollars with exemption from individual income tax, remittance tax or any other taxes thereon. 10. Operation of the infrastructure project
10.1 New Company shall be responsible for the management, operation, maintenance, repair and overhaul of the infrastructure project during the Operation Period, namely ______years from the starting date of commercial operation of the infrastructure project and shall use its best endeavours to ensure the infrastructure project is in good condition and capable of producing _______in a safe and stable manner. The extension of the above mentioned Operation Period shall be discussed by both parties if the____ percent IRR is not accomplished within __________years' Operation Period. 10.2 In order to undertake necessary overhaul, maintenance, inspection and repair, New Company shall perform downtime each year from the Completion Date. 10.3 In pursuance of its obligation under Clause 10.1, New company shall have full right to: 1) enter into contracts for the supply of material and services including purchase of replacement equipment and participate in negotiations on operation and service agreement conclusion; 2) appoint, organize and direct staff; manage and supervise the infrastructure project; 3) establish and maintain regular inspection, maintenance and overhaul procedures; 4) do all other things necessary or desirable for the operation of the infrastructure project; 10.4 B and New Company shall, from time to time, meet and discuss and agree safety guidelines for the operation of the infrastructure project. 10.5 New Company shall operate the infrastructure project in accordance with all __________and local laws and regulations in force at the date of signing this Agreement. If any changes or new legislations of laws and regulations would: 1) result in the infrastructure project being unable to operate in normal conditions; 2) result in the interest of New Company being materially reduced, prejudiced or otherwise adversely affected; Then the parties shall meet and endeavour to agree on amendments to this Agreement. 10.6 B shall be entitled to appoint and allocate its experts agencies to monitor the operation of the infrastructure project by New Company at B's cost and expense. The monitoring shal,l not interfere the ordinary operation of the infrastructure project by New Company. 11. Supply of Service offered by the Infrastructure project
11.1 New Company shall supply the produced _________________to ___________or other countries as stipulated therein. In case that the power purchaser is other country than _____________, a service agreement shall be concluded. 11.2 If B intends to distribute part of the produced_________ to local market on demand, B shall use such ______________as royalty stipulated in Clause 12.4 and if B needs more _____________than that of royalty portion it shall be agreed upon by New Company to that effect provided that, in such case, _______________charge shall be paid to New Company in US Dollars as stipulated in Clause 12. 12. Service Charge and Income Distribution
12.1 In order to accomplish the purposes specified in Clauses 4.2.4), 4.2.5), 6.3.4) and 11.1, B shall undertake responsibility for the negotiation with ________Government and the conclusion of service agreement. B shall provide such information and data as useful and necessary for the negotiation and appoint a person to cooperate with the representatives from C or New Company and the People's Insurance Company of China in charge of the negotiation. The persons in charge shall do their duty according to the procedures as below: 1) to submit basic concept and overall plan of the Project within _______days from the date of singing this Agreement; 2) to start detailed technical negotiation and discussion on the rate of service charge within _________days from the date of signing this Agreement; 3) to conclude relevant matters and enter into service agreement within _______months from the date of signing this Agreement. C or New Company shall fully assist and support B and provide all technical data, information and materials, etc. necessary for the negotiation. In case that the parties send a delegation to negotiate with a service purchaser, they should appoint the person or persons who are competent for the delegation at all points in experience and specialty. 12.2 B and C or New Company agree as a negotiation point that payment for _________export shall be received on monthly basis and directly to New Company's bank account in_________ denominated by New Company in US Dollars without any withholding taxes or fees. 12.3 Income from sales of _______shall be distributed by C, the leading company of New Company, in the following order of priority: 1) Royalty to B stipulated in Clause 12.4; 2) Operation and maintenance cost; 3) Loan principal and interest to construct the infrastructure project; 4) Dividend to the members of New Company. The parties agree and acknowledge to cause New Company not to make any deduction of depreciation or establishment of any reserves and to ensure payment of principal and interest to construct the infrastructure project after the payment of the items specified in Clauses I) and 2). The People's Insurance Company of China will act as the undertaker of the export credit insurance and treasurer of the New Company during the repayment period to ensure the reimbursement of the loan principal and interest.
12.4 The amount of income to be distributed to B and the members of New Company shall be calculated by using as reference the Basic Case-Annex 1. The proportion of the amount payable to B as royalty shall be as below and readjusted based on the service agreement and the Project Cost: ___________percent during the first __________years of the Operation Period: ____________percent during the remaining years of the Operation Period. The above mentioned royalty to B covers, but not limited to, B's provision of C or New Company's free use of the Site, technical assistance, administrative arrangement and support and other assistance and support specified in this Agreement. 12.5 In case that main equipment should be replaced, the members of New Company shall agree to increase their investment amount in the proportion of their share to New Company for the procurement and installation of that replacing equipment. Cost for replacement parts and equipment of which durable year, determined by the internationally accepted accounting principle, exceeds Transfer Date, shall be shared between B and New Company in proportion of the years beyond Transfer Date and the years falling within Transfer Date. 13. Transfer of Ownership
13.1 Before the establishment of New Company, C and B shall be the proprietary owners of the infrastructure project or any part thereof during the construction period and/or the Operation Period and shall possess and exercise all rights, privileges, titles to and interests in the infrastructure project. Such ownership shall be shared by the members of New Company until the Transfer Date in proportion of the percentage of their share of equity when New Company is established. B acknowledges such ownership and guarantees that such ownership shall be respected and protected by B under the laws of ___________and B shall make resolutions, issue orders or execute any action which is required to protect such ownership. B guarantees that under any circumstance or for any cause, the ownership of the infrastructure project and other assets of C or New Company, during construction or after Completion Date, shall not be condemned, confiscated, nationalized or restricted by B unless C or New Company abandons the Project. Abandonment in this Clause means that i) C or New Company notifies B of their definite intent to neglect the infrastructure project and ii) C or New Company's neglect of the infrastructure project lasts more than _____________months without cause. During the construction period and/or operation period, C or New Company shall at its own discretion and necessity cause a lien or encumbrance to be created on the infrastructure project and other facilities forming the Project, and B shall not raise any objection thereto. 13.2 On the Transfer Date New Company shall transfer to B, free from any lien or encumbrance created by New Company and without the payment of any compensation, all its right, title to and interest in the infrastructure project, unless otherwise specified in the Agreement or any supplementary agreement. 13.3 __________year prior to the Transfer Date, B and New Company shall discuss the necessary procedure for the transfer of the infrastructure project and ______months prior to the Transfer Date, B and New Company shall meet and agree the inventories involved and the mechanics of transfer. 13.4 The infrastructure project and all other equipment transferred pursuant to Clause 13 shall be transferred on an "as is" basis and after the Transfer Date New Company shall be under no liability whatsoever to B in respect of the operation of the infrastructure project by B or a person designated by B. 13.5 B shall be responsible for all costs and expenses ( including legal fees and taxes or duties) incurred in connection with the transfer referred in Clause 13 and shall at its own cost obtain or effect all governmental and other approvals, licenses, registrations and filings and take such other actions as may be necessary for the transfer contemplated in Clause 13, and reimburse New Company on demand for all such costs and expenses incurred by New Company in respect of such transfer. 14. Liability
14.1 C or New Company shall be under no responsibility or liability to compensate any damages except direct damages incurred due to material breach of its obligations under this Agreement. 14.2 In circumstance provided above in Clause 14.1 C or New Company shall, at its sole option and discretion, be entitled to transfer to B all or part of C or New Company's proprietary rights and ownership of the infrastructure project, under construction or after Completion Date, as liquidated damages, in lieu of computing and compensating the actual damages provided that such transfer shall be conducted of C's own free will or rendered in the arbitration award as stipulated in clause 23. However, any transfer shall be subject to the confirmation and approval of the People's Insurance Company of China and the lending bank. In above case, C or New Company's liability to B shall be limited to transfer of the proprietary right and ownership of the infrastructure project and B's claim against C or New Company demanding the damages shall be extinguished and nullified. 15. Documents and Patents
15.1 Nothing contained in this Agreement shall be construed as transferring any patent or copyright in equipment covered by the Agreement and all such rights are hereby expressly reserved to the true and lawful owners thereof. C or New Company shall retain all rights with respect to the specifications, plans, drawings and other documents and B undertakes not to disclose the same or divulge any information contained therein to any third country without the prior written consent of C or New Company. 15.2 All commercial and technical documents such as agreements and proposals pertinent to the Project shall be kept confidential. B undertakes not to disclose the same or divulge any information contained therein to any third country or party without prior written consent of C or New Company. 16. Force Majeure
16.1 No failure or omission to carry out or observe any or the terms, provisions or conditions of this Agreement shall be deemed to be breach of this Agreement if the same is caused by or arises out of Acts of God or any conditions of similar nature beyond reasonable control of C or New Company, including, but not limited to, the following: a. war, hostilities (whether war be declared or not), invasion, act of foreign enemies; b. rebellion, revolution, insurrection, or military or usurped power, or civil war; c. ionizing radiation, or contamination by radio-activity from any nuclear fuel, or from any nuclear waste from the combustion of nuclear fuel, radio-active toxic explosive, or other hazardous properties of any explosive nuclear assembly or nuclear component thereof; d. pressure waves caused by aircraft or other aerial devices traveling at sonic or supersonic speeds; e. riot, commotion, disorder, strike, sabotage, lockout or any other industrial action by employees affecting C or New Company or their subcontractors; f. export or import restrictions by any governmental authorities, closing of harbours, docks, canals; g. fire, unusual flood, earthquake, mud avalanche, collapse, landslide, storm, lightning or any other unreasonably severe weather; h. accidents of navigation or breakdown or injury of vessels; i. epidemic, quarantine; j. shortage of raw materials, unforeseen shut-down of major sources of supply; k. unreasonable delay of more than _________days in unloading ships and clearing systems; l. concealed conditions encountered below the surface of the Site. 16.2 Notwithstanding Clause 16.1, B shall not be entitled to claim for itself in respect of any Force Majeure in Clause 16.1. 16.3 The party invoking Force Majeure shall: a. notify the other parties as soon as possible in writing the nature of the Force Majeure and the extent to which the Force Majeure suspends the affected party's obligations under this Agreement; and b. resume performance of its obligations as soon as possible after the Force Majeure condition no longer exists. 16.4 If the Force Majeure applies prior to the Completion Date, the parties will meet to discuss a revised timetable for the completion of the Project.
16.5 If the Force Majeure applies during the Operation Period, the Operation Period shall be extended by a period equal to that during which the effect of the Force Majeure applies. 16.6 Notwithstanding Clauses 16.4 and 16.5, if the Force Majeure lasts for a period in excess of ____________days, the parties hereto will meet to discuss the basis and terms upon which this Agreement can be continued and if the parties conclude that this Agreement cannot be continued, then the parties shall discuss the solution to reduce their loss. 16.7 The parties hereto will consult with each other and take all reasonable steps to minimize the losses of either party resulting from the Force Majeure. 16.8 If any event of the Force Majeure occurs which causes damage to the Project or the infrastructure project, then C or New Company shall not be obliged to reinstate the same, or, as the case may be, complete the same, until the parties hereto have agreed upon the terms for such reinstatement or completion. 17. Insurance
C or New Company shall take out insurance required for the construction or operation of the infrastructure project. 18. Change in Circumstances
In the event that as a result of any laws or regulations of ___________or any agency or other body under the control of the Government of ____________or any regional or municipal authority thereof, coming into effect after the date hereof or as a result of any such laws or regulations (including any official interpretation thereof C has relied upon in entering into this Agreement) in force at the date hereof being amended, modified or repealed, the interest of C in the Site, the Project or the infrastructure project and/or C's economic return on its investment is materially reduced, prejudiced or otherwise adversely affected (including, without limitation, any restriction on the ability to remit funds in US Dollars outside of_____________) then the parties hereto shall meet and endeavour to agree amendments to this Agreement. 19. Notices
Any notice to be given under this Agreement shall be in writing and shall be delivered personally or sent by registered mail, telex or facsimile transmission to the following: To B:_______________. Address: _________________. Telephone: __________________. Facsimile: ________________. To C:_____________. Address: __________. Telephone: ___________. Facsimile: _________. Any party may change such address or attention by not less than _______days' notice to the other party in accordance herewith and such change shall take effect on receipt of such notice by the other party. 20. Dispute Resolution
20.1 Throughout the term of this Agreement representatives of the parties shall meet regularly at not less than semi-yearly intervals to discuss the progress of the Project and the operation of the infrastructure project in order to ensure that the arrangement between the parties hereto proceeds on a mutually satisfactory basis. The operation of the infrastructure project in order to ensure that the arrangement between the parties hereto proceeds on a mutually satisfactory basis. 20.2 The parties hereto agree that in the event that there is any dispute or difference between them arising out of this Agreement or in the interpretation of any of the provisions hereof they shall endeavour to meet in an effort to resolve such dispute by discussion between them but failing such resolution the representatives of parties shall meet to resolve such dispute or difference and the joint decision by them shall be binding upon the parties hereto and in the event that a settlement of any such dispute or difference is not reached pursuant to this Clause then provisions of Clause 23 shall apply. 20.3 In the event any dispute should arise between the parties as to any technical matter in regard to the construction or operation of the infrastructure project, design and production standards shall be provided and the case shall forthwith be referred to the expert chosen by agreement of both parties. Subject to arbitration, as hereinafter provided, such decision shall be final and binding upon the parties. if the expert fails to render his decision within such_________ days or if either of the parties is dissatisfied with any such decision, the party may, within ______days after the expiration of the first-named period of _______days or after receiving notice of such decision, as the case may be, refer the dispute to arbitration as provided in Clause 23. 21. Waiver of Sovereign Immunity
B represents and warrants that this Agreement is the commercial rather than public or governmental act and that B waives its right to claim immunity from legal proceedings with respect to itself or any of its assets on the ground of sovereignty or otherwise under any law or in any jurisdiction whether an action may be brought for the enforcement of any of the obligations arising under this Agreement. 22. Law and Language
This Agreement shall be governed by and construed in accordance with the laws of ____________except technical specifications. This Agreement has six (6) originals in ____________language and each party holds three (3). 23. Arbitration
All disputes, controversies, or differences which may arise between the parties, out of or in relation to or in connection with this Agreement, or for the breach thereof shall be settled through amicable consultation. If three occasions of consultation fail to settle, the Agreement on Mutual Encouragement and Protection of Investment between the Government of the People's Republic of China and the Government of ______________________shall apply. In case the issue remains to be settled, it shall be finally settled by arbitration pursuant to the Rules of Conciliation and Arbitration of the International Chamber of Commerce, by three (3) arbitrators designated in accordance with the said Rules. Arbitration shall be held in ______________and shall use the ____________language. The award rendered by arbitrators shall be final and binding upon the parties concerned. In witness whereof, the parties hereto have caused their respective duly authorized representatives to execute the Agreement on the ______day of _______in the year of ________. For and on behalf of the B For and on behalf of the C Annex (sketch)
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