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. 10. Arbitration.

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1. Subject of the Contract.

The Seller has sold and the Buyer has bought F.O.B. St.Petersburg the goods specified in the enclosed Appendix No.l, showing specifications, quantities, prices and delivery times of the goods and constituting an integral part of the present Contract.

2. Prices.

The prices are fixed in U.S. Dollars and are understood F.O.B. St.Petersburg export packing and marking included.

All expences incurred on the territory of India in connection with the present Contract (duties, taxes, customs, etc.) are to be paid by the Buyer.


 


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3.QUALITY.

The quality of the goods sold under the present Contract shall be in full conformity either with the State Standarts existing in the Russian Federationo'r with the technical conditions ruling at the manufacturing works.


 


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4. Time of Delivery.

The goods sold under the present Contract shall be delivered within the period stated in the Appendix No.l to the present Contract.

The date of the Bill of Lading shall be considered as the date of delivery.

5.Delivery and Acceptance of Goods.

The goods are considered to be delivered by the

Seller and accepted by the Buyer:

a) in respect of quantity - according to the




64-8/90131-356


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number of cases and the weight as shown on the Bill of Lading.


 


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Terms of Payment.

Payment for the goods to be delivered under the present Contract is to be effected in U.S.DoUars by an irrevocable confirmed Letter of Credit to be opened by the Buyer with Russian- German Bank, Moscow, Russia, in favour of the Seller within 10 days of receipt of the Seller's notification of the readiness of the goods for shipment and valid 90 days for shipment and 115 days for negotiations and payable at sight against the following documents:

Unvoice 3 copies

2.ill of Lading (Clean on board) 3 originals

+3 copies
3.Packing List 1 copy


 


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All expenses connected with opening, advising & negotiation of the Letter of Credit will be borne by the Buyer./See Appendix No. 1/

Partial shipments and transhipments are not permitted.


 


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Packing and Marking.

The goods shall be properly packed to withstand both overseas and overland transport, including transhipment. Each package shall be provided with marking showing the place of destination, name of consignee, description of goods, contract number, case number, gross and net weight.

8. Guarantee.


The equipment is delivered as it is in it's present
- condition without presentation of the
. manufacturing plant guarantee.


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9. Contingencies.

Should any circumstances arise which prevent the complete or partial fulfillment by any of the parties of their respective obligations under this Contract, namely: fire, acts of the elements of war, military operations of any other character, blockade, prohibitions of exports or imports or any other circumstances beyond the control of the


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64-8/90131-356


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parties the time stipulated for the fulfillment of the obligations shall be extended for a period equal to the period of duration of such circumstances.


 


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If the above circumstances last longer than six months, each party shall have the right to refuse any futher fulfillment of the obligations under the Contract and in such case neither of the parties shall have the right to make a claim upon the other party for compensation of any possible damages.

The party for whom it becomes impossible to meet their obligations under the Contract,shall immediately advise the other party as regards the beginning and the cessation of the circumstances preventing the fulfillment of their obligations.

Certificates issued by the respective Chamber od Commerce of the Seller's or Buyer's country shall be sufficient proof of such circumstances and their duration.


. 10. Arbitration.


, / . . .


All disputes and differences, which may arise out of the present Contract and/or in connection with it are to be referred for settlement to the Arbitration Court at the Russian Chamber of Commerce and Industry in Moscow in compliance with the rules of procedure of the said court, the decisions of which are final and binding upon both parties. Application to State Court is excluded.




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