FIRE, ICE CONDITIONS, OR
ANY OTHER CAUSE OF A SIMILAR NATURE AS DESCRIBED HEREIN BEYOND THAT PARTY'S
CONTROL.
13.
OTHER TERMS:
ON THE BASIS OF THE BUYER'S WRITTEN REQUEST, THE SELLER WILL ASSIST THE BUYER TO
EXPORT OIL THROUGH PROPERLY EXECUTED OIL SALES CONTRACTS WITH A THIRD PARTY ON
THE SAME TERMS AS STIPULATED IN THIS AGREEMENT EXCEPT FOR THE PAYMENT TERMS
WHICH SHALL BE AMENDED TO 100 PER CENT ADVANCE PAYMENT PROVIDING THIS IS DONE IN
ACCORDANCE WITH GEORGIAN LEGISLATION AND THE BUYER INDEMNIFYS THE SELLER FROM
AND AGAINST ANY AND ALL CLAIMS OF ANY KIND, LIABILITIES INCLUDING BUT NOT
LIMITED TO VAT PAYMENTS, AND EXPENSES WHICH MAY EMERGE AS A RESULT OF THE SELLER
ENTERING INTO SALES CONTRACTS WITH A THIRD PARTY AT THE REQUEST OF THE BUYER.
SUCH INDEMNIFICATION SHALL BE COVERED FROM THE SECURITY PROVIDED BY THE ARTICLE
8 OF THIS AGREEMENT.
IN THE EVENT THE BUYER PAYS 1,750,000 (ONE MILLION SEVEN HUNDRED AND FIFTY
THOUSAND) US DOLLARS UNDER THIS AGREEMENT TO THE SELLER AND THE SELLER BECOMES
UNABLE TO SUPPLY THE BUYER WITH THE QUANTITY OF OIL REQUIRED TO COVER THIS OR
ANY REMAINING UNPAID AMOUNT, THE SELLER SHALL PAY TO THE BUYER THE OUTSTANDING
AMOUNT IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT; IN CASE OF FAILURE TO PAY
IN ACCORDANCE WITH THE TIME TERM OF THE AGREEMENT A PENALTY IN THE AMOUNT OF
TWENTY (20) PER CENT PER ANNUM I.E. 0.0548% PER EACH DAY DELAY SHALL APPLY.
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THIS AGREEMENT IS MADE IN GEORGIAN AND ENGLISH, TWO EQUAL COPIES IN EACH
LANGUAGE.
14.
ENTIRE AGREEMENT
THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT OF BOTH PARTIES AND IT CANNOT BE
MODIFIED UNLESS IN WRITING.
15.
BANK DETAILS:
US DOLLAR ACCOUNT:
HSBC BANK INTERNATIONAL LIMITED
PO BOX 315, ST PETER PORT
GUERNSEY GY1 3JQ
CHANNEL ISLANDS
SWIFT:
MIDLJESH ACCOUNT CURRENCY:
US DOLLARS ACCOUNT NAME:
NINOTSMINDA OIL COMPANY USD ACCOUNT ACCOUNT NO.:
011 645496 361 COVER THROUGH:
BANKERS TRUST COMPANY
1 BANKERS TRUST PLAZA
LIBERTY STREET
NEW YORK
NY 10006
A/C NO.: 04082437
SPECIAL INSTRUCTIONS: BKTRUS33
GEORGIAN LARI ACCOUNT:
CARTU BANK VAKE BRANCH, TBILISI
CODE: 220101079
NINOTSMINDA OIL COMPANY LIMITED, REPRESENTATION IN GEORGIA
ACC.NO. 36006
16.
SIGNATURES:
SIGNED ON 8TH MAY 2003.
FOR NINOTSMINDA OIL COMPANY LIMITED:
FOR SVETI LIMITED:
/s/ ZAZA GORGADZE
/s/ ZAAL SAMKHARADZE
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