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ART.8 - TERM OF THE CONTRACT:
8.1 This Agreement shall commence from [1st Jan],2011 and shall,unless terminated earlier in accordance with Article 9 below,remain in full force till the rejection of Sinopec’s bid for Tender (PROC-FD/CB/DO (RIGS)-1479/2010 or where the Contracts or any of them are awarded to Sinopec for the entire and full duration of the Contract(s).Provided,however,that this Agreement shall terminate mutatis mutandis on termination by Client of the Contracts.
ART.10 - ARBITRATION - APPLICABLE LAW:
10.1 Any dispute arising out of or in connection with this Agreement shall be settled amicably as between the Parties,failing which it shall be referred to arbitration by two arbitrators,one to be appointed by each Party or in the event of a disagreement between the arbitrators by an umpire to be nominated by the arbitrators prior to entering upon the reference.Arbitration shall be governed by the Arbitration Act,1940 and the venue of arbitration shall be Islamabad.The award of the arbitrators or umpire,as the case may be shall be final and binding on the Parties.
10.2 This Agreement shall be governed by and be construed in accordance with the laws of Pakistan.
ART.11 - ASSIGNMENT
11.1 This Agreement cannot be assigned by Consultant without the prior written consent of Sinopec.Sinopec shall be entitled to assign or novate this Agreement to any of its parent,sister or affiliate companies.
IN WITNESS WHEREOF THIS AGREEMENT HAS BEEN EXECUTED THE DAY AND YEAR FIRST ABOVE WRITTEN BY THE AUTHORIZED REPRESENTATIVES OF THE PARTIES AOBE NAMED.
ART.8 - TERM OF THE CONTRACT:
8.1 This Agreement shall commence from [1st Jan],2011 and shall,unless terminated earlier in accordance with Article 9 below,remain in full force till the rejection of Sinopec’s bid for Tender (PROC-FD/CB/DO (RIGS)-1479/2010 or where the Contracts or any of them are awarded to Sinopec for the entire and full duration of the Contract(s).Provided,however,that this Agreement shall terminate mutatis mutandis on termination by Client of the Contracts.
ART.10 - ARBITRATION - APPLICABLE LAW:
10.1 Any dispute arising out of or in connection with this Agreement shall be settled amicably as between the Parties,failing which it shall be referred to arbitration by two arbitrators,one to be appointed by each Party or in the event of a disagreement between the arbitrators by an umpire to be nominated by the arbitrators prior to entering upon the reference.Arbitration shall be governed by the Arbitration Act,1940 and the venue of arbitration shall be Islamabad.The award of the arbitrators or umpire,as the case may be shall be final and binding on the Parties.
10.2 This Agreement shall be governed by and be construed in accordance with the laws of Pakistan.
ART.11 - ASSIGNMENT
11.1 This Agreement cannot be assigned by Consultant without the prior written consent of Sinopec.Sinopec shall be entitled to assign or novate this Agreement to any of its parent,sister or affiliate companies.
IN WITNESS WHEREOF THIS AGREEMENT HAS BEEN EXECUTED THE DAY AND YEAR FIRST ABOVE WRITTEN BY THE AUTHORIZED REPRESENTATIVES OF THE PARTIES AOBE NAMED.
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