12. Insurance

12.1. The Buyers are to take care of and to cover expenses for insurance of the goods under the present Contract with ... from the moment of their loading on board the vessel up to the moment of their arrival at the Buyers’ works.

12.2. The Sellers are to take care of and to cover for insurance of the goods with ... from the moment of their dispatch from the Sellers’ works up to the moment of their loading on board the vessel at the rate of 0.075 % of the insurance amount.

13. Export Licence

13.1. The Sellers will take care of and bear all the expenses connected with obtaining the necessary licence for the exportation of the equipment under the present contract.

13.2. If the Sellers are unable to obtain the export licence within the time stipulated above or the export licence is revoked by the appropriate authorities of the Sellers’ country before the deliveries are completed, the Buyers have the right to cancel the contract wholly or partially.

13.3. Should the Contract be cancelled the rights and liabilities of the Parties are to be defined in conformity with Clause 4.

14. Force-Majeure

14.1. The Parties will be released from their responsibility for partial or complete non-execution of their liabilities under the contract should this non-execution be caused by the force majeure circumstances, viz.: fire, flood, earthquake and if these circumstances have had a direct damaging effect on the execution of the present Contract.

14.2. The Party which is unable to fulfil its obligation under this Contract is to inform the other Party within 3 days regarding the occurrence and cessation of the above circumstances. Certificates issued by the Chamber of Commerce of the Sellers’ or the Buyers’ country respectively will be the proof of existence and duration of such circumstances.

14.3. Should the duration of the above circumstances exceed 3 months, each Party will have the right to refuse from further fulfillment of its obligations under the Contract and in this case neither Party will have the right to demand any compensation of the losses incurred by it from the other Party. The Sellers must immediately reimburse all the amounts paid by the Buyers under the present Contract plus ______ per cent per annum.

15. Arbitration

15.1. The Sellers and the Buyers will take all possible measures to settle amicably any disputes or difference which may arise out of the present Contact or in connection with it.

15.2. If the Parties do not come to an agreement all the disputes and differences are to be submitted without recourse to the court of law, to arbitration at the Foreign Trade Arbitration Court at the Chamber of Commerce and Industry, Moscow, in compliance with the Rules of Procedure of the said Court.

15.3. The Award of the arbitration is final and binding upon both Parties.

16. Other Conditions

16.1 All the appendices to the present Contract are to be considered its integral part.

16.2. Any Amendments and/ or Addenda to this Contract shall be valid unless made in writing and signed by both contracting parties.

16.3. Neither Party shall be entitled to assign to a third Party its rights and obligations under the present Contract without the other Party’s prior consent in writing.

16.4. After the Contract has been signed all the preliminary agreements, discussions and correspondence between the Parties concerning this Contract are to be considered null and void.