Page 18 - Microsoft Word - The Investment Law No amended.docx

a- If the work on the project has stopped for more than (3) Three months, a warning shall be
directed to the investor to settle the dispute within (30) days from the date of the warning. If the
investor does not response, he will bear a delay penalty proportionate with delay period, but the
cumulative total of the penalty should not be more than 10% of the project cost.
b- The party breaching the obligations shall be excluded after the period specified in paragraph (A)
of this item passed, and replaced with unprejudiced partner, or which is acceptable in rights and
obligations after obtaining approval of the Commission that granted the license, without prejudice
to the right of the Commission to withdraw the investment license after the period specified in
paragraph (A) of this item.
Third: In case of the investment project has stopped because of a dispute between the investor and
a third party, and after taking into account the time period set forth in paragraph (A) of this item,
the Commission may take legal measures to liquidate the project, and notify the owner of the
project of such action, the liquidation money shall be deposited in one of the banks after paying the
assets due to the State or any other dues after final judgment of their entitlement is rendered. Also,
the third party whether lender or financer, and before liquidation proceedings, the right to request
the Commission that granted the license to replace the investor. Acceptance or rejection of the
request returns to the Commission who grants the license.

Article 28
First: In case the investor violates any of the provisions of this law, the Commission shall take the
following proceedings:
a- Warning the investor to remove the violation or commence in implementing the project within
the period determined by the Commission.
b- When the investor does not remove the violation within the period prescribed by the
Commission, a final warning shall be directed to the investor for a period of (30) Thirteen days
from the date of warning. after that period has finished without response, a delay penalty shall be
imposed which is in proportion with the amount of time disparity, but the cumulative total should
not exceed 10% of the project cost.
c- When the investor described in paragraphs (a) and (b) of this item does not response, the
Commission has the right to withdraw the investment license from the date of violation, and the
Third party retains their right to claim compensation from the investor for damage caused as a
result of the violation without prejudice to any other penalties.
Second: The Commission shall withdraw the investment license if the investor gives incorrect or
misleading information, or use unlawful methods which may result in obtaining any privileges or
benefit in accordance with provisions of this law.

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