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incentives already granted to the investor by
the National Investment Law. This clause is
important to investors because they make
their financial decision to invest based on
certain regulatory frameworks, and any
change to those laws, which are beyond the
control of the investor may negatively
impact the investment. Consequences of
changes to Iraqi law, including investment
law provisions, include creating events that
adversely affect a given party. Examples of
such consequences may include but limited
to being excused from contractual non-
performance, extensions of time, financial
remedies, waiver of penalties, and/or
termination of the contract, all of which are
subject to other provisions in Iraqi law.
Note: The National Investment Law
guarantees investors a form of stability and
reliability through the provision that any
modification of its provisions will not have
any retroactive effect on the assurances,
exemptions and rights affirmed thereunder.
Should there be a change in the National
Investment Law that is damaging to the
investor, the investor is entitled to
compensation for losses sustained if such
change impinges on his rights (e.g., if the
National Investment Law were changed such
that the tax-free period applicable to the
Project is reduced from ten years to seven
years, the investor would be entitled to be
compensated for the three years of taxes that
it would now be required to pay). However,
the investor would not be entitled to
compensation for changes in other Iraqi laws
or policies unless the Force Majeure clause
provides otherwise.
SECTION 24. CREDITORS’ RIGHTS
TO GUARANTEES FROM, AND TO
REPLACE, SECOND PARTY
Investors who obtain financing for the
Project will be accountable to the lenders
109
‫ ﻷن‬،‫ ھﺬا اﻟﻨﺺ ﻣﮭﻢ ﻟﻠﻤﺴﺘﺜﻤﺮﯾﻦ‬.‫اﻟﻌﺮاﻗﻲ ﺑﺎﻟﻔﻌﻞ ﻟﻠﻤﺴﺘﺜﻤﺮ‬
‫اﻟﻤﺴﺘﺜﻤﺮﯾﻦ ﯾﺘﺨﺬون اﻟﻘﺮار اﻟﻤﺎﻟﻲ ﻟﻺﺳﺘﺜﻤﺎر ﻋﻠﻰ أﺳﺎس‬
‫ وأي ﺗﻐﯿﯿﺮ ﻓﻲ ﺗﻠﻚ اﻟﻘﻮاﻧﯿﻦ )وھﻰ‬،‫أطﺮ ﺗﻨﻈﯿﻤﯿﺔ ﻣﻌﯿﻨﺔ‬
.‫ﺧﺎرج ﺳﯿﻄﺮة اﻟﻤﺴﺘﺜﻤﺮ( ﻗﺪ ﺗﺆﺛﺮ ﺳﻠﺒﺎً ﻋﻠﻰ اﻹﺳﺘﺜﻤﺎر‬
‫ ﺑﻤﺎ‬،‫واﻟﻌﻮاﻗﺐ اﻷﺧﺮى ﻷي ﺗﻐﯿﯿﺮات ﻓﻲ اﻟﻘﺎﻧﻮن اﻟﻌﺮاﻗﻲ‬
‫ ﺗﺆدي إﻟﻰ ﺣﺎﻟﺔ‬،‫ﻓﻲ ذﻟﻚ ﻧﺼﻮص أﺣﻜﺎم ﻗﺎﻧﻮن اﻹﺳﺘﺜﻤﺎر‬
‫ وﯾﻤﻜﻦ أن ﺗﺸﻤﻞ ﺗﻠﻚ‬.‫ﯾﻤﻜﻦ أن ﺗﺆﺛﺮ ﺳﻠﺒﺎً ﻋﻠﻰ طﺮف ﻣﻌﯿﻦ‬
‫اﻟﻌﻮاﻗﺐ اﻹﻋﻔﺎء ﻣﻦ ﻋﺪم اﻷداء اﻟﺘﻌﺎﻗﺪي أو ﻣﺪ اﻟﻔﺘﺮة أو‬
،‫أو إﻧﮭﺎء اﻟﻌﻘﺪ‬/‫وﺳﺎﺋﻞ ﺗﻌﻮﯾﺾ ﻣﺎﻟﯿﺔ أو إﻟﻐﺎء اﻟﻐﺮاﻣﺎت و‬
.‫وﺗﺨﻀﻊ ﻛﻠﮭﺎ ﻟﻨﺼﻮص أﺧﺮى ﻓﻲ اﻟﻘﺎﻧﻮن اﻟﻌﺮاﻗﻲ‬
‫ ﻟﻘﺪ ﺿﻤﻦ ﻗﺎﻧﻮن اﻻﺳﺘﺜﻤﺎر ﻟﻠﻤﺴﺘﺜﻤﺮ ﻧﻮﻋﺎً ﻣﻦ‬:‫ﻣﻼﺣﻈﺔ‬
‫اﻟﺜﺒﺎت واﻻﺳﺘﻘﺮار ﻣﻦ ﺧﻼل ﻧﺼﮫ ﻋﻠﻰ أن اي ﺗﻌﺪﯾﻞ‬
‫ﻟﻨﺼﻮﺻﮫ ﻻﯾﺘﺮﺗﺐ ﻋﻠﯿﮫ أي أﺛﺮ رﺟﻌﻲ ﯾﻤﺲ اﻟﻀﻤﺎﻧﺎت‬
‫ إذا ﺣﺪث ﺗﻐﯿﯿﺮ ﻓﻲ‬.‫واﻻﻋﻔﺎءات واﻟﺤﻘﻮق اﻟﻤﻘﺮره ﺑﻤﻮﺟﺒﮫ‬
‫ ﯾﺤﻖ ﻟﻠﻤﺴﺘﺜﻤﺮ‬،‫ﻗﺎﻧﻮن اﻹﺳﺘﺜﻤﺎر اﻟﻌﺮاﻗﻲ ﯾﻀﺮ اﻟﻤﺴﺘﺜﻤﺮ‬
‫اﻟﺘﻌﻮﯾﺾ ﻋﻦ اﻟﺨﺴﺎرة اﻟﺘﻲ ﻟﺤﻘﺖ ﺑﮫ اذا ﻣﺎ ﻛﺎن ذﻟﻚ‬
‫ إذا ﺣﺼﻞ ﺗﻐﯿﯿﺮ‬،‫اﻟﺘﻐﯿﯿﺮ ﻣﺎﺳﺎً ﺑﺤﻘﻮﻗﮫ )ﻋﻠﻰ ﺳﺒﯿﻞ اﻟﻤﺜﺎل‬
‫ﻓﻲ ﻗﺎﻧﻮن اﻹﺳﺘﺜﻤﺎر اﻟﻌﺮاﻗﻲ ﺑﺤﯿﺚ ﺧﻔﺾ ﻣﺪة اﻹﻋﻔﺎء‬
‫ ﻓﺎن‬،‫اﻟﻀﺮﯾﺒﻲ ﻟﻠﻤﺸﺮوع ﻣﻦ ﻋﺸﺮ ﺳﻨﻮات إﻟﻰ ﺳﺒﻊ ﺳﻨﻮات‬
‫ﻟﻠﻤﺴﺘﺜﻤﺮ اﻟﺤﻖ ﻓﻲ اﻟﺘﻌﻮﯾﺾ ﻋﻦ ﺳﻨﻮات اﻟﻀﺮاﺋﺐ اﻟﺜﻼث‬
‫ وﻻ ﯾﺤﻖ ﻟﻠﻤﺴﺘﺜﻤﺮ‬.(‫اﻟﺘﻲ ﺳﯿﻜﻮن ﻣﻄﻠﻮﺑﺎً ﻣﻨﮫ دﻓﻌﮭﺎ‬
‫اﻟﺘﻌﻮﯾﺾ ﻋﻦ أي ﺗﻐﯿﯿﺮات أﺧﺮى ﻓﻲ اﻟﻘﻮاﻧﯿﻦ أو اﻟﺴﯿﺎﺳﺎت‬
.‫اﻟﻌﺮاﻗﯿﺔ ﻣﺎﻟﻢ ﯾﻨﺺ ﺑﻨﺪ اﻟﻘﻮة اﻟﻘﺎھﺮة ﻋﻠﻰ ﺧﻼف ذﻟﻚ‬
‫ ﺣﻘﻮق اﻟﻤﻘﺮﺿﯿﻦ ﻓﻲ اﻟﻀﻤﺎﻧﺎت ﻣﻦ اﻟﻄﺮف‬.24 ‫اﻟﻘﺴﻢ‬
‫اﻟﺜﺎﻧﻲ وﻓﻲ اﻟﺤﻠﻮل ﻣﺤﻠﮫ‬
‫اﻟﻤﺴﺘﺜﻤﺮون اﻟﺬﯾﻦ ﯾﺤﺼﻠﻮن ﻋﻠﻰ اﻟﺘﻤﻮﯾﻞ ﻟﻠﻤﺸﺮوع ﺳﻮف‬
.‫ﯾﻜﻮﻧﻮن ﻣﺴﺆوﻟﯿﻦ أﻣﺎم اﻟﻤﻘﺮﺿﯿﻦ اﻟﺬﯾﻦ ﯾﻘﺪﻣﻮن اﻟﺘﻤﻮﯾﻞ‬