Page 83 - Microsoft Word - FINAL COPY - A Legal Guide to Investing in Iraq _12-7-2015_ _6_.docx

Section 14. Investing Duration and the ‫ ﻣﺪة ﺗﻨﻔﯿﺬ اﻟﻤﺸﺮوع اﻻﺳﺘﺜﻤﺎري وﺣﻖ‬.14 ‫اﻟﻘﺴﻢ‬
Right of the First Party to ‫اﻟﻄﺮف اﻷول ﻓﻲ اﻟﺘﺠﺪﯾﺪ‬
Renew
‫ﻟﻠﻄﺮف اﻟﺜﺎﻧﻲ اﻟﺤﻖ اﻟﺤﺼﺮي ﻓﻲ ﺗﻨﻤﯿﺔ اﻟﻤﺸﺮوع ﺧﻼل‬
The Second Party shall have the exclusive ‫ وﻓﻮر إﻧﺘﮭﺎء اﻟﻤﺪة اﻹﺳﺘﺜﻤﺎرﯾﺔ ﯾُﺴﻠّﻢ‬.‫اﻟﻤﺪة اﻹﺳﺘﺜﻤﺎرﯾﺔ‬
right to develop the Project during the ‫اﻟﻤﺸﺮوع اﻟﻰ اﻟﻄﺮف اﻷول ﺑﺪون أي ﺗﻌﻮﯾﺾ )ﻓﻲ‬
Investment Period. Immediately upon the ‫اﻟﻤﺸﺎرﯾﻊ ﻏﯿﺮ اﻟﺴﻜﻨﯿﺔ واﻟﺼﻨﺎﻋﯿﺔ إذا ﻣﺎ ﺗﻢ ﺗﻤﻠﯿﻚ‬
expiration of the Investment Period, the ‫ وﯾﺤﻖ ﻟﻠﻄﺮف اﻷول ﺗﺠﺪﯾﺪ أو ﺗﻤﺪﯾﺪ‬.(‫اﻟﻤﺴﺘﺜﻤﺮ اﻻرض‬
Project shall be handed over to the First ‫اﻟﻤﺪة اﻹﺳﺘﺜﻤﺎرﯾﺔ ﺑﻌﺪ اﻟﺤﺼﻮل ﻋﻠﻰ ﻛﺘﺎب ﻋﺪم ﻣﻤﺎﻧﻌﺔ‬
Party without any compensation (non- ‫ﻣﻦ اﻟﺠﮭﺔ اﻟﻘﻄﺎﻋﯿﺔ اﻟﻤﺨﺘﺼﺔ ووﻓﻘﺎً ﻟﻠﺸﺮوط اﻟﺘﻲ ﯾﺘﻢ‬
housing and industrial projects, if the
investor has become the ower of the land). .‫اﻟﺘﻔﺎوض ﻋﻠﯿﮭﺎ ﻓﻲ ﺣﯿﻨﮫ‬
The First Party has the right to renew the
Investment Period after obtaining a no- :‫ﺳﯿﺘﻢ ﺗﻨﻔﯿﺬ اﻟﻤﺸﺮوع ﻋﻠﻰ اﻟﻨﺤﻮ اﻵﺗﻲ‬
objection letter from the concerned sectoral
entity and in accordance with terms to be ‫ﺳﯿﺘﻢ ﺗﻨﻔﯿﺬ اﻟﻤﺸﺮوع ﺧﻼل ﻣﺪة )ﻋﺪد‬ .1
negotiated at the time. ‫اﻟﺴﻨﻮات( وﻓﻖ ﺧﻄﺔ اﻟﻌﻤﻞ اﻟﻤﻘﺪﻣﺔ ﻣﻦ ﻗﺒﻞ‬
‫اﻟﻄﺮف اﻟﺜﺎﻧﻲ واﻟﻤﻮاﻓﻖ ﻋﻠﯿﮭﺎ ﻣﻦ ﻗﺒﻞ‬
The Project will be executed as follows:
.‫اﻟﻄﺮف اﻷول‬
1. The Project will be executed during
a period of NUMBER OF YEARS ‫إذا ﻣﺎ ﺣﺪث أي ﺗﺄﺧﯿﺮ ﻓﻲ أداء أي ﻣﻦ‬ .2
Years according to the Action Plan ‫إﻟﺘﺰاﻣﺎﺗﮫ اﻟﻤﺘﻌﻠﻘﺔ ﺑﺘﻨﻔﯿﺬ اﻟﻤﺸﺮوع أو وﻗﻌﺖ‬
presented by the Second Party and ‫أﯾﺔ ﺧﺴﺎﺋﺮ ﻧﺎﺗﺠﺔ ﻋﻦ ﻗﻮة ﻗﺎھﺮة أو ﺗﻐﯿﯿﺮ ﻓﻲ‬
approved by the First Party. ‫اﻟﻘﺎﻧﻮن أو أي ﺳﺒﺐ ﻧﺘﺞ ﻋﻨﮫ ﻣﻨﺢ اﻟﻄﺮف‬
‫ ﻓﯿﺤﻖ ﻟﻠﻄﺮف اﻟﺜﺎﻧﻲ زﯾﺎدة‬،ً‫اﻟﺜﺎﻧﻲ وﻗﺘﺎً إﺿﺎﻓﯿﺎ‬
2. If any delay in meeting its ‫ ﻋﻠﻰ أن ھﺬا‬،‫اﻟﻤﺪة ﺑﻤﺎ ﯾﻌﺎدل ﻣﺪة اﻟﺘﺄﺧﯿﺮ‬
obligations regarding the execution ‫( ﻻ ﺗﻌﺘﺒﺮ إﺧﻼﻻً ﺑﮭﺬا‬1) ‫اﻟﺘﺄﺧﯿﺮ وﺗﻠﻚ اﻟﺰﯾﺎدة‬
of the Project or if Losses are ‫( وأن ﻻ ﺗﺆﺛﺮ ﻋﻠﻰ أي ﻣﻦ ﺣﻘﻮق‬2)‫ و‬،‫اﻟﻌﻘﺪ‬
incurred resulting from Force ‫اﻟﻄﺮف اﻟﺜﺎﻧﻲ وأن ﯾﻤﻨﺢ اﻟﻄﺮف اﻟﺜﺎﻧﻲ زﯾﺎدة‬
Majeure or Change in Law or any ‫ﻣﻤﺎﺛﻠﺔ ﻓﻲ اﻟﺘﻤﺘﻊ ﺑﺤﻘﻮﻗﮫ ﺑﻤﻮﺟﺐ اﻟﻘﺎﻧﻮن اﻟﻨﺎﻓﺬ‬
reason granting additional time to
the Second Party, the Second Party .("‫أو أﺣﻜﺎم ھﺬا اﻟﻌﻘﺪ )ﻓﺘﺮة "ﺗﻤﺪﯾﺪ‬
shall have the right to increase the
time period for a time equal to the
delay, and such delay and increase
(i) shall not be a breach of this
Contract and (ii) shall not prejudice
and shall grant the Second Party a
corresponding increase in the time
period applicable to, any rights of
the Second Party under the
Applicable Law or this Contract
(such period, an “Extension”).

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