Guarantee. Force Majeure. Arbitration. Terms of Payment

1. Guarantee

If the defects cannot be eliminated, the Buyers have the right to reject the defective equipment or to request a corresponding reduction from its price.

In case the Buyers reject the equipment they return to the Sellers for the latter`s account the faulty equipment and the Sellers are to repay the sums paid by the Buyers with 7% interest per annum.

2. Force Majeure

Should the duration of the above circumstances exceed 6 months, each party will have the right to refuse from further fulfillment of its obligations under the present Contract and in this case neither party will have the right to demand any compensation of eventual losses from the other Party.

The Sellers must immediately reimburse the Buyers for all the amounts received from the latter under the present Contract plus 5 % per annum.

3. Arbitration

Arbitration should be established as follows:

The Party which wishes to refer the dispute to Arbitration shall notify the other Party by a registered letter stating the name and the address of the arbitrator chosen who can be a citizen of any country as well as the subject of the dispute, date and No. of the Contract. Within 30 days of receipt of the above letter the other Party shall choose its Party of it by a registered letter stating the name and the address of the arbitrator chosen.

4. Terms of Payment

Should the Buyer fail to observe the terms of payment stipulated in the Contract, the Buyers shall have to pay to the Sellers a fine in the amount of 0.1 per cent of the value of the goods to be delivered under the present Contract for each day of delay within 30 days. After the expiry of 30 days no further fine will be charged, but the Buyers in addition to the sum of the fine charged will pay to the Sellers a penalty amounting to 10 per cent of the goods` value to be delivered under the Contract. In this case the Sellers will be relieved of their obligations to deliver the goods under the present Contract and the Buyers shall have no right to submit to the Sellers any claim whatsoever with regard to non-fulfillment of the Contract.

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