the contract for sinoforeign cooperative joint venture
chapter 17 liability for breach of contract
article 42 should the cooperative venture pany be unable to continue itsoperation or achieve its business purpose due to the fact that one of thecontracting parties fails to fulfil the obligations prescribed by thecontract and articles of association or seriously violates the provisionsof the contract and articles of association that party shall be deemed tohave unilaterally terminated the contract the other party shall have theright to terminate the contract in accordance with the provisions of thecontract after approval by the original e_amination and approvalauthority and to claim damages in case party a and party b of thecooperative venture pany agree to continue the operation the party whofails to fulfil its obligations shall be liable for the economic lossescaused thereby to the joint venture pany
article 43 should either party a or party b fail to provide on schedule thecontributions in accordance with the provisions defined in chapter 5 ofthis contract the party in breach shall pay to the other party________yuan or __________ of the contribution starting from the firstmonth after e_ceeding the time limit should the party in breach fail toprovide after ______months _________yuan or _________ of thecontribution shall be paid to the other party who shall have the right toterminate the contract and to claim damages from the party in breach inaccordance with the provisions of article 42 of the contract
article 44 should all or part of the contract and its appendices be unable to befulfilled owing to the fault of one party the party in breach shall bearthe liability therefor should it be the fault of both parties they shallbear their respective liabilities according to the actual situation
article 45 in order to guarantee the performance of the contract and itsappendices both party a and party b shall provide each other with bankguarantees for performance of the contract within __________days after thecontract es into force
chapter 18 force majeure
article 46 should either of the parties to the contract be prevented frome_ecuting the contract by force majeure such as earthquake typhoonflood fire war or other unforeseen events and their occurrence andconsequences are unpreventable and unavoidable the prevented party shallnotify the other party by telegram without any delay and within 15 daysthereafter provide detailed information of the events and a valid documentfor evidence issued by the relevant public notary organization e_plainingthe reason of its inability to e_ecute or delay the e_ecution of all orpart of the contract both parties shall through consultations decidewhether to terminate the contract or to e_empt part of the obligations forimplementation of the contract or whether to delay the e_ecution of thecontract according to the effects of the events on the performance of thecontract
chapter 19 applicable law
article 47 the formation validity interpretation e_ecution and settlement ofdisputes in respect of this contract shall be governed by the relevantlaws of the people’’s republic of china
chapter 20 settlement of disputes
article 48 any disputes arising from the e_ecution of or in connection with thecontract shall be settled through friendly consultations between bothparties in case no settlement can be reached through consultations thedisputes shall be submitted to the foreign economic and trade arbitrationmission of the china council for the promotion of international tradefor arbitration in accordance with its rules of procedure the arbitralaward is final and binding upon both parties
article 49 during the arbitration the contract shall be observed and enforced byboth parties e_cept for the matters in dispute
chapter 21 language
article 50 the contract shall be written in chinese and in ____________ bothlanguage versions are equally authentic in the event of any discrepancybetween the two aforementioned versions the chinese version shallprevail
chapter 22 effectiveness of the contract and miscellaneous
article 51 the appendices drawn up in accordance with the principles of thiscontract are integral parts of this contract including the projectagreement the technology transfer agreement the sales agreement etc
article 52 the contract and its appendices shall e into force mencing fromthe date of approval of the ministry of foreign trade and economiccooperation of the people’’s republic of china (or its entrustede_amination and approval authority)
article 53 should notices in connection with any party’’s rights and obligationsbe sent by either party a or party b by telegram or tele_ etc thewritten letter notices shall be also required afterwards the legaladdresses of party a and party b listed in this contract shall be theposting addresses
article 54 the contract is signed in __________ china by the authorizedrepresentatives of both parties on _____ 19_______
for party a for party b
(signature) (signature)
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