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LINISTEE DE LA PRODUCTION REPUBLIQUE DU LALI Par

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- 15 ­<br />

duty upon personal or household goods (including one personal<br />

vehicle per family), brought into Mali for their personal use,<br />

the Government of Mali will pay such taxes, tariff, or duty unless<br />

exemption is otherwise provided by any applicable international<br />

agreement.<br />

Article IX - PROCE<strong>DU</strong>RE FOR PAYMENT<br />

A. The GRM will establish or cause to be established a confirmed<br />

irrevocable letter of credit in the amount of t 2,554,540<br />

in the name of Experience Incorporated ath the Chase Manhattan Bank,<br />

New York, N.Y., U.S.A., hereinafter called "thn Bank". In establish­<br />

ing this letter of credit, th GRM shall Iesirnqtp +he nerson or<br />

persons authorie-1 to execute the Certificate of Performance and<br />

Exceptions specified in Section E of this article, and shall specify<br />

the procedures to be followed for the designation of substitutes for<br />

such authorized persons.<br />

B. Failure of GRM to carry out the actions specified in Section A of<br />

this article shall be conclusive evidence of default of this contract.<br />

In the event of such default, the Contractor shall have the option to<br />

terminate this contract at any time before such default is remedied.<br />

In the event of termination, the liability of GRM shall not be<br />

limited to the amount of nny letter of credit outstanding at the time<br />

of termination.<br />

C. The letter of credit specified in Section A of this article shall<br />

contain the following nrovisions :

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