Doing Business in Iran (Dayarayan) - Pars Times
Doing Business in Iran (Dayarayan) - Pars Times
Doing Business in Iran (Dayarayan) - Pars Times
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In cases where the supply, design and purchase of equipment will be carried out<br />
outside <strong>Iran</strong> and paid for by letters of credit and only the assembly works will<br />
be rendered <strong>in</strong> <strong>Iran</strong>, if the project operations <strong>in</strong>clude assembly works and<br />
construction works and other relevant operations under the condition that all<br />
required materials shall be procured by the contractor, the <strong>in</strong>surance premium<br />
shall be calculated on the basis of 7% of the turnover for works <strong>in</strong>side <strong>Iran</strong>, and<br />
if the project operations are limited only to <strong>in</strong>stallation of equipment, with a<br />
view to the manner of execut<strong>in</strong>g the work (mechanical or non-mechanical and/or<br />
both mechanical and manually), the relevant premium shall be computed, as the<br />
case may be, accord<strong>in</strong>g to Articles 1 and 2 of the Decree dated 13 April, 1991<br />
as mentioned above.<br />
In cases where the ma<strong>in</strong> contractor assigns, through a contract ,a part of project<br />
operations to sub-contractors, the <strong>in</strong>surance premium of the sub-contractors shall<br />
also be computed and collected with respect to the parties’ obligations set forth<br />
under the contract accord<strong>in</strong>g to the regulations. At the time of comput<strong>in</strong>g the<br />
premium of ma<strong>in</strong> contractor, an amount equivalent to the total turnover of subcontractor<br />
shall be deduced from the total turnover of ma<strong>in</strong> contractor.<br />
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