Volume 1 - Iraq Watch

B) Second party committed to pay the commercial list for the freighted quantities every ten days, withinfour days from date of issue, unlike the first party which has authority to stop freighting and/or applydelay interests on the second party in accordance to the ruling bank rate.9. Contract implementation guarantee: The second party has to offer bank guarantee of the sum of 300,000Iraqi Dinars for the benefit of the first party in order to guarantee the payments and implementation.10. Implementation conditions:A) The contract valid only during the economic siege of Iraq only, hence the contract’s clauses will bereviewed when the economic siege circumstances end.B) The first party will not bear any liabilities or responsibilities or expenses for the sake of transportingthe product out of Iraq by the second party.11. The first party has the right to cancel the contract in case of breaking any condition by the second partywithout requiring notice or court judgment.12. Other conditions: Freighting executed in accordance to the general freighting conditions, operationalinstructions attached to the contract which are considered as an integral part of the contract.13. All communications & correspondence between the two parties should be in accordance to the officialaddresses that are mentioned in the contract.14. This contract must be legalized by the administrative board of the company within (7) days from the dateof signing the contract.Composed in Baghdad on 2 June 1992First PartyAl-Bashair Trading Company LimitedSecond PartyAl-Walid Importing & Exporting Company Limited224