Buchanan Renewable Energies shall submit to the Minister of Finance a report in the form an audited Annual Financial Statement containing all infomation required by Law in accordance with the Revenue Code of Liberia (2000). All reports shall comply with generally accepted accounting procedures and principles, and shall be subject to verification conducted by the Government agencies charged with Audit responsibility. Further, should it become necessary, the National Investment Commissions may order an independent firm acceptable to both the National Investment Commission and Buchanan Renewable Energies to carry out or conduct the independent audit.
The approved investment project shall be exempted from import duties at the rate of 100% of the dutiable value and 100% exemption from payment of GST on the approved imports of machinery and equipment, for the conversion of old rubber trees into wood chips for a period of 3 years commencing from the effective date of this contract.
The approved investment project is granted incentive deductions in accordance with the provisions of Section 204 of the Revenue Code of Liberia (2000).
Within twelve (12) months commencing on 16/04/2008, Buchanan Renewable Energies shall prepare and submit, to the Chairman of the National Investment Commission, a schedule plan for increasing the total percentage of Liberian nationals it employs.
Protections or benefits for employees, dependents, or others
Buchanan Renewable Energies shall install, maintain, and employ adequate modem, health and safety facilities, procedures, and precautions (including regular safety training instruction for its employees) as are in the harmony with the best standards of the industry.
Buchanan Renewable Energies shall employ and train Liberian nationals in all skills required in the rubber wood chips industry. Further, it shall establish appropriate training facilities to qualify Liberians for skilled positions.
Buchanan Renewable Energies shall submit a quarterly operational report, including information on the importation of items brought into the country during said quarter listed in the appendix attached. Further, Buchanan Renewable Energies shall submit an annual report of its operations to the Ministry of Finance, National Investment Commission and the Ministry of Agriculture at the end of each year. All reports shall comply with generally accepted accounting procedures and principles, and shall be subject to verification conducted by the Government agencies charged with audit responsibility. Further, should it become necessary, the National Investment Commissions may order an independent firm acceptable to both the National Investment Commission and Buchanan Renewable Energies to carry out or conduct the independent audit.
If at any time during the continuation of this contract there is any question or dispute with respect to the construction, meaning or effect of this contract, or any provision, or arising out of or in connection with this contract, such dispute or question shall be referred: (a) to a sole arbitrator to be selected by the parties or (b) failing agreement in selecting such arbitrator within seven (7) days, to a panel of three arbitrators, one to be appointed by each party and the third to be appointed by the two arbitrators so chosen. The decision of such sole arbitrator so chosen or a majority of three arbitrators (as the case may be) shall be final and binding on the government and Buchanan Renewable Energies and shall be enforceable in any court having jurisdiction thereof, including the courts of the Republic of Liberia.
The National Investment Commission shall have the authority to cancel this contract by a prior written notice to Buchanan Renewable Energies for any of the following reasons: 1. Proven misrepresentation, fraud, or other illegal acts on the part of Buchanan Renewable Energies in obtaining the Contract; 2. Proven misuse or abuse of any of the incentives granted herein; 3. Liquidation of the investment; 4. Failure to submit a report pursuant to Article III.B Section 3, 4, and 5 of this Contract within 90 days after receiving notice of default from the government ministry or agency concerned.
If in the event of acts of God, strikes or other labor or individual disturbance, acts of the public enemy, wars, riots, sabotage, embargoes, or other occurrences beyond the control of the government or Buchanan Renewable Energies ("the parties"), as a consequence of which performance under this contract becomes impossible, the parties shall be excused from their respective duties to perform.