Morris American Rubber Company shall submit an audited annual financial statement, containing all information required by the laws of Liberia in accordance with the Revenue Code of Liberia. The report must comply with generally accepted accounting procedures and principles, and shall be subject to verification conducted by relevant government agencies. If necessary, the National Investment Commission may order an independent firm acceptable to both the National Investment Commission and Morris American Rubber Company to carry out an independent audit.
Morris American Rubber Company's approved investment project shall be exempted from import duties at the rate of 70% of the dutiable value of the approved machinery and equipment (listed in the appendix to contract), spare parts (listed in the appendix to contract), and raw and packaging materials (listed in the appendix to contract) for a period of 3 calendar years starting from the contract's signature date. The parties may agree to additional periods of exemption from import duties for machinery and equipment, as well as for raw and packaging materials.
Morris American Rubber Company shall employ and train Liberian nationals in all skills required for the rubber processing industry, and shall establish training facilities to qualify Liberian nationals for skilled positions. Morris American Rubber Company shall also prepare and submit a schedule plan for increasing the total percentage of Liberian nationals to be employed.
Protections ou avantages pour les employés, les personnes à charge ou pour des tiers
Morris American Rubber Company will install, maintain, and employ adequate, modern health and safety facilities, procedures, and precautions (including regular safety training instruction for employees) using the best standards of the industry
Any dispute arising out of or in connection with the contract will be referred to arbitration. The decision shall be final and binding and shall be enforceable in any court with jurisdiction, including the courts of Liberia.
The contract shall not be assigned to persons, partnerships, or corporations not specified in the contract without prior written consent from the Government. [Note: the contract says "person's partnerships, or corporation", which is likely a typo.]
The National Investment Commission has the authority to cancel the contract by prior written notice to Morris American Rubber Company in case of (i) proven misrepresentation, fraud, or other illegal acts of Morris American Rubber Company in obtaining the contract, (ii) proven misuse or abuse of any of the incentives granted in the contract, (iii) liquidation of the investment, or (iv) failure to submit any report required under this contract within 90 days after receiving notice of default from the relevant authority. In addition, in case of proven violation of this contract and Morris American Rubber Company's failure to correct within 90 days of receiving notice to correct, the chairman of the National Investment Commission will recommend to the Minister of Finance the suspension of duty-free privileges granted in the contract until the correction is initiated. The Ministry of Finance also has the authority to withhold any investment incentives granted in the contract if Morris American Rubber Company is in any proven default of the Revenue Code of Liberia until the default is cured.
Morris American Rubber Company shall submit a quarterly operational report containing information on the importation of items brought into Liberia during that time period. This report shall be subject to verification conducted by relevant government agencies, and if necessary, the National Investment Commission may order an independent firm to carry out an independent audit. In addition, Morris American Rubber Company shall submit an annual report of its operations containing any additional information required by the National Investment Commission.