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WITNESSETH :
WHEREAS, Buyer won the contract to construct the 148 hectare land
reclamation project known as “Solar City” in the City of Manila for the
purpose of building business centers, residential and commercial
properties, and tourism facilities, including an international cruise ship
terminal;
WHEREAS, Supplier and Buyer desire to conclude this MOU prior to the
main Supply and Purchase Agreement (hereinafter referred to as “Main
Agreement”) for the supply and purchase of Armour Rocks and Rock
Aggregates to be sourced from the Alegrea Harbor property of Supplier
in San Antonio, Zambales;
ARTICLE I
1
OBJECTIVE
ARTICLE II
COOPERATION AREAS
1. Information Exchange
2. Project Cooperation
Both parties shall endeavor all acts to ensure that projects between the
parties are well implemented.
3. Regulatory Process
Both parties shall ensure that all activities shall comply with existing
and pertinent regulatory and environmental laws and regulations.
ARTICLE III
GOVERNING LAW
ARTICLE IV
DISPUTE RESOLUTION
2
Any dispute arising out or in connection with this MOU, including any
question regarding its interpretation, application, validity and
termination, will be resolved through friendly consultations between the
Participants.
ARTICLE V
NON-EXCLUSIVITY, AMENDMENT AND TERMINATION
This MOU is non-exclusive and does not prevent the parties from
executing similar contracts with third parties. This MOU may be
amended or terminated upon written consent of the Parties based on
causes mutually acceptable to the Parties.
ARTICLE VI
OTHER DETAILS
ARTICLE VII
COMMENCEMENT AND DURATION
This MOU will take effect on the date when it is executed by the
Participant, and will remain in force for a period of One (1) year unless
earlier terminated, or extended subject to signing of an MOU validating
the extension.