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1 DE AGOSTO DE 1997

1340-(219)

sufficient to indicate clearly that the principal purpose is large-scale production rather than production intended for information gathering, analysis or the testing of equipment or plant.

Article 18 Penalties

1 — A contractor's rights under the contract may be suspended or terminated only in the following cases:

a) If, in spit of warnings by the Authority, the contractor has conducted his activities in such a way as to result in serious, persistent and wilful violations of the fundamental terms of the contract, part xi and the rules, regulations and procedures of the Authority; or

6) If the contractor has failed to comply with a final binding decision of the dispute settlement body applicable to him.

2 — In the case of any violation of the contract not covered by paragraph 1, a), or in lieu of suspension or termination under paragraph 1, a), the Authority may impose upon the contractor monetary penalties proportionate to the seriousness of the violation.

3 — Except for emergency orders under article 162, paragraph 2, w), the Authority may not execute a decision involving monetary penalties, suspension or termination until the contractor has been accorded a reasonable opportunity to exhaust the judicial remedies available to him pursuant to part xi, section 5..

Article 19 Revision of contract

1 — When circumstances have arisen or are likely to arise which, in the opinion of either party, would render the contract inequitable or make it impracticable or impossible to achieve the objectives set out in the contract or in part xi, the parties shall enter into negotiations to revise it accordingly.

2 — Any contract entered into in accordance with article 153, paragraph 3, may be revised only with the consent of the parties.

Article 20 Transfer of rights and obligations

The rights and obligations arising under a contract may be transferred only with the consent of the Authority, and in accordance with its rules, regulations and procedures. The Authority shall not unreasonably withhold consent to the transfer if the proposed transferee is in all respects a qualified applicant and assumes all of the obligations of the transferor and if the transfer does not confer to the transferee a plan of work, the approval of which would be forbidden by article 6, paragraph 3, c), of this annex.

Article 21 Applicable law

1 —The contract shall be governed by the terms of the contract, the rules, regulations and procedures of the. Authority, part xi and other rules of international law not incompatible with this Convention.

2 — Any final decision rendered by a court or tribunal having jurisdiction under this Convention relating to the rights and obligations of the Authority and of the contractor shall be enforceable in the territory of each State Party.

3 — No State Party may impose conditions on a contractor that are inconsistent with part xi. However, the application by a State Party to contractors sponsored by it, or to ships flying its flag, of environmental or other laws and regulations more stringent than those in the rules, regulations and procedures of the Authority adopted pursuant to article 17, paragraph 2, f), of this annex shall not be deemed inconsistent with part xi.

Article 22 Responsibility

The contractor shall have responsibility or liability for any damage arising out of wrongful acts in the conduct of its operations, account being taken of contributory acts .or omissions by the Authority. Similarly, the Authority shall have responsibility or liability for any damage arising out of wrongful acts in the exercise of its powers and functions, including violations under article 168, paragraph 2, account being taken of contributory acts or omissions by the contractor. Liability in every case shall be for the actual amount of damage.

ANNEX IV Statute of the Enterprise

Article 1 Purposes

1 — The Enterprise is the organ of the Authority which shall carry out activities in the Area directly, pursuant to article 153, paragraph 2, a), as well as the transporting, processing and marketing of minerals recovered from the Area.

2 — In carrying out its purposes and in the exercise of its functions, the Enterprise shall act in accordance with this Convention and the rules, regulations and procedures of the Authority.

3 — In developing the resources of the Area pursuant to paragraph 1, the Enterprise shall, subject to this Convention, operate in accordance with sound commercial principles.

Article 2

Relationship to the Authority

1 — Pursuant to article 170, the Enterprise shall act in accordance with the general policies of the Assembly and the directives of the Council.

2 — Subject to paragraph 1, the Enterprise shall enjoy autonomy in the conduct of its operations.

3 — Nothing in this Convention shall make the Enterprise liable for the acts or obligations of the Authority, or make the Authority liable for the acts or obligations of the Enterprise.

Article 3 Limitation of liability

Without prejudice to article 11, paragraph 3, of this annex, no member of the Authority shall be liable by reason only of its membership for the acts or obligations of the Enterprise.