he contract. both parties shall, through consultations, decide whether to terminate the contract or to exempt part of the obligations for implementation of the contract or whether to delay the execution of the contract according to the effects of the events on the performance of the contract.

chapter 19 applicable law

article 47
the formation, validity, interpretation, execution and settlement of disputes in respect of, this contract shall be governed by the relevant laws of the people's republic of china.

chapter 20 settlement of disputes

article 48
any disputes arising from the execution of, or in connection with, the contract shall be settled through friendly consultations between both parties. in case no settlement can be reached through consultations, the disputes shall be submitted to the foreign economic and trade arbitration commission of the china council for the promotion of international trade for arbitration in accordance with its rules of procedure. the arbitral award is final and binding upon both parties.

article 49
during the arbitration, the contract shall be observed and enforced by both parties except for the matters in dispute.

chapter 21 language

article 50
the contract shal be written in chinese and in ____________. both language versions are equally authentic. in the event of any discrepancy between the two aforementioned versions, the chinese version shall prevail.

chapter 22 effectiveness of the contract and miscellaneous

article 51
the appendices drawn up in accordance with the principles of this contract are integral parts of this contract, including: the project agreement, the technology transfer agreement, the sales agreement etc.

article 52
the contract and its appendices shall come into force commencing from the date of approval of the ministry of foreign trade and economic cooperation of the people's republic of china (or its entrusted examination and approval authority).

article 53
should notices in connection with any party's rights and obligations be sent by either party a or party b by telegram or telex, etc., the written letter notices shall be also required afterwards. the legal addresses of party a and party b listed in this contract shall be the posting addresses.

article 54
the contract is signed in __________, china by the authorized representatives of both parties on _____, 19_______.

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