President Ilham Aliyev signed into law the bill on the acceptance and approval and permission to fulfilment of the document “Amendment to the Agreement on the exploration, development and production sharing for the Gadabay, Gosha, Ordubad group, Soyudlu, Gizilbulag and Vejnali gold ore prospects signed between “Azerbaijani State Company AzerGizil” and American “R.V. Investment Group Services LLC.”
SIA reports that the amendment is an integral part of the Agreement with all legal consequences arising from its entry into force.
Once the new law comes into force, the Government guarantee becomes Law. Unless otherwise specified in the Agreement, the Government Guarantee shall prevail over the provisions of any other existing or applicable laws, decrees or administrative orders (or parts thereof) of the Republic of Azerbaijan that are inconsistent with or contradict the Government Guarantee during the period of validity of the Agreement.
After the effective date of this Law, the rights and interests of the Contractor (or its legal successors) under the Government guarantee may not be changed, modified or reduced without the prior consent of the Contractor.
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