3
MEMORANDUM of UNDERSTANDING
between
AUTONOMOUS NON-FOR-PROFIT ORGANIZATION “RUSSIAN TRADE AND ECONOMIC DEVELOPMENT COUNCIL”
and
AFRICA INTERNATIONAL TRADE & COMMERCE RESEARCH LTD
The Russian trade and economic development council (hereinafter: the Council) represented by the Chairman of the Executive Board Maxim Andreevich Chereshnev, on the one hand, and Africa International Trade & Commerce Research Ltd (hereinafter: AITCRL) represented by Sand Mba Kalu the Executive Director, on the other hand, further denoted in the text as the “Parties”,
subject to the mutual aims and objectives,
emphasizing the importance of establishment of cooperation ties between business structures of the Russian Federation and Nigeria and other African countries,
reaffirming the need to long-term and mutually beneficial cooperation to realize joint economic, investment and other projects,
have agreed as follows:
Article I. Subject of the Memorandum
1.1. The Parties within the scope of their competence and according to the Russian and Nigeria/Africa law will interact in the following main areas:
· promotion of Russian business interests in Africa and African business in the Russian Federation;
· quarterly information exchange and information support to business entities activity;
· the Council and AITCRL undertake in priority order and as promptly as possible to response to the Parties’ requests.
Article II. Order of Interaction
2.1. The Parties build their relations on the basis of equality and mutually beneficial partnership, consulting, informational, legal support and assistance in realization of joint projects.
2.2. The Parties exchange information on issues of common interest, establish mutually beneficial relations with third parties and inform each other about results of such relations.
2.3. The Parties may establish joint bodies (working groups, expert council). Either Party may send her representatives for participation in events organized by the other Party ad idem.
2.4. The Parties provide mutual support in media coverage of their joint activity and activity each of them.
Article III. Liability
3.1. The Council is not liable for the obligations of AITCRL.
3.2. AITCRL is not liable for the obligations of the Council.
3.3. This Memorandum doesn’t impose any certain financial obligations on the Parties. Either Party will bear its own expenses during realization of this Memorandum, except as otherwise expressly provided in respective treaties.
Article IV. Confidentiality
4.1. The Parties cooperation within this Memorandum is free and complies with all the requirements oflegislation of the Russian Federation and Nigeria .
4.2. Any information delivered by the Parties to each other must be used exclusively for purposes which are defined in this Memorandum.
4.3. If information received on the basis of this Memorandum is considered to be confidential by one Party it should be the same for other Party.
4.4. Responsibility for disclosure of confidential information is delineated according to the laws in force of the Russian Federation and constitution of Nigeria.
Article V. Final Provisions
5.1. The present Memorandum is of unlimited duration and shall enter into force on the date of signature by both Parties.
5.2. Either Party may terminate this Memorandum unilaterally at any time by giving written notice to other Party no later than 1 month before its termination.
Article VI. Notification
Done on 18th, February,2016 in two copies in the English language.
MEMORANDUM of UNDERSTANDING
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For the Russian trade and
economic development council
M.A. Chereshnev,
Chairman
For: Africa International Trade & Commerce Research Ltd
Sand Mba Kalu
CEO/Executive Director
MEMORANDUM of UNDERSTANDING