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MONTSERRADOCOUNTY)
!

REPUBLIC OF LII}ERIA,I

INVESTMENT INCENTIVE CONTRACT

BETWEEN THE GOVERNMENT OX'TIIE REPUBLIC OF LIBERIA AND BUCIIANAN RENEWABLE ENERGIES *

successors-in-offi ce,,hereby;

THIS CONTRACT made and entered into this auy ot rQrtl e.O. 2008 by and between the covernment of the Repuutic ofTiGIu, ,.p..GfiGtiv *o tluough the Minister of Finance, Hon. Antoinette M. Sayeh and the Chairman of the National Investment Commission (NIC), Hon. Richard V. Tolbert (hereinafter referred to as..the "GoVERNMENT" and Buchahan Rcnewablc [nergics, a conrpany duly organized, registered and iucorporated under the Laws of the Republic of Liberia, represented by its Executive Vice President, Mr, Martin C.J. Greenwood, authorized in this respect, residing for th,: purposs of this Contract (hereinafter refered to as the "SPONSOR'), which term shall extend to and include its assigns, representatives and

TmSETH:.
WHEREAS, the- Legislature of the Republic of Liberia, desiring to promote and assist the industrial development of Liberia, passed on March 6, lg73 anlct adopting the Investment Incentive Code, vrhich Act was published by the Ministry of Foreign Aifains on February 28, 1975 (hereinafter hrown and referred to as the .(Investmentlncentive
Code");

WHEREAS, the Govr:rnment of Liberia, through the lvlinistry of Finance and the National Investment Cornmission, has cletermined that certain incentives enunreratecl irr the Investment Incentive code and the Revenue Code of Liberia (2000) should be
extended to the SPONSOR;

ii
l1

ll
i

lr

WHEREAS, the corn,:any knowu as Buchanan Renervable Energies, with rax Identification Number 2601073220792 located in Brichanan, Grand Blassa County, Liberia with an investment outlay of US$l50.Mitrlion is involved in the conversion of rubber trees into wood chips and environme4tally friendly non-fossil fuel for export;

ll

WHEREAS' Section i| (5) of the Investment Incentive Code provides that before incentives are granted, an lnvestment Incentive contract must be concluded by and between tlie Government and the Sponsor, (hereinaftei known and refened to as the ,,Parfies hercto);

,.g"il;i;;

Now TTIEREFORI, in consideration of the promises exchanged and the mutual covenants herein contrtined, it is agreed by and between t5e parties hereto as follows:
4.R'TICLB r-DEFTN

1)

meanings given ihese terms in the Investment Incentive Code.

unless *re .onir*t otherwise require, the terms *AppRovED INVESTMENT PRoJ[cr", "sPoNsoR" and .TINVESTMENT INCENTIVE coNTRAcr" when used herein shall have the respective
Investment

2) 3) 4) -

The term "This contract" shail incrude all parties of the

Incentive Contract;

The ternrs, t6Machiu crytt, ,,Equiprncntrr and.,spare partsrr shall refer only to machinery, equiprrent and spare parrs specified in ttris contract.

The term "El'fectiv< Date" shall mean the date on which this conrracr is signed by the SPOIISOR and the representatives of the Covernment of the Republic of Liberia; it being expressly understood and agreed by the parti",,dl]

y','\,

//
r4,g

l) )

i t',\

heretothattheresponsibiliryfbrboththehereincorrtairredattestatiorrand the National Investment approval sftaff UJ-rft" 'oit '"'pontibility of

Commission.

5)ThetermLawshall'includetheCo4stitutionoftheRepublicofLiberia'all Administraiive Regulations in force' statutes, op,n,on' oitft" Supt"tt'

WARRANTIES OF ARTICLE II.REPRESENTATJON AND that The Sponsor hereby represents and warrants
regisrered corporarion of Liberia and is duty authorization.
2)

1)

#Nil't";;;d d;ltffi activities require such qualification which the nature of il;;p"ty or
with section The sponsor has full;r and- tairly complied
uooe' Proccdurcs ofthe Investnlent Incentive

standing under the Laws of the Republic jurisdictions in ano"authorized to do business in all or

it is a duly organized

and

8'

Application

A.

Tax Benefits:
Tax.Laws of Liberia of General Application The Sponsor shall be subject to the with regards to the Approved Investment except for ,f," f"if"*ing';;;;pti""r
Project:

MachinerY and Equinment:

the rate of be exempted from impo^rt duties at The Approved Investment Prrlject shall Approved the on GS.T o.f paynrent ironr 100%o exemption I 0070 of the dutiable value andold rubber trees irrto wood of gq,,rp*"ni, ti.,". fo, Imoorts of Machinery *a "onu"rtion of this Contract' (3f years comure.ncing from the effective Date of this Execution the for required iehicles The Machinery una Aquii,i.Jni unJ ,p..iutited a part form to attached hereto I Apperidix in Contract and approved i;; 1,,j"; are listed

:ntil';il il#;ih;e
hereof.

1l
,1 i l I

2.

Canital Srrare Parts:

the exempt from 9"tt::d th; raie of 100% of The Approved Investment Project shall be Imports App,roved the on the pavment of GST dutiable value and l00i;';;;;tion itoln the machinery-and equipment for a period of for iJ"essary p-,r ,p*, capital of related Effective Date of this Contract' The spare three (3) calendar y"urr,ti**.n.-i-n#o1n the approved for import are listed in parts required for the.*rrut;on orinis contract and

Appendix I'

3..

IncentiveDeductions

TheApprovedlnvestmentProjectisherebygrantedlncentiveDeductionsinaccordance (2000). *irt ,tir'piouisions of SectiorriOq of the Revenue Code of Liberia

B,

Covenants

Thesponsor,inconsiderationofthecovenantsandagreementsoftheGovemment
hereby''covenants and agrees that:

l'ThesponsorshallemployandtrainLiberiannationalsinallskillsrequiredin shall establish

the rubuer"wo;

skilled positions' appropriate trairing facilities io qualify Liberians.for signing of this , of date the within twetve (rzinronths commencing fronr of tn/yl\ Chairman the to Cont'act, the Slnnsor shall prepare ani submit' ,!

;iri;,

indusrry. Furthermore, the sponsor

l.

,,i

'

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National Investment Commission, a schedule plan for increasing the total percentage of Lib,erian nationals to be employed by the Sponsor. The said
schedule plan, hereinafter referred to as the Liberianization Manpower Plan, is incorporated herein by reference and shall form an addendum to this Contract. A copy of said Liberianization Manpower Plan shall be submitted to the Minister of Labor.

- 2.

The Sponsor shal! submit to the Minister of Finance,a report in *rl form an audited Annual Financial Statement containing all infonnation required by Law in,accordance with the Revenue Code of Liberia (2000).

3.

The Sponsor shall subrnit a quarterly operational report. This report shall include information on the importation of items brought into the country
during said quarter listed in the appendix attached.

'

4,

Furthermore, the Sponsor shall submit an annual report of its operations to the Ministry of Finance, National Investment Commission and the Ministry of Agriculture at the end of each year along with that of Section 3, containir-rg such additional infbrmation required by the National Investment Cornmission, Min:stry of Finance, and Ministry of Agriculture which are
related to the operations ofthe Sponsor.

1l

ii
1' i

5. All reports submitted pursuant to the above

Section "21' and

"3" shall comply

ii

with generally acceptld accouirting procedures and principles, and shall-bl

subject to verification conducted by the Government agencies charged with such Audit responsibility. Furthermore, should it become necessary, the National Investment Conunission may order an independent firm acceptable to both the National Investment Commission and the Sponsor to carry out or conduct the independent audit.

6. No unauthorizcd

this Contract. Autholization for a sale or transfer may, for special situation(s), be requested liom the Chairman of the National Investment Commission. With respect to Section,"5" thereof, if sales or hansfers of
exempted artic[es are to be made to activities not directly related to the operations of the Sponsors, the Sponsors shall pay or cause to be paid such customs duties or other charges that would have been levied if any such article had not been exempted. This Contract sirall not be assigned to any . person, partnership, or corporation not specified in this Contact without prior r.l,ritten consent of the Covernrnent of Liberia.

use, such ns sale or transf"er to persons or entities or use for activities not dilectly related to the operations of the Sponsor shall be made of any Article of aoploved Investment Project imported under Article III of

ARTICI,D IV.- CANCIILLATION AND APPEAL

The National Investment Commission shall have the authority to cancel this Contract by prior written notice to the Spor,sols lbr any of the lbllowing reasons:

l.
2.

Proven misrepresentrtion, fraud, or other illegal acts on the part

Sponsor in obtaining the Contr.act. Proven misuse o,

of

the

ufur. ofany ofthe ihcentivbs granted herein.

3. Liquidation of the investment. 4. Failure to submit a report pursuani to Article III "B'Seciion

'

3, 4, and 5 of firis Contract within ninety (90)- days after receiving notice of default from the Government Minislry or Agencyconcemed.

]IUCTION AND

contrasr thi; ::y-":-t,,Til^?3i"f..':ti'j;,$ ot. tlrls contributes A).The A) The purposes. of. ilj "nrur" that the project t" ttr pj:i:-::--enr rrr sDolrsor PrvJwwr' Spotrsor he the u' assist shall be tia assist Contract Iri;;"'L! encourage and ri,tr"cl"it*i'trt^li This il: or r,iberia. Liberia. ;;* ;i economi:,9:L:,1?1""thp to pQs)rure as as mucn ;;tfil"*ible nqrrv out n,,r these purposes' our'oses. '"d'il" ;;;;;r that will-best carry
_

f),td:;1":":ffSffi'J:

interPreted and construe

l) "

wittr attO construed in accordance The Contract shall be govemgd pV o tit. f*t of the Republic of Liberia'
the c'ontinuatiol:f

2) If at any time dtring

ft*

contract there shall be any

questiono'ai'put"iuithrespecttotft"iontttuction'meaningoreffect of or in pil;iti;n trt"i"or' or arising out' of this the rights or obligationq with this Contract' o' tontt*ing """otli'""1;; connection trt"ir it referred (a) to a sole
hereuuder,

ri

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ii

arbitratortouese]ectedbythlpartiestheretoor(b)failingagreement days' t9 u'pul'tl of three ;ii;t; within.seven- (7) in selecting parti and the third to be Uy '*h arbitrators, one to be appointed ""tn decision of such sole appointed uv iit-i*o u'Uit'utoo 'o (as the case may ^"no'"n"rhe arbitrators three of arbitrator ," '?*"f""na "r".i"rirv shall be "'n;;;;r-" biniing ol th" Parties hereto and -"Jun'rr."1?,g be) shall Ut the including .luriroi"tion thereof,
enforceable in"'olry of tttt RePublic of Liberia'

'";;l;i;p;;'oi-qut'tion

"ourt,

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B) ln the

i"'eipt recommend to the Investment Co*tnittion shall NationJl "?ii of the duty-free privilege Minister of Finance fo' ""ptntion is initiated' g'unt"o^nJ'=i"''"iii to"tttive action

fairure (90) davs

;it""iJ#;;'. of notit"-t io so' the chairman of

a Cancellation Order'

c:'rse

of

proven violation

of any clause herein' and the ninetvirlti"rc .*r@iiu. action within the

C) Pettdency of a legal process shall stay

3)

to withhold the Investment Finance has the' authoritv of the Revenue Silt"r is in anv o'ou"tt default withheld until Incentives granted ht'"in'ii;il be 6""i*.t." fft" i'",iJi"es shall inform Code of Liberia o, tr." in*nii"r formallv im*toiately il;;i;rt of Flnuhce'strutt said default is cured". Til action' its of davs (5) working fi";
The MinistLy

of

the Narionat

rnu.r,,o.ni'L;finrili";';i,hi"

li ll

ARTICLEVI

li

,i,

A)NofailureordelayontlrepartoftlreGovernmentorthesponsortoexerciseanyright, pow:r, or privilege' nor shall a waiver of such right, oo*.r, or privilege, shall opei,rte as Government and the power, or.p;;;;; pi.ira.,tt. for herein' ihe exercise of any singre'right, provided privilege ,igrirc, p"ti.tJot from exercisi,r;;;;';;,ir; otir"i
sponsor

1)lfintheeventcfActsofGOD'sirikesorotherlabororindividual embargoes' or pLrblic enemy' war-s' rlots: sabotage'

li ii
: :

the disturbance, t"it whether listed the contrJl',of the Parties hereto, beyouo other occurrences under this contract a consequen., oi wtittt performance herein or not, as
becomes duties to Perform'

tf

'
2)

from the ir respective d'#ib; li5l;il; ;;;.;';h;jl' b. excused

1t l1

health and employ adequatemodern' The Sponsor shall install' tnaintain' training safety and p'!**i""' iincludingregular safety facilities, procedures, sd"aa'as*', tht;il;;y wlth ti" L"tt as instruction rbr its e'rployees) ";; the

and

industrY.

AO

VM

for This instrument contains the whole agreement the Parties hereto except 3) -'thos" No by reference' hereto incorporated beerr have purtr, whicir modification or va;:iation shall be valid except evidence by a subsequent
agreement in writing'

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request or other communications required by,-provided or relative-to All notice, -C;;ttu"t rl.tolf 6e in writing and shall be sufficiently served if personally ihi; delivered or

be considered as written Cables, telegrams erniils, faxes and telecopy shall communications, but lt'tter shall confirm those'
of the GOVERNMENT' TO: National investment Commission
In
case

ser-rt

by registered mail until otherwise changed by the Parties hereto'

i, it

' 1) '

12tl'Strcct, Sinl<or

Monroviir, Liberia Attention: Chairman

2) '
I

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In tl.re case of the SPonsor to: Buchanau Renervable Energies' Inc' Buchnnnn House, Tubinan Elvd'

Attcntion: Executive Vice President

contract as of the date and year IN WITNESS WHEREOF, the Parties ltave executed this first above written' IN THE PRESENCE OF:

i;;;;; d;*;,

Monrovia, Liberia

RIA

,i

MINISTER MINISTRY O[

R\ \\i

\': \

Hon. Richard V. Tolbert

CHAIRMAN COMMISSION INVtrSTMBNT NATIONAL

FOR: SPONSOR

Mr; Martin C.J. Greenwood OXECUTIVD VICE PRESIDENT OF LIBERIA

Attestbd

,tD cllr Philin A.Z. Ba4ks,III Banks.lll Cllr. PhiliP GENERAL, R.L. ATTOITNDY & JUSTTbE MINISTEf{ OT

q/'i'"' uy -il) e' A' H''t^

"

':mt|vl-r-'&ruslrcE

APPENDIX I LIST OF MACHINERY AND EQUIPMENT AND SPARE PARTS

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,d,1$

No:l
rl

ITEM

DESCRIPTION KOMATSU PC-140 KOMATSU PC-210 KOMATSU PC-340

QUANTITY
8

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2
J

EXCAVATOR EXCAVATOR EXCAVATOR EXCAVATOR BULL DOZER LOADINC SHOVEL LOADINC SI-IOVEL LOADING SI-IOVEL
DUMP TRUCI(S DUMP TRUCI(S TIRE MACHINE

l0
8

4 5
,p

I(OMATSU PC-450 I(OMATSU PX65 KOMATSU WA380 VOLVO LISO VOLVO L15O VOLVO 43O VOLVO A4O
MODEL 9OOO CAT DlO +
RIPPER PEGSON TRACK

10
15 8 8 8

t7
8

9
,10

I2
T2 8

1l l?
13

BULL DOZEIT
CRUSHER SCREEN

4
5 5

l4
i
1

FINTEC SCREEN

542

3wAY l5
HYDRAULIC ROCK
BREAKEI(S FIYRAULIC HAMMERS

t0

(35loNS AND 46
,IONS)
PETERSON 74OOA PETERSON 5OOOH

t6 l7 l8 t9
20
21

CHIPPER CHIPPER CHIPPER

VERMEER TGTOOO CAT 545 CAT 525B

6 6 6 9 10

SKIDDER SKIDDER

t)
?3 24 25

EXCAVATOR EXCAVATOR EXCAVATOR EXCAVATOR SKIDDI]R SKIDDEII

SKIDDEIT FELLER BUNCHER GRADER GRADER

C^T322BL cAT322C

t0
10

c^r320cL
C^T322LL cr\T545
CAT545

l0
10

l0
10

26
27 28

cA't5258
CAT573

t0
5

29 30

CATI2TI CATl4OG
CATD6R

3l
32.
33

BULL DOZEII BULL DOZEI{ DUMP'TRUCI(

TRACTOttS

t2 t2 l0

CATDTI{LPG
CATT3OS

l0 l0
t0

34 35

MASSAY-FEROUSON

6495
WATER SPRAYER WATEI( SPi(AYER
SPREADEIT

nlp
l2
t2
10

I.II SPEC25OO SLURRY

l'ANKEIT
36
I

II SPEC2OOO SLURRY
SPREADER

'I'ANI(EIT
37 38

lii\f lGEIl

MAINTANCB

EQUIPMENT

p\5

25

:,
Y::

39 I wecoNs AND TRATLERS I '; 40 I euses I rRnNsporATIoN FoR

60
6

wonrens
4
6

,,t, IFTJELTANKER
43

I
l5uwr

GENERATORS

J 6

+4
45

WELDINC MACHINES CULTIVATORS

FARM PLOUGHS CRANES AMBUT,ANCES CIRDLES AND GITAPPLES
PASTURE TOPPER

46
47 48 49

l0
IRON FAIRY CRANES

9 6
5

50

7
sPtrRE

5l

ASSoRTED

Captrel

PARTS FOR MACHINERY

AND EQUIPMENT
52 53

LIGHl'INC TOWERS
OFF ROAD VEI-IILCES
JEEPS

20

/vl

e-

18

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