Plantations SOCFINAF Ghana Limited shall be SOCFINAF SA's representative in Ghana and shall oversee the development of the premises in accordance with the business plan.
SOCFINAF S.A. is the "buyer" of the rights in the property.
Plantations SOCFINAF Ghana Limited is a subsidiary of SOCFINAF SA.
Subri Industrial Plantation Limited is, alongside the government's Divestiture Implementation Committee, the "seller" of the rights in the property.
SOCFINAF is purchasing the asset to develop it into a rubber and oil palm plantation. Article 6.1 contains provisions regarding the proceeds from the gmelina plantation. A licensed logger certified by the Forestry Commission may also harvest the gmelina plantation.
The government, Subri Industrial Plantation Limited, SOCFINAF SA, and Plantations SOCFINAF Ghana Limited recognize and agree that subject to Forestry Commission rules and regulations, the gmelina plantation on the premises shall only be harvested by a licensed logger appointed by the Forestry Commission. The premises is sold subject to rules that include the Environmental Protection Agency Act and all other legislative and executive instruments relating to the protection of forest lands and the environment and also the development of forest resources.
The government, Subri Industrial Plantation Limited, SOCFINAF SA, and Plantations SOCFINAF Ghana Limited agree that the proceed from any harvested gmelina trees from the plantation shall be equitably shared and apportioned as follows Forestry Commision - 10%; Royalty 6%; SOCFINAF SA - 20%; The government and Subri Industrial Plantation Limited combined - 49%; Logger (presumably the licensed logger appointed by the Forestry Commision, mentioned in Art 6.1(a)) - 15%. Each party shall pay its own costs and expenses incurred in the preparation, execution and carrying into effect of this agreement. SOCFINAF will pay all applicable stamp and transfer duties and registration fees.
It is understood by the government, Subri Industrial Plantation Limited, SOCFINAF SA, and Plantations SOCFINAF Ghana Limited that SOCFINAF is buying the rights in the property to develop it into a rubber and oil palm plantation and to provide local employment, among other things
The rights of Subri Industrial Plantation ("the Sellers") shall be delivered to SOCFINAF upon completion, it being acknowledged that the Sellers have granted right of entry to SOCFINAF since December 2012 and SOCFINAF has since been in possession of the Sellers' interest in the property and made improvements to it.
SOCFINAF ensures that it shall use the asset only in accordance with the proposals and its business plan for the development of the premises into a rubber and oil palm plantation and all relevant law of Ghana.
In the event of any dispute arising in connection with the contract, the government, Subri Industrial Plantation Limited, SOCFINAF SA, and Plantations SOCFINAF Ghana Limited shall first attempt to settle it amicably, including any question regarding the contract's existence, validity or termination. If no amicable settlement is reached within 60 working days after the dispute first arose, it shall be deferred to and finally resolved by arbitration under the LCIA-MIAC arbitration rules. In that case, there shall be three arbitrators; the seat or legal place of arbitration shall be Mauritius; and the language to be used in the arbitration shall be English.
The contract shall be binding upon, and inure to the benefit of, the personal and legal representatives, successors and and any assignees of the government and/or SOCFINAF.
Subri Industrial Plantation (the "Sellers") reserves the right to re-enter the premises and repossess any part of the asset if becomes evident that the buyer is unable to or has defaulted on or is in breach of the terms and conditions of this contract. The right of re-entry shall subject to clause 11.16 (not included in the current version of the contract).
The agreement shall be governed by and construed in all respects in accordance with the laws of the Republic of Ghana. The premises are sold subject to all laws and policies of the Republic of Ghana, including the Concessions Act 1962, the Forest Ordinance of 1927, the Forestry Commission Act and Wildlife Policy of 1994, the Environmental Protection Agency Act and all other legislative and executive instruments relating to the protection of forest lands and the environment and also the development of forest resources.