BHP Billiton shall take preventive, corrective and/or restorative measures to ensure that all streams and water bodies within or bordering Liberia, all dry land surfaces, and the atmosphere be protected from pollution, contamination or damage resulting from the operations.
from the Effective Date (as defined in Art. 26) and shall expire at the earlier of (a) such time as BHP Billiton shall have completed exploration activities and resource evaluation, or (b) 3 years after the Effective Date, with an extension of 2 years at the option of BHP Billiton plus any period of renewal to which the Government may agree
BHP Billiton shall cause its books of account to be audited within 3 months (or such longer time as may be approved) after the close of each fiscal year by an internationally recognized independent auditor. A copy of the annual financial statement duly certified by the auditor shall be submitted to the Government within 20 days after BHP Billiton receives the same.
The Government may audit BHP Billiton's books at its expense, and shall provide BHP Billiton with a copy of its audit within 45 days of receipt. Once either the Government or BHP Billiton has audited any book of account, the audited financial statement shall be considered acceptable and the audit results binding and conclusive, unless one party indicates to the contrary within 90 days after its receipt of the a copy of the audited financial statement.
BHP Billiton shall be subject to Liberian Income Tax Law of General Application. BHP Billiton shall be subject to the applicable tax rate to taxable income of 30%, regardless the rates provided in the Tax Law.
BHP Billiton shall encourage economic and social development during the term of its operation and shall provide for meetings on a regular basis between its representatives and local communities for the purpose of considering and making recommendations to both BHP Billiton and the Government with respect to matters of community interest, such that it shall not hinder BHP Billiton's work
BHP Billiton shall not employ foreign unskilled labor, and to the maximum extent feasible, shall employ Liberian citizens at all levels.
BHP Billiton shall provide on a continuing basis for the training of its Liberian employees to qualify them for skilled, technical administrative and managerial positions.
At least 2 professionals from the Ministry shall be seconded to BHP Billiton's operations at its expense, provided that BHP Billiton shall be entitled to utilize these 2 professionals at other operations in Liberia at its discretion.
Etude d'impact sur les incidences sociales/sur les droits de l'homme et plan de gestion
The parties recognize that operations may result in some pollution, contamination, or other environmental damage to land, water, and the atmosphere. Hence, BHP Billiton shall submit to the Minister at the commencement of exploration and production an environmental impact statement, which shall show the adverse effects the operations will have on the environment and review plans to mitigate such effects.
Government reserves the right, on reasonable notice to and after consultation with BHP Billiton, to construct roads, highways, railroads, telegraph and telephone lines and other lines of communication within the exploration area. Government warrants that it shall not exercise this right if it will hinder the development of the operations and activities.
BHP Billiton shall, at its own cost, undertake the construction, installation and improvement of all or any part of infrastructure, and shall maintain and operate the same in a reasonably good manner.
BHP Billiton shall have the right to remove, extract and use, solely for its own exploration purpose, free of tax or other charge or fee, any water, provided that where any land, village, house, person, or watering places for animals have been supplied water by right through custom, BHP Billiton shall not deprive them of a constant and reasonable supply of usable water. BHP Billiton shall not, without the Government's consent, interfere with any water rights enjoyed by anyone under any agreement with the Government.
BHP Billiton shall expend not less that USD1.00 per acre during each calendar year as exploration costs (defined as costs that comprise all of BHP Billiton's managerial and corporate costs related to exploration)
Any dispute arising out of, in relation to or in connection with the Agreement or its formation, validity, interpretation, performance, termination, enforceability, or breach, shall be exclusively and finally settled by binding arbitration pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (opened for signature at Washington, DC on March 18, 1965) in accordance with the rules of the International Centre for Settlement of Investment Disputes (the ""ICSID"") in effect on effective date.
Should such rules conflict with the Agreement, then the Agreement shall prevail.
Either party may institute arbitration proceedings by giving notice to the other party and to the Secretary General of the ICSID, with a statement of the issues of the dispute.
The arbitral tribunal shall consist of 1 arbitrator to be appointed by the Government, 1 to be appointed by BHP Billiton, and 1 to be appointed by ICSID, who shall be a citizen neither of Liberia, United States, or British Columbia, Canada, and who shall be the president of the tribunal. No arbitrator shall have an interest in the dispute.
At the request of a party, any matter otherwise subject to arbitration shall be referred for resolution to a single referee to be appointed by the Secretary-General of the ICSID (or any of its successors), except for disputes arising out of Arts. 3, 4, 5, 6, 20, 21, or 23 of the Agreement, unless the parties jointly agree that such dispute is not material. In such an event, it may be referred to the referee at the option of either party.
The arbitration shall be held in Washington, DC or such other place as the parties may agree and shall be conducted in English. Costs of the proceedings shall be assessed and borne in such manner as the arbitral tribunal shall decide, and procedural rules that cannot be determined under the arbitral rules of ICSID shall be determined pursuant to applicable law.
The arbitrators shall, by majority vote, render a written decision stating the reasons for their award within 3 months after the hearing has been conducted.
The Government shall treat all information supplied by BHP Billiton as confidential and shall not reveal such information to a third party without BHP Billiton's prior written consent, which consent shall not be unreasonably withheld.