Page:Treaties of India 2018.pdf/31

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After completion and commissioning of the project and with PRMC's approval, contractors/consultants shall hand over the project and all other asset created under the project to BPC and NRL. The PRMC shall cease to exist after handing over the project to BPC and NRL.

ARTICLE-XI

BPC and NRL will be owner of the pipeline in their respective country. Both NRL and BPC shall bear all costs with regards to Maintenance/Insurance/Security, etc., for respective sections of the IBFPL in India and Bangladesh. Operation of the pipeline shall be done through a Standard Operating Procedure to be finalized between NRL and BPC. Assets created by the Project in the territory of Bangladesh shall be vested in Bangladesh Petroleum Corporation (BPC) after the completion of the Project. The running and maintenance of the pipeline will be done in collaboration between NRL and BPC.

ARTICLE- XII

Any differences regarding the interpretation or application of any provision of this MOU shall be resolved amicably through consultations and negotiations between the Parties.

ARTICLE-XIII

This MOU may be amended or modified by mutual written consent of the Parties.

ARTICLE-XIV

MEA, GOI will release the funds to NRL as per an agreed payment schedule. NRL will release the payments to the concern Engineering, Procurement and Construction Management (EPCM) Consultant.

ARTICLE-XV

Laws of Bangladesh shall apply to that part of the Project which is executed within the territory of Bangladesh.

ARTICLE- XVI The MOU shall come into force from the date of its signature and shall remain in force till the completion and commissioning of the Project.

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