Page 100 - The Persian Gulf Historical Summaries (1907-1953) Vol III

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limited for his designation, to agree upon a referee, such referee may be designated,
at the request of either arbitrator, by the President of the Permanent Court of
International Justice. The arbitrators and the referee, or if only one arbitrator
be designated, such arbitrator, shall be deemed to constitute the Board of Arbitra­
tion within the meaning of this Article. The Board of Arbitration may hold
hearings and call for the production of witnesses and other evidence. In the
event of wilful failure of either party to produce any witness or other evidence
called for by the Board of Arbitration, the Board of Arbitration may render its
decision with respect to the matter in dispute in favor of the other party. Hearings
and other meetings of the Board of Arbitration shall be held at such times and
places as may be agreed upon between the arbitrators, or, in the absence of such
agreement, as may be designated by the referee. Such hearings and meetings shall
not be open to the public, unless the parties hereto otherwise agree. The decision
of the Board of Arbitration shall be secret and confidential, shall be signed by the
members of such Board concurring therein, shall be communicated by them in
writing to both parties and shall be final, conclusive and binding upon both
parties. Failure to comply with any such decision, order or direction of the
Board of Arbitration shall be deemed to constitute a default hereunder. Such
decision shall direct the action to be taken by a defaulting party in respect of
any default found by the Board to have occurred and shall specify a reasonable
time within which compliance therewith must be effected. In the event of the
death, disability or other incapacity or failure to serve or to continue to serve on
the part of any arbitrator hereunder, the party designating such arbitrator shall
have a period of thirty (30) days, from the time when the other arbitrator shall
give notice in writing to such party of the occurrence of such event, in which to
designate in writing a successor to such arbitrator. In the event that a referee
shall for any reason cease to serve as such prior to the rendition of the decision of
the Board of Arbitration, a successor referee shall be designated in the manner
hereinabove prescribed for the designation of a referee. The expenses of any
arbitration hereunder shall be borne equally by the parties hereto, unless the Board
of Arbitration shall otherwise provide in its decision.

Article 46
The Company may abandon and relinquish its rights hereunder by notifying
the Government in writing of its election so to abandon and relinquish such rights
not less than six months prior to the date fixed in such notice for such abandonment
and relinquishment; provided, however, that if the date so fixed for such abandon­
ment and relinquishment shall be a date earlier than two years after the signing
of this agreement, the payment by the Company of the amount of the minimum
royalty payable by it pursuant to Article 6 hereof, to and including the minimum
royalty payable two years from the date hereof, in advance, in respect of the third
year's operations hereunder, shall be a condition precedent to the exercise by the
Company of such right of abandonment and relinquishment. At any rate the
aggregate amount of such annual minimum royalties payable hereunder shall not
be less than Three million ($3,000,000) dollars. From and after the date fixed in
such notice the Company shall have no further rights or interest hereunder and
shall be deemed to have forfeited any and all payments theretofore made by it
hereunder; provided, however, that no further liability shall attach to the Company
under or by reason of this agreement, except in respect of obligations which shall
have accrued to the effective date of such abandonment and relinquishment.

Article 47
This agreement and the rights and obligations of the parties hereunder shall
endure for a period of sixty (60) years from the date of the signing hereof unless
sooner terminated:
(a) by agreement of the parties;
(b) by default as provided in Article 43 hereof; or
(c) by the election of the Company to abandon and relinquish its rights here­
under as provided in Article 46 hereof.
Upon any such termination, the right of either party to a final settlement of
accounts hereunder shall survive.
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