THIS AGREEMENT is made the fifteenth day of December One thousand nine hundred and sixty-nine BETWEEN His Highness Sheikh Mohamed Al Sharqi The Ruler of Fujairah Trucial
States (hereinafter called "The Ruler") of the one part and Finbar Kenny of New York United States of America (hereinafter called "The Agency") of the other part
WHEREAS an agreement (known hereinafter as "the agreement") dated the fifteenth day of June One thousand nine hundred and sixty-four existed between the parties hereto
until the fourteenth day of June One thousand nine hundred and sixty-nine and an extension of that agreement (known hereinafter as "the extension agreement") dated the fourteenth day of June One thousand nine hundred and sixty-nine was entered into by both parties to continue until the fifteenth day of June One thousand nine hundred and seventy-one and whereas both parties wich to terminate said agreements under the following terms and conditions now therefore IT IS HEREBY ESTABLISHED AND AGREED
:-
- The Agency will pay to the Ruler the sum of QDR 125,000
together with the further sum of QDR 75,000 as set out
hereinafter in paragraph 2 making the total of QDR
200,000 on or before the thirty-first day of December One
thousand nine hundred and sixty-nine
- The Agency will pay to the Ruler the sum of QDR 375,000
less the sum of QDR 75,000 paid on the thirty-first day
of December One thousand nine hundred and sixty-nine and
will pay a further sum of QDR 150,000 as being the total
agreed sum to be due under the Extension Agreement and it
is hereby agreed that the above sums totalling QDR
450,000 will be paid by equal monthly instalments of QDR
37,500 to be paid on the last day of each calendar month
commencing on the thirty-first day of January One
thousand nine hundred and seventy and ending on the
thirty-first day of December One thousand nine hundred
and seventy
- In consideration of the payment of the above sums and the
mutual covenants herein :-
- The parties hereto renounce all claims which may
exist at present or in the future under "the
Agreement" and "the Extension
Agreement" except as stated in this
Agreement
- The Ruler and the Agency mutually agree that the
Extension Agreement will be revoked with effect
from the thirtieth day of June One thousand nine
hundred and seventy with no further claims
against either party except as stated under
paragraphs 1 and 2 of this Agreement and save and
except as hereinafter provided
- The Agency by the first day of March One thousand
nine hundred and seventy will submit proposals
for the new Agreement to become effective as from
the first day of July One thousand nine hundred
and seventy and the Ruler hereby undertakes not
unreasonably to withhold his agreement to terms
of such proposals
- The Agency will continue to have the exclusive
right to produce and sell stamps and operate
postal services in accordance with the terms set
out in paragraphs 3, 4, 5, 6, and 7 of the
Agreement which are deemed to be incorporated
herein
- An inventory of the existing stamps in storage at the
Branch of the British Bank of the Middle East in Dubai
shall be taken by the thirty-first day of January One
thousand nine hundred and seventy and the title of the
stamps listed in the inventory shall remain with the
Agency provided that the Agency shall not be in breach of
the terms of this Agreement
- All disputes, differences, and questions whatseoever
which may at any time hereafter arise between the parties
hereto or their representatives or assigns or any of them
out of construction of and concerning anything contained
in or arising out of this Agreement shall be referred to
a single arbitrator in accordance with the provisions of
the Arbitration Act, 1950 or any statutory modification
or re-enactment thereof for the time being in force
- Both the ruler and the Agency hereby acknowledge their
full satisfaction that their agreements of the fifteenth
day of June One thousand nine hundred and sixty-four and
the fourteenth day of June One thousand nine hundred and
sixty-nine are terminated excepting the terms
hereinbefore set out and release and forever discharge
each other, their heirs, successors and assigns from all
manners of actions, causes of actions, suits, debts,
dues, sums of money, accounting, accounts reckoning,
covenants, contracts, controversies, agreements,
promises, damages, judgments, executions, claims, and
demands whatsoever in law and in equity
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