In pursuit to strengthen business relations and develop reciprocal cooperation, the KOUGA AND RURAL BUSINESS DEVELOPMENT CHAMBER (KRBDC) and the KOUGA BUSINESS FORUM (hereinafter defined to as the Parties), concluded the following Memorandum of Understanding.
The purpose of this MOU is to establish a practical framework for the development of stronger business relations between the two Parties, and to set forth the procedures of cooperation, which can enhance the implementation of reciprocal economic objectives.
The Parties shall encourage, promote and facilitate economic cooperation among their business communities to the mutual interest of both entities.
The Parties shall coordinate to establish and expand a business network which facilitates the circulation of business opportunities available to both entities among the members of the two Parties.
The Parties shall encourage the flow of reciprocal economic information and ensure making them accessible for the member of both parties to facilitate trade contracts and activate joint projects.
Each Party assist the other in organizing or participating in trade fairs, exhibitions, conferences, seminars and other similar activities held by and/or for both Parties
The Parties shall do their best to eliminate any obstacles that may hinder growth of trade and business, by identifying the barriers and finding the suitable solutions.
Each Party shall support solving the complaints that may arise as a result of the business transactions between the two Parties, and help settling commercial disputes by mediation, conciliation or arbitration. In this regard, business people from both entities will be advised to incorporate conciliation/arbitration in their business contracts.
The Parties shall support and encourage the exchange of technical expertise know-how and training opportunities between their respective members.
Unless otherwise agreed, each Party shall bear the costs and expenses for its participation in activities under this Memorandum. The capacity of each party to carry out activities under memorandum shall be subject to the availability of funds, personnel and other resources.
For the purpose of implementing this MOU the two Parties shall jointly review the provisions from time to time, taking into consideration the new matters that may necessitate introducing new articles or amending the existing ones. This memorandum may be amended at any time subject to the Parties agreement.
This Memorandum of Understanding shall come into effect upon signature by the Parties, and shall remain in effect until both, or either Party request its termination by a letter addressed to the other. The Memorandum may be terminated at any time after consultations among the Parties.