Introduction

These Terms and Conditions (“Agreement”) govern the terms of the Saramacca Canal System Rehabilitation Project (the “Project”) implemented by the Government of Suriname (GoS) and financed by the International Bank for Reconstruction and Development (World Bank). By participating in or benefiting from the Project, you agree to comply with and be bound by these Terms and Conditions.

Project Financing

The Project is financed by the International Bank for Reconstruction and Development (World Bank) in the amount of US$35 million. The funds provided by the World Bank are subject to the terms and conditions set forth in the financing agreement between the World Bank and the Government of Suriname (GoS).

Project Scope

The objective of the Saramacca Canal System Rehabilitation Project is to improve and rehabilitate the canal system in Suriname. The Government of Suriname (GoS) will oversee the implementation of the Project, ensuring its successful execution in accordance with the agreed-upon plans and specifications.

Compliance with Laws and Regulations

All activities related to the Project must comply with the laws, regulations, and standards of Suriname and any other relevant international laws or agreements. The Government of Suriname (GoS) reserves the right to take appropriate action, including legal measures, against any party found to be in violation of these requirements.

Intellectual Property

Any intellectual property rights associated with the Project, including but not limited to patents, copyrights, and trademarks, shall remain the property of their respective owners. No party shall infringe upon or use the intellectual property rights without obtaining the necessary permissions or licenses from the rightful owners.

Confidentiality

All information provided by the Government of Suriname (GoS) or the World Bank regarding the Project, including financial data, technical specifications, and project plans, shall be treated as confidential. Parties involved in the Project shall maintain the confidentiality of such information and shall not disclose it to any third party without prior written consent.

Termination

The Government of Suriname (GoS) reserves the right to terminate the Project at any time for reasons such as non-compliance with the terms of this Agreement, failure to achieve the desired objectives, or any other justifiable cause. In the event of termination, the Government of Suriname (GoS) and the World Bank shall have no further obligations or liabilities towards the party/parties involved in the Project.

Dispute Resolution

Any disputes arising out of or in connection with this Agreement shall be resolved amicably through negotiations between the parties. If a resolution cannot be reached, the dispute shall be referred to mediation or arbitration in accordance with the applicable laws of Suriname.

Limitation of Liability

The Government of Suriname (GoS) and the World Bank shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising out of or in connection with the Project, including but not limited to financial losses, business disruptions, or personal injuries.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of Suriname. Any legal action or proceedings arising out of or in connection with this Agreement shall be brought exclusively in the competent courts of Suriname.

By participating in the Saramacca Canal System Rehabilitation Project, you acknowledge that you have read, understood, and agreed to be bound by these Terms and Conditions.