discontinuation of buy-back transactions, will not affect contracts signed prior to the said decisions.
To what extent can the conditions included in contracts be altered ?
Any amendment, change or renewal of a buy-back contract mutually agreed upon by both parties, is permitted When endorsed by the managing bank.
How are disputes between parties to a buy-back transaction settled ?
Parties to a buy-back transaction may refer to Iranian courts of law and the relevant authorities to settle disputes and claims arising from contracts . if necessary , the can resort to courts of law in other countries .
Which authority is charged with supervising the execution of buy-back transactions ?
In order to expedite the execution of buy-back contracts, and alleviate problems resulting from this process, a board has been established consisting of deputy ministers of the Ministry of Economic Affairs and Finance, Ministry of Commerce, the Plan and Budget Organization, the Central Bank of Iran, the relevant ministry, of Commerce, the Plan and budget Organization, the Central Bank of Iran, the relevant ministry, a representative of the managing bank and the Iran Chamber of Commerce, industries and mines. The said board is the highest authority charged with supervising buy-back transactions and making decisions which are binding for all legal persons and natural entities. The Board is chaired by the Deputy Minister of Economic Affairs and Finance in charge of banking and insurance . The managing bank is bound to send a copy of all the final contracts to bard and provide it monthly progress reports on all buy-back contracts.