| 1.
| A new system of conducting negotiations is proposed whereby each Party will take it in turn to chair the meeting.
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| 2.
| Any other financial schemes of the project different to those defined in Clause 2.1, 2.2 will be a subject for additional negotiations.
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| 3.
| As a result of technical negotiations the Parties have completed basic technical reviews as well as determined requirements for the project as per the draft of Contract No. 68.
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| 4.
| As a result of the price negotiations ZAO Romashka has defined its position concerning the total price of the project.
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| 5.
| During negotiations the Parties summarized the results of activity on the project and reached the following agreements.
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| 6.
| Everyone agreed unanimously on the idea that all the members of the negotiations express their satisfaction with the format of the reports presented.
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| 7.
| It is agreed that the Parties will hold a meeting in Moscow to finalize the contract negotiations.
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| 8.
| Notwithstanding the divergence in the Parties positions in respect to the price, they have agreed to take positive efforts in making their positions closer in order to achieve a mutually acceptable price.
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| 9.
| ROSEXPORT prolongs the validity of its financial offer till February 25, 20__.
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| 10.
| TELECOM CO. of India, incorporated in India and ROSEXPORT incorporated in the Russian Federation have decided to conclude Contract No. 69.
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| 11.
| The basis for technical aspects reports was pre-design phase documentation delivered under Contract No. 68.
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| 12.
| The Contract shall be fulfilled completely and in accordance with the conditions agreed upon therein and the parties undertake to do their utmost to that effect.
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| 13.
| The Parties will refrain from any action that may hinder the proper fulfilment of the contract.
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| 14.
| The Parties have discussed in detail all technical issues raised by the experts of ZAO Romashka.
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| 15.
| The parties recognize that the proper fulfilment of the Contract and the satisfactory operation of the equipment during its lifetime, also depends on the proper training of personnel.
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| 16.
| The Parties shall grant the companies all licences, or other authorizations that may be required for meeting their obligations under the Contract.
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| 17.
| The Parties shall provide assistance to the companies that may be required for the proper fulfilment of their obligations under the Contract in strict compliance with the delivery and payment schedules.
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| 18.
| The Parties undertake to remove any obstacles to the proper fulfilment of the contract.
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| 19.
| These Minutes of Meeting are drawn up pursuant to the visit of representatives of Business Ltd. to Moscow and meetings held with ZAO Romashka.
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| 20.
| This price can be achieved by granting a discount off the total project price.
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| 21.
| Without coming to any agreement on Point 8 on the agenda the negotiations were adjourned till further meetings between the Parties.
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