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Showing contexts for: Amendment Mode in Abl International Ltd. & Anr vs Export Credit Guarantee Corportion Of ... on 18 December, 2003Matching Fragments
The above payment will be guaranteed by the Ministry of Foreign Economic Relations of Kazakhstan."
If we read the original Clause 6 and the addendum together, it is crystal clear that for some reason or the other the parties agreed to amend original Clause 6 by the addendum which amendment brought about a significant change in the mode of payment of consideration. In the original Clause 6, it is seen that the Kazak Corporation agreed to pay for the delivered tea by barter of goods. This sole mode of consideration came to be altered by the addendum by which parties agreed if the payment of consideration by barter of goods cannot be finalised for any reason, the buyer that is the Kazak Corporation agreed to make the said payment in US $ within the stipulated period of 120 days of the delivery by the exporter. This addendum replaced the original clause (6) and from the language of the addendum it is clear that the amended clause (6) became an integral part of the original contract in the place of the original clause (6). The language of addendum clearly shows that the payment of consideration by barter supply of goods was no more the sole mode of consideration and if for any reason whatsoever such payment by barter did not materialise between the parties then the payment had to be made in cash in US $. In our opinion, there can be no two possible interpretations as to the meaning of this amending clause (addendum). This was also the understanding of the Kazakhstan Corporation which is established by the fact that after the failure of barter it did pay a part of consideration in US$, this is also the understanding of the Government of Kazakhstan which guaranteed the payment of such consideration which is evident from the letter of the Ministry of Foreign Economic Relations of the Republic of Kazakhstan dated 18th March, 1994. In the said letter the said Government while admitting the default in payment of consideration in clear terms stated: