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Agreement Between The Government of the republic of latvia And The Government of the republic of Lithuania On the settlement of the debt to the republic of latvia For the maintenance of the embassy of the republic of Lithuania in Washington
The Government of the Republic of Lithuania and the Government of the Republic of Latvia (hereinafter referred to as the "Contracting Parties"),
Desiring to strengthen and develop friendly relations between the two States and their nations,
Stressing the continuity of their States,
Recognising that the funds of the Republic of Latvia were used for the maintenance of the Embassy of the Republic of Lithuania in Washington during the period of 1981 - 1991,
Have agreed as follows:
Article 1
Declarations of the Contracting Parties
1. The Government of the Republic of Lithuania recognises the debt to the Republic of Latvia for the maintenance of the Embassy of the Republic of Lithuania in Washington from the funds of the Republic of Latvia during the period between 1981 and 1991 (hereinafter referred to as the "Debt") and undertakes to settle the Debt in accordance with the procedure laid down in Article 3 of the present Agreement.
2. The Government of the Republic of Latvia irrevocably acknowledges the following:
a) the Republic of Lithuania has no other commitments to the Republic of Latvia related to the maintenance of the Embassy of the Republic of Lithuania in Washington during the period between 1981 and 1991 than the ones referred to in this Agreement;
b) after the Government of the Republic of Lithuania fulfils the commitments set out in paragraph 3 of Article 3 of this Agreement, the Debt to the Republic of Latvia shall be considered as fully repaid and the Republic of Latvia will have no claims against the Republic of Lithuania concerning the maintenance of the Embassy of the Republic of Lithuania in Washington during the period between 1981 and 1991; and
c) there are no claims of third parties to the funds of the Republic of Latvia used for the maintenance of the Embassy of the Republic of Lithuania in Washington during the period between 1981 and 1991, and if such claims appear, all related risk and/or responsibility shall rest with the Republic of Latvia.
Article 2
Amount of debt
1. The Contracting Parties agree that the amount of the Debt of the Republic of Lithuania to be repaid to the Republic of Latvia shall be equivalent to the amount of funds received from the Republic of Latvia for the maintenance of the Embassy in Washington during the period between 1981 and 1991, which totals to 1, 523, 000.00 (one million five hundred and twenty three thousand) dollars of the United States of America.
2. The amount to be repaid to the Republic of Latvia, as stated in paragraph 1 of this Article, shall not be subject to indexation and shall be interest-free.
Article 3
Repayment of debt
1. The Republic of Lithuania shall repay the Debt to the Republic of Latvia in two equal instalments constituting a total of 1, 523, 000.00 (one million five hundred and twenty three thousand) dollars of the United States of America transferred to a bank account.
2. The Government of the Republic of Latvia shall communicate the details of the bank account and other information necessary for the transfer, to the Government of the Republic of Lithuania through diplomatic channels.
3. The Government of the Republic of Lithuania undertakes to transfer the amount stated in Paragraph 1 of this Article to the Government of the Republic of Latvia within one year from the entry into force of this Agreement but not later than the 31st December 2005.
4. Upon refunding the amount referred to in Paragraph 1 of this Article to the Government of the Republic of Latvia, the Government of the Republic of Lithuania shall cover expenses related to the transfer of the said amount and no other.
Article 4
Other commitments
The provisions of this Agreement shall not affect other international legal commitments undertaken by the Contracting Parties.
Article 5
Amendments
1. The provisions of this Agreement may be amended and supplemented by written agreement of the Contracting Parties.
2. Amendments to this Agreement shall enter into force following the procedure laid down in Article 6 of this Agreement.
Article 6
Entry into force
This Agreement shall enter into force on the day following the date on which the Parties exchange the notes informing each other through diplomatic channels that the constitutional or internal requirements for the entry into force of this Agreement have been met.
Done at Riga on the 15th February 2005 in two copies in the Lithuanian, Latvian and English languages, all texts being equally authentic. In case of divergences in interpretation and application, the English text shall prevail.
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FOR THE GOVERNMENT OF THE REPUBLIC OF LATVIA |
FOR THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA |
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