After signing the contract, both parties shall apply to their respective government authorities for approval. The date of approval last obtained be taken as the date of effectiveness of the contract. Both parties shall exert their best efforts to obtain the approval within 60 days and inform the other party by telex and thereafter confirm the same by letter.Should the contract not come into force within 60 months after the date of signing the contract, the contract shall be binding neither to party A nor to party B.
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