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OFFER TO FIX THE AMOUNT AT THE OUTSET, IE TO AGREE WITH THE CONTRACTOR AT THE OUTSET THE SUM TO REPRESENT 15 PERCENT OF THE UK ELEMENT. THIS SUM WOULD REMAIN AVAILABLE FOR LOCAL COST FINANCING IRRESPECTIVE OF SUBSEQUENT EXCHANGE RATE MOVEMENTS.
5. YOUR PARAGRAPH 2(A) CONSULTANCY CONTRACTS. BUYER CREDIT FINANCE WILL RELATE TO WORK PERFORMED IN UK AND TO WORK PERFORMED IN HONG KONG BY PERSONS ORINARILY RESIDENT IN THE UK. FINANCE MUST BE PROVIDED FOR BENEFIT OF A UK PRINCIPAL AND MASS TRANSIT MUST ACCEPT OBLIGATION TO MAKE PAYMENT DIRECTLY TO THE UK PRINCIPAL. THIS MAY NOT PREVENT HONG KONG SUBSIDIARIES FROM SIGNING THE MAIN CONTRACT PROVIDED UK PRINCIPALS' RIGHTS ARE ADEQUATELY COVERED IN MAIN CONTRACT AND IN SUBCONTRACT BETWEEN PRINCIPAL AND SUBSIDIARY. WE WOULD MUCH PREFER DIRECT CONTRACT BETWEEN MASS TRANSIT AND UK PRINCIPAL, WE ARE DISCUSSING WITH LAZARDS. REGARDS: ROY HOLLOWAY.
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