中华人民共和国中外合资经营企业法（修正本） LAW OF THE PEOPLES REPUBLIC OF CHINA ON CHINESE-FOREIGN EQUITY JOINT VENTURES

ile an application for the purpose with the examination and approval authorities six months before its expiration. The examination and approval authorities shall， within one month after receipt of the application， decide on its approval or disapproval.

　　Article 13 In case of heavy losses， failure of a party to perform its obligations under the contract and the articles of association， or force majeure etc.， the parties to the joint venture may terminate the contract through their consultation and agreement， subject to approval by the examination and approval authorities and to registration with the state's competent department in charge of industry and commerce administration. In cases of losses caused by a breach of contract， the financial responsibility shall be borne by the party that has breached the contract.

　　Article 14 Disputes arising between the parties to an equity joint venture which the board of directors has failed to settle through consultation may be settled through mediation or arbitration by an arbitration agency of China or through arbitration by another arbitration agency agreed upon by the parties.

　　Article 15 This Law shall enter into force as of the date of promulgation. The power to amend this Law is vested in the National People's Congress

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