(1) If the proposal submitted according to sub-rule (11) of Rule 14 is received by the Government of Nepal, within five days, the authority shall give notice to the selected proposer to come to the project agreement within fifteen days along with the guarantee as per Rule 16.
(2) If the selected proposer comes to enter into a project agreement within the period as per sub-rule (1), the executive director shall enter into a project agreement with the proposer within ninety days.
(3) In addition to other things, the following things should be disclosed in the project agreement made according to sub-rule (2):-
(a) Names and addresses of the parties to the agreement, telephone numbers, fax numbers and contact persons for the implementation of the project agreement,
(b) Project execution schedule,
(c) Nepal government and private sector investment share and profit sharing,
(d) Details of the amount to be invested by the parties to the project agreement and the period to be invested,
(e) The infrastructure and facilities in the special economic zone and their management (f) In case of infrastructure development by private sector on the land provided by Nepal Government, the process of such project
(g) If the management and operation of the special economic zone constructed by the government is to be done by the private sector, the conditions of such operation (h) Dispute Resolution Mechanism,
(i) The conditions under which the project contract may be canceled and the management of liabilities arising thereafter,
(j) The duration of the project agreement and whether such duration can be extended or not.
(4) The duration of the project agreement shall not be extended to a maximum of thirty years and shall be as mentioned in the same agreement.
(5) Even after the expiry of the period as per sub-rule (4), if the private party of the project contract wishes to extend the period of the contract, he may submit an application to the authority explaining the basis and reason thereof.
(6) Upon examining the application received as per sub-rule (5), if it is deemed appropriate to extend the duration of the project agreement, the authority may recommend to the ministry the grounds and reasons thereof.
(7) If the recommendation received according to sub-rule (6) is deemed appropriate, the Ministry will submit a proposal to the Government of Nepal for approval to extend the duration of the project agreement up to ten years.