https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Argentina %28English and Spanish Translation%29.pdf
If (i) Buyer is in default of
performance of its obligations towards Seller and fails to
provide adequate assurance of Buyer’s performance before the
date of scheduled delivery; or (ii) if Seller has reasonable
doubts with respect to Buyer’s performance of its obligations
and Buyer fails to provide to Seller adequate assurance of
Buyer’s performance before the date of scheduled delivery and
in any case within thirty (30) days of Seller’s demand for such
assurance; or (iii) if Buyer becomes insolvent or unable to pay
its debts as they mature, or goes into liquidation or any
bankruptcy proceeding shall be instituted by or against Buyer
or if a trustee or receiver or administrator is appointed for all
or a substantial part of the assets of Buyer or if Buyer makes
any assignment for the benefit of its creditors; or (iv) in case
of non-compliance of Buyer with any law, statute ordinance,
regulation, code or standard (“Laws and Standards”), then
Seller may by notice in writing to Buyer, without prejudice to
any of its other rights: (a) demand return and take repossession
of any delivered Products which have not been paid for and all
costs relating to the recovery of the Products shall be for the
account of Buyer; and/or (b) suspend its performance or
terminate its order confirmation for pending delivery of
Products unless Buyer makes such payment for Products on a
cash in advance basis or provides adequate assurance of such
payment for Products to Seller.
Buyer expressly warrants that employees, agents and
subcontractors of Buyer shall not directly or indirectly (i)
accept, promise, offer or provide any improper advantage to,
or (ii) enter into an agreement (a) with any entity or person,
including officials of a government or a government-
controlled entity, or (b) relating to a product, which would
constitute an offense or infringement of applicable Laws and
Standards.
17.
El Comprador garantiza expresamente que sus
empleados, agentes y subcontratistas, en forma directa o
indirecta, no (i) aceptarán, prometerán, ofrecerán o
proporcionarán, ninguna ventaja indebida a, ni (ii) celebrarán
un acuerdo con (a) ninguna entidad o persona, incluidos los
funcionarios de un gobierno o de una entidad controlada por el
gobierno, o (b) relacionado con un producto, que pudiera
constituir un delito o una infracción de las Leyes y Normas
aplicables.
17.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Spain.pdf
Buyer acknowledges that Seller has
deudas a su vencimiento, o entra en liquidación o se inicia
cualquier procedimiento concursal por o contra el
Comprador o si se designa a un fideicomisario o síndico o
administrador para la totalidad o parte sustancial de los
activos del Comprador o si el Comprador realiza cualquier
cesión en beneficio de sus acreedores; o (iv) en caso de
incumplimiento por el Comprador de cualquier ley, estatuto,
ordenanza, reglamento, código o norma ("Leyes y Normas"),
el Vendedor podrá, mediante notificación por escrito al
Comprador, sin perjuicio de cualesquiera de sus otros
derechos, (a) exigir la devolución y tomar posesión de
cualquier Producto entregado que no haya sido pagado y
todos los costes relacionados con la recuperación de los
Productos serán por cuenta del Comprador; y/o (b) suspender
su ejecución o rescindir su confirmación de pedido para la
entrega pendiente de Productos, salvo que el Comprador
realice dicho pago por los Productos en efectivo por
adelantado o proporcione al Vendedor una garantía adecuada
de dicho pago por los Productos.
Buyer expressly warrants
that employees, agents and subcontractors of Buyer shall
not directly or indirectly (i) accept, promise, offer or
provide any improper advantage to, or (ii) enter into an
agreement (a) with any entity or person, including officials
of a government or a government-controlled entity, or (b)
relating to a product, which would constitute an offense or
infringement of applicable Laws and Standards.
17.
El
Comprador garantiza expresamente que los empleados,
agentes y subcontratistas del Comprador no (i) aceptarán,
prometerán, ofrecerán o proporcionarán ninguna ventaja
indebida a, o (ii) suscribirán un contrato (a) con entidad o
persona alguna, incluidos funcionarios de gobierno o de una
entidad controlada por un gobierno, o (b) relacionado con un
producto, directa o indirectamente, que pudiera constituir un
delito o una infracción de las Leyes y Normas aplicables.
17.
https://www.avient.com/sites/default/files/2022-06/MEVOPUR Bio-based Solutions Application Bulletin_CN %281%29.pdf
埃万特的产品不为以下目的或用途而设计,也不会宣传或预期用于以下目的或用途:
(a) 被美国食品药品监督管理局(FDA)或国际标准化组织(ISO)归类为“植入”类器械的医疗器械;或美国药典(USP)或ISO标准定义的“永久”使用器械;或
(b) 经修订的欧盟指令90/385/EEC中定义的有源植入式医疗器械;或者
(c) 经修订的欧盟指令93/42/EEC中定义的“长期”使用的医疗器械。
https://www.avient.com/sites/default/files/2022-08/MEVOPUR Special Effect Colors Application Bulletin_CN.pdf
埃万特的产品不为以下目的或用途而设计,也不会宣传或预期用于以下目的或用途:
(a) 被美国食品药品监督管理局(FDA)或国际标准化组织(ISO)归类为“植入”类器械的医疗器械;或美国药典(USP)或ISO标准定义的“永久”使用器械;或
(b) 经修订的欧盟指令90/385/EEC中定义的有源植入式医疗器械;或者
(c) 经修订的欧盟指令93/42/EEC中定义的“长期”使用的医疗器械。
https://www.avient.com/sites/default/files/2021-09/mevopur-colors-for-ophthalmic-closures-application-bulletin-cn.pdf
埃万特的产品不为以下目的或用途而设计,也不会宣传或预期用于以下目的或用途:
(a) 被美国食品药品监督管理局(FDA)或国际标准化组织(ISO)归类为“植入”类器械的医疗器械;或美国药典(USP)或ISO标准定义的“永久”使用器械;或
(b) 经修订的欧盟指令90/385/EEC中定义的有源植入式医疗器械;或者
(c) 经修订的欧盟指令93/42/EEC中定义的“长期”使用的医疗器械。
https://www.avient.com/sites/default/files/2024-10/Compensation Committee Charter - Final.pdf
With the assistance of management and any outside advisers the Committee deems
appropriate (a) review and discuss with management the Company’s disclosures in the
CD&A, and, based on this review, make a recommendation as to whether to include it in the
Company’s annual report on Form 10-K and proxy statement relating to the Company’s
annual meeting of shareholders, and (b) prepare a Compensation Committee Report for
inclusion in the Company’s proxy statement or other applicable SEC filings.
4
Board Reports and Annual Evaluation
https://www.avient.com/sites/default/files/2025-04/Supplier Code of Conduct FV_Germ.pdf
B.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520-%2520November%25202015.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014
Adjusted EPS
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65% 66%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $183M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
2006 YTD 2015 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 17.2% 20%+
Global Specialty Engineered
Materials 1.1% 15.1% 20%+
Designed Structures & Solutions 1.4% (2012) 3.5% 12 – 14%
Performance Products &
Solutions 5.5% 8.1% 10 – 12%
Distribution 2.6% 6.6% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 66% 80%+
3) ROIC 5.0% 11.9% 15%
4) Adjusted EPS Growth N/A
24 Consecutive
Quarters of YOY
EPS Growth
Double Digit
Expansion
Proof of Performance & 2020 Goals
PolyOne Corporation Page 8
Innovation Drives Earnings Growth
*Percentage of Specialty Platform revenue from products introduced in last five years
$20
$52
2006 TTM
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
28%
2006 TTM
Specialty Platform
Gross Margin %
12%
43%
2006 TTM
Specialty Vitality Index Target ≥ 35%
TTM 9/30/15 TTM 9/30/15 TTM 9/30/15
PolyOne Corporation Page 9
Innovation Pipeline Potential
Prototype Frame
Opportunity
Scale-up & Test
Market
Build
Business Case
Commercial
Launch
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
12
4
9
6
1
6
3 7 4
5
6
1
1
7
2
Breakthrough
Platform
Derivative
Number of Projects 12 10 23 19 10 74
Specialty
Addressable Market
($ millions)
- - $1,150 $1,000 $250 $2,400
PolyOne Corporation Page 10
Lightweighting with Advanced Composites
Increasing Healthcare Penetration
Innovation Initiatives
Expansion in Consumer Markets
New Market Development
$$$ $$ $
High Temperature Polymers
PolyOne Corporation Page 11
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 12
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
• Supporting customers who lack their own formal process improvement initiatives
Providing training in Customer Centric Selling Skills with customers’
sales force
PolyOne Corporation Page 13
60%
97%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 Q3 2015
Pension Funding**
As of September 30, 2015
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA** = 2.1x
$49
$121
$317
$600
$400
$0
$100
$200
$300
$400
$500
$600
$700
$800
2015 2018 2020 2023
Debt Maturities
As of September 30, 2015
($ millions)
Coupon Rate: 7.500% Variable* 7.375% 5.250%
** includes US-qualified pension plans only *Weighted average rate on revolver was 2.49% as of 9/30/15 **TTM 9/30/2015
PolyOne Corporation Page 14
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased nearly
2.4 million shares in Q3
2015
Repurchased 14.8
million shares since
early 2013
5.2 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 15
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
Addressable market exceeds $40 billion
Strong performance demonstrates that our strategy and execution
are working
Megatrends and emerging opportunities align with our strengths
Innovation and services provide differentiation, incremental pricing
power, and competitive advantage
Strong and proven management team driving growth and
performance
PolyOne Corporation Page 16
Appendix
PolyOne Corporation Page 17
$0.20
$0.28
$0.36
$0.49
$0.54
$0.00
$0.15
$0.30
$0.45
$0.60
Q3'11 Q3'12 Q3'13 Q3'14 Q3'15
Adjusted EPS
Q3 2015 Financial Highlights
Color Additives & Inks operating
margin reaches record third quarter
level of 17.3%
Specialty Engineered Materials
operating margin grew 210 basis
points year-over-year to 14.7%
Third quarter adjusted EPS has
grown on average 28% per year
since 2011
$13
$19
$29 $30
$35
$0
$10
$20
$30
$40
Q3'11 Q3'12 Q3'13 Q3'14 Q3'15
GCAI Operating Profit
$11
$13
$15
$18
$20
$10
$14
$18
$22
Q3'11 Q3'12 Q3'13 Q3'14 Q3'15
GSEM Operating Profit
Note: $ in millions, except per share data
PolyOne Corporation Page 18
Appliances
2%
Building &
Construction
12%
Consumer
7%
Electrical &
Electronics
1%
Healthcare
6%
Industrial
14%
Packaging
31% Textiles
7%
Transportation
8%
Wire & Cable
12% 1.7%
4.6% 5.1%
5.5%
7.2% 8.1%
9.7%
12.2%
17.2%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
At a Glance
Global Color, Additives and Inks
2014 Revenues: $0.9 Billion Solutions
Expanding Profits 2014 Revenue by Industry Segment
14.7%
Platinum
Vision
United States
44%
Europe
36%
Canada
2%
Asia
12%
Latin America
6%
PolyOne Corporation Page 19
Appliances
4% Building &
Construction
3%
Consumer
18%
Electrical &
Electronics
16%
Healthcare
12%
Industrial
8%
Packaging
5%
Transportation
20%
Wire & Cable
12%
At a Glance
Global Specialty Engineered Materials
2014 Revenues: $0.6 Billion Solutions
2014 Revenue by Industry Segment Expanding Profits
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6%
9.3%
15.1%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
Platinum
Vision
12.1%
United States
44%
Europe
33%
Canada
2%
Asia
19%
Latin America
2%
PolyOne Corporation Page 20
Appliances
2% Building &
Construction
8%
Consumer
5%
Healthcare
6%
Industrial
23%
Packaging
27%
Transportation
30%
United States
96%
Canada
4%
At a Glance
Designed Structures and Solutions
Solutions 2014 Revenues: $0.6 Billion
Expanding Profits 2014 Revenue by Industry Segment
1.4%
5.6%
7.3%
3.5%
12-14%
2012 2013 2014 YTD 2015 2020
Operating Income % of Sales
Platinum
Vision
PolyOne Corporation Page 21
Appliances
8%
Building &
Construction
33%
Consumer
5% Electrical &
Electronics
3%
Healthcare
1%
Industrial
11%
Packaging
5%
Transportation
18%
Wire & Cable
16%
5.5%
6.9%
3.8%
3.6%
5.5%
4.3%
6.3%
7.2%
8.1%
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
At a Glance
Performance Products and Solutions
Solutions
Expanding Profits
2014 Revenues: $0.8 Billion
10-12%
Platinum
Vision
2014 Revenue by Industry Segment
7.7%
United States
80%
Canada
14%
Asia
2%
Latin America
4%
PolyOne Corporation Page 22
Appliances
6%
Building &
Construction
5%
Consumer
13%
Electrical &
Electronics
6%
Healthcare
23%
Industrial
15%
Packaging
4%
Transportation
25%
Wire & Cable
3%
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4% 5.9%
6.6% 6.5-7.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
15%
52%
2006 Q3 2015
At a Glance
Distribution
Key Suppliers 2014 Revenues: $1.1 Billion
ROIC Expanding Profits
6.1%
Platinum
Vision
http://www.avient.com/Pages/VariationRoot.aspx
PolyOne Corporation Page 23
2 lbs Plastic
=
3 lbs aluminum
or
8 lbs steel
or
27 lbs glass
33% less material by weight
than aluminum
75% less material by weight
than steel
93% less material by weight
than glass
Requires 91% less energy to
recycle a pound of plastic versus
a pound of paper
Source: SPI: Sustainability and the Plastics Industry
Plastics: Key to Future Sustainable Development
PolyOne Corporation Page 24
Commitment to Operational Excellence
81%
93%
2006 2014
16.2%
9.9%
2006 2014
On-Time Delivery
Working Capital % of Sales
5%
43%
2006 2014
Percent of Associates Trained in LSS
Five consecutive years – CFO Magazine
Best Working Capital Management in the
chemical industry
World’s Best Business
Process Excellence
Program in 2012*
113 trained Black Belts
235 trained Green Belts
151 trained Kaizen Leaders
World’s Best Start-up
Program for Lean Six Sigma
Deployment in 2009*
*Both awards received from International Quality and Productivity Center
PolyOne Corporation Page 25
Application Examples
PolyOne Corporation Page 26
Outdoor Applications
• Leading provider of high performance
specialty materials for the recreational
and sports & leisure industry
• Well positioned across all segments to
address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
Source: Outdoor Industry Association
PolyOne Corporation Page 27
$1.5 billion attractive, growing market
Additives improve performance and reduce cost
through light-weighting, reduced waste, faster
cycle times, and extended shelf life of finished
product
Aligned with megatrend of protecting the
environment:
Sustainability benefits include lower
package weight and improved recyclability
of package at end of use
Market Opportunity
Leading Global Supplier of Additives In Growing PET Market
Shelf-life extension
Greater product
consistency
Recyclability and
reduced carbon
footprint
Color and Special
Effects
Weight reduction
Enhanced product
aesthetics
High heat resistance
PET Bottling Technology
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2009 2014 2019
Asia Pacific North America
Latin America Western Europe
Eastern Europe Middle East and Africa
Global PET Packaging Growth 2009-2019
Source: Euromonitor retail off-trade consumption (PET bottles & jars, home care, personal care,
food & non-alcoholic beverages)
B
ill
io
n
un
its
5% CAGR
PolyOne Corporation Page 28
• Includes formulation and
consultative services to assist
manufacturers and brand owners in
positively identifying their finished
goods
• Protects brand equity & consumer
welfare
• Reduces exposure to unwarranted
recall expenses
• Secures supply chain integrity –
support for safe expansion into new
geographies
Authentication Technology
PolyOne Corporation Page 29
• Color harmonization across
15 unique color-and-polymer
combinations
• Eliminated need for multiple pre-
colored materials
• Reduced Land Rover’s working
capital
2015 Range Rover Evoque Interior
PolyOne Corporation Page 30
• Reduced health and
environmental impact
• System cost reduction
• Radiation-shielding
performance
• Parts consolidation
• Design freedom
CT Scanner
PolyOne Corporation Page 31
Metal Replacement Solutions
• Replaces metal in LED lighting
• Extends LED durability and life
span eliminating hot spots
• Greater design flexibility with
fewer parts
• Weight reduction
• Simplifies manufacturing and
lowers total production cost
PolyOne Corporation Page 32
High-Barrier Packaging Containers
• Capability to extrude up to 13
layers
• Strong oxygen and moisture
vapor transmission protection
• Can be made symmetrical or
asymmetrical to meet
customized needs of broad
variety of applications
• Barrier protection and superior
sensory properties
PolyOne Corporation Page 33
Aerospace Applications
• Leading provider of specialty materials
for the aerospace industry
• Typical applications
Mil-spec aircraft windows, canopies,
windscreens, instrument panels,
wingtip lenses
Interior – gallery furnishings, tray
tables, arm rests, trim strips, joint/edge
coverings
• Benefits:
High impact strength
Resistant to UV rays
Flame and smoke compliance
Easy to clean with aggressive cleaners;
anti-microbial grades available
Range of sizes, thicknesses, colors, etc.
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented in
accordance with U.S.
https://www.avient.com/sites/default/files/2021-04/existencia-y-represnentacion-avient-colombia-sas.pdf
En desarrollo del objeto social, la sociedad podrá
celebrar, ejecutar y realizar todas las actividades, operaciones y
negocios comerciales y/o financieros relacionados con cualquiera de
las actividades descritas, bien en su propio nombre o por cuenta de
terceros o en participación con ellos, tales como: A) Adquirir a
cualquier título empresas nacionales o extranjeras, incorporarse o
fusionarse con ellas en cualquier forma; B) Adquirir, enajenar o
administrar de toda clase de bienes muebles o inmuebles, así como
darlos en prenda o hipotecarios.
Cuando la duración del contrato sea
de hasta de un (1) año, el límite por debajo del cual podrá contratar
el gerente general es el equivalente en pesos de cincuenta mil
francos suizos (chf 50,000) al tipo de cambio a pesos de la fecha de
la firma del contrato; b.
Y b.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Indonesia %28English translation%29.pdf
If (i) Buyer is in default of
performance of its obligations towards Seller and fails to provide
adequate assurance of Buyer’s performance before the date of
scheduled delivery; or (ii) if Seller has reasonable doubts with
respect to Buyer’s performance of its obligations and Buyer fails to
provide to Seller adequate assurance of Buyer’s performance before
the date of scheduled delivery and in any case within thirty (30) days
of Seller’s demand for such assurance; or (iii) if Buyer becomes
insolvent or unable to pay its debts as they mature, or goes into
liquidation or any bankruptcy proceeding shall be instituted by or
against Buyer or if a trustee or receiver or administrator is appointed
for all or a substantial part of the assets of Buyer or if Buyer makes
any assignment for the benefit of its creditors; or (iv) in case of non-
compliance of Buyer with any law, statute ordinance, regulation,
code or standard in the Republic of Indonesia concerning the trade,
export or re-export of products, services, data or technology (“Laws
and Standards”), then Seller may by notice in writing to Buyer,
without prejudice to any of its other rights: (a) demand return and
take repossession of any delivered Products which have not been
paid for and all costs relating to the recovery of the Products shall be
for the account of Buyer; and/or (b) suspend its performance or
terminate its order confirmation for pending delivery of Products
unless Buyer makes such payment for Products on a cash in advance
basis or provides adequate assurance of such payment for Products
to Seller.
Buyer expressly warrants that employees,
agents and subcontractors of Buyer shall not directly or indirectly (i)
accept, promise, offer or provide any improper advantage to, or (ii)
enter into an agreement (a) with any entity or person, including
officials of a government or a government-controlled entity, or (b)
relating to a product, which would constitute an offense or
infringement of applicable Laws and Standards.
17.
The Buyer and Seller agree to waive Articles 48 and 73
paragraph (b) of the Arbitration Law, so that the mandate
accorded to the appointed arbitrators will be in force validly until
the issuance of the final arbitration award.
23.