Article 429.3: Options contract

1. Under an option contract, one party, under the terms of that treaty, is entitled to require, within the time period specified by the treaty, the other party to the performance of the option contract. An option contract is terminated if the party in question fails to make a claim within the specified time limit (including payment of money, transfer or take over of the property). 2. A claim under an option contract may be deemed to have been made in the event of the occurrence of circumstances specified by such a treaty. to whom a party pays the monetary amount provided for in such a contract, except where an option contract, including an agreement concluded between commercial organizations, provides for payment of the amount of money provided for in the contract. 3. When the option contract is terminated, it shall be subject to a different obligation or other legally protected interest arising from the relationship of the parties. 4. The payment provided for in paragraph 2 of this article shall not be surrendered unless otherwise provided in the option contract. The Committee recommends that the State party take all necessary measures to ensure that the State party’s compliance with the provisions of the Convention is not undermined by the provisions of the Convention.