PESHAWAR: Small and Medium Enterprises Development Authority (Smeda) and Small Industries Development Board (SIDB) have joined hands for running of the Women Business Development Centre (WBDC), Saidu Sharif, Swat for the growth and development of the women entrepreneurs in the area. In this connection, both parties signed a formal Memorandum of Understanding (MoU).  On behalf of Smeda, CEO of the authority, Sher Ayub Khan signed the MoU while SIDB was represented by MD Rasheed Khan respectively.–Bureau Report

Under the agreement, both parties have agreed to shift the furniture, fixtures and equipment of the Smeda's WBDC Swat to newly established SIDB Saidu Sharif, Swat up to the end of the current financial year 2017-18 and the furniture, fixtures and equipment shall be properly managed by second party on behalf of the first party.

Under the MoU, the Smeda will shift the entire infrastructure including furniture, fixtures and equipment to the board and provide all the technical support including the training programmes and networking activities related to women entrepreneurship.

The provision of the legal and technical support will also be responsibility of the authority.

The obligation of the SIDB under the MoU is the property takeover of the furniture and equipment of WBDC and a proper receipt letter should also be provided to the Smeda.

However, in any case, the SIDB will not be entitled to sell, sublet, destroy, mortgage, pledge hypothecate or handover the furniture and equipment or any other assets of the centre.

The Small Industries Development Board will also be responsible to implement the activities of the WBDC as envisaged in PC-I and shall be responsible for operational cost including staff appointments as deemed necessary.

In case of default or improper management to run the WBDC on the part of the SIDB Peshawar, the entire furniture and equipment will be taken back by Smeda. Such a takeover shall be pursuant to the serving of a three months notice by the Smeda KP provincial chief to the SIDB Peshawar.

Under the arrangements, the SIDB shall be responsible for the payment of all the liabilities that may arise relating to the WBDC including to the payment of utilities, duties, taxes and fees etc and will also maintain proper record of finances. Accounts and revenue generated of the WBDC.

Similarly, no party shall be liable to any damages or have the right to terminate the MoU for any delay or default in performing hereunder if such delay or default is caused by conditions beyond its control. In case, the SIDB fails to perform obligations, duties and yearly activities assigned to it as per approved PC-I of the scheme, Smeda may terminate the contract while serving three months notices and all the equipments, assets and machineries will be taken back from the board by the authority.

All disputes arising with respect to the validity of the MoU, its interpretation and its performance shall be referred to arbitration.

The SIDB managing director and the Smeda CEO will be the arbitrators, who shall announce their decision after giving due opportunity of hearing to both the parties, such decision shall be final and binding upon the parties.