The PRC legal system is a codified legal system made up of written laws, regulations, circulars, administrative directives and internal guidelines. Unlike common law jurisdictions such as the U.S., decided cases (which may be taken as reference) do not form part of the legal structure of the PRC and thus have no binding effect. Furthermore, in line with its transformation from a centrally planned economy to a more market-oriented economy, the PRC government is still in the process of developing a comprehensive set of laws and regulations. As the legal system in the PRC is still evolving, laws and regulations or their interpretation may be subject to further changes. Such uncertainty and prospective changes to the PRC legal system could adversely affect our results of operations and financial condition.
Section14.4 Binding Effect. This Agreement will be binding on and will inure to the benefit of the Members and their respective successors and permitted assigns.
Section16. Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.
7. No Binding Effect. This Letter of Intent solely represents the Buyer Consortiums preliminary intent of acquisition, without providing all the terms and conditions necessary for completing the Proposed Transaction. This Letter of Intent shall not be construed as a document having binding effect on any party. The rights and obligations of each party to the Proposed Transaction shall be subject to the definitive agreement to be entered into by the parties.