(A company licensed under Section 42 of the Companies Act, 2017)

Economic Study

For

“LAHORE FORT INTERPRETATION CENTRE – SITE MUSEUM”

Aga Khan Cultural Service Pakistan [AKCS-P] - Client

Suriya Nauman Rehan & Co.

Chartered Accountants

October 2022
 Lahore: House 7/10 Sundardas Road, Zaman Park Tel: (92.42) 36286371-3
Islamabad: Serena Business Complex Tel: (92.51) 2072 500-30
Gilgit: Professional Development Centre North (PDCN) University Road, Konodass, Gilgit Tel: (92.5811) 454132-4
Registered Office: Karachi: New Jubilee Insurance House, 5th Floor, I.I.Chundrigar Road Tel: (92.21) 324 11141
ECONOMIC STUDY AGREEMENT:
Country: Pakistan

Project: HERITAGE & URBAN REGENARATION: TOURISM DEVELOPMENT IN

LAHORE FORT & ITS BUFFER ZONE (HURL)

Client Agency: Aga Khan Cultural Service Pakistan

Coordinates: Aga Khan Cultural Service Pakistan

House 7/10 Sundardas Road, Zaman Park, Lahore
Tel: +(92.42) 36286371-3

Service Provider: Nauman Rafique

Suriya Nauman Rehan & Co.

Chartered Accountants

Coordinates: House No2, Street 2, F-7/3 Islamabad

Tel: + 51 2610931-2
Email:

Dear Mr. Nauman Rafique,

I am writing to formalize an agreement under which you will conduct Economic Study of the Lahore fort
Interpretation Centre – Site Museum. And will carry out the assignment in accordance with the TOR,
and other Annexes.

A. Objectives of this Consultancy:

A. Main objectives:

Carry out Economic Study of Lahore Fort Interpretation Centre – Site

Museum in line with the attached TOR

B. Agreement Programme:

Effective Start Date: 20th October 2022

Duration: 03 Months

Final Repot Submission 10th December 2022

Date:

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C. Consultant’s Scope of Services:

Description of Services:

1. • Economics internal rate of return

• Scenario Analysis
• Assessment of Inflows
• Associated cost of operation
• Internal Rate of Return
• Complete analysis in line with attached TOR

2. Report to be submitted within 6 weeks from the date the contract is signed.

D. Service Provider’s Compensation:

1. Fee: The fee will PKR 2,000,000/= (two million only) inclusive of all applicable
taxes as per law.
2. Reimbursable Travel and accommodation cost will be paid by the AKCSP at actuals.
Expenses:

If you are in agreement with these objectives, terms and conditions, I would be grateful if you would
countersign one copy of this letter and return it to me.

May I take this opportunity to express my appreciation to you for your collaboration on this important
project.

I wish you all the success for a productive consultancy and look forward to seeing the results of your
work.

Yours sincerely,

__________________________ __________________________

Khawaja Tausif Ahmad Shiraz Ali

CEO, AKCS-P Director HCP

Accepted and Agreed:

Suriya Nauman Rehan & Co Date: October 15, 2022

General Terms and Conditions:

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1. Coordination:
2. Property of written,
audiovisual, and other
materials resulting from this
consultancy:
3. Non-insurance of the
Service Provider:
4. Taxes and payments
5. Alteration of objectives,
terms and conditions of
this agreement:
During the period of the contract, you will work, in close coordination
with Mr. Rashid Makhdum and Mr Wajahat Ali for any information and
finalization of the report.
It is understood between us that all written, audio-visual, digital and any
other material produced by you as a result of this assignment is and shall
remain the property of the AKCSP, that the copyright in such material
shall accrue exclusively to the AKCSP and that all information acquired
by you in the course or as result of this consultancy is confidential and
may not be divulged to others without the Clients’ prior express
permission in writing. Approval must be obtained before any reports
prepared by you as a result of this study are shown or otherwise released
to anyone outside the organization.
Please note that the AKCSP do not provide any insurance coverage for
its service provider and cannot be held responsible for any accident or
other incident arising in relation to or during this technical support
activity.
a. Insurance for accidents, life, disability, medical expenses, theft or
other purposes is the responsibility of the service provider. You are
expected to take out appropriate insurance coverage if you so wish at your
own expense and in your own name. However, AKCS (P) is ready to
reimburse you the reasonable cost of insurance required for the
assignment, subject to pre-notification and agreement in advance in
writing.
b. There shall be no claim by you, your heirs, executors,
administrators, successors or other legal representatives with respect to
any injuries or damage neither suffered, however caused, nor with respect
to any expenses incurred in relation to health, travel, injury or life during
the period of this agreement.
The taxes (under FBR & PRA) will be deducted at source in line with the
applicable laws. The amount net of taxes will be transferred to your bank
account through E-Transfer.
Payment Schedule:
• 25% advance
• 25% on submission of draft report 25% on
submission of final report
• 25% on approval of final Report
The Client reserves the right to alter the objectives set out above in the
light of local needs from time to time. We also reserve the right to propose
at any time other changes in the terms and conditions in the present
contract. Should we be unable to reach mutual agreement on these
changes, each party may, subject to 15 days advance notice in writing,
cancel the present contract?
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 6. Termination of this
Agreement: This contract
may be terminated:
7. Arbitration:
Attachments:
1. Detailed TOR
2. Visitors Center Hypothesis
• If the deliverables are not provided in line with scope of
work and timeline.
• Both the parties reserve the right to terminate the
agreement through advance written notice of 15 days.
Any dispute conserving the interpretation of this agreement, or its terms,
conditions and application shall be submitted for arbitration to an
individual acceptable to both parties.
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