OIL SPILL RESPONSE (CAPPING) LIMITED

Payment terms of 60 days are offered to suppliers under the entities standards terms, however the entity will negotiate different terms with suppliers where it is appropriate to do so. The standard payment terms have not changed during the reporting period. Any change to negotiated payment terms is agreed in writing between the parties. No payment period of longer than 90 days has been agreed for any contract.

The process for dispute resolution aims to be a clear, fair, and efficient process for resolving disputes under law. It prioritises negotiated settlement and aims to minimise cost, time, and disruption. It operates under the below principles:

· Negotiation First: Parties must make every reasonable effort to resolve disputes amicably through direct negotiation.

· Good Faith: All parties shall act honestly and fairly throughout the process.

· Proportionality: Resolution methods should be proportionate to the nature and complexity of the dispute.

In the event of an escalation, disputes will follow the below steps:

Step 1: Informal Negotiation

· The initiating party shall notify the other party in writing.

· Both parties will attempt resolution within a reasonable period of notice.

Step 2: Executive-Level Review

· If unresolved, the matter shall escalate to the Executive Team for structured discussion and decision-making.

· A written summary of the dispute and prior attempts at resolution must be provided.

Step 3: Mediation (Exception Basis)

· If executive review fails, parties may agree to mediation.

· Costs of mediation shall be shared equally unless otherwise agreed.

Step 4: Legal Proceedings (Final Resort)

· Litigation or arbitration shall only be pursued when all other steps have been exhausted.