Brussels, 09 Jan 2003
Subject: Draft Memorandum of Understanding for the implementation of a European Concerted Research Action designated as COST Action E34 "Bonding of Timber"
The Signatories to this Memorandum of Understanding, declaring their common intention to participate in the concerted Action referred to above and described in the Technical Annex to the Memorandum, have reached the following understanding:
1. The Action will be carried out in accordance with the provisions of document COST 400/01 "Rules and Procedures for Implementing COST Actions", the contents of which the Signatories are fully aware of.
2. The main objective of this Action is to achieve improvement in bonding timber and wood towards a higher common technical, economic and environmental standard.
3. The economic dimension of the activities carried out under the Action has been estimated, on the basis of information available during the planning of the Action, at Euro 5 million in 2002 prices.
4. The Memorandum of Understanding will take effect on being signed by at least five Signatories.
5. The Memorandum of Understanding will remain in force for a period of four years, calculated from the date of first meeting of the Management Committee, unless the duration of the Action is modified according to the provisions of Chapter 6 of the document referred to in Point 1 above.