11Commercial transactions

11 Commercial transactions

(1) A foreign State is not immune in a proceeding in so far as the proceeding concerns a commercial transaction. (2) Subsection (1) does not apply: (a) if all the parties to the proceeding: (i) are foreign States or are the Commonwealth and one or more foreign States; or (ii) have otherwise agreed in writing; or (b) in so far as the proceeding concerns a payment in respect of a grant, a scholarship, a pension or a payment of a like kind. (3) In this section, commercial transaction means a commercial, trading, business, professional or industrial or like transaction into which the foreign State has entered or a like activity in which the State has engaged and, without limiting the generality of the foregoing, includes: (a) a contract for the supply of goods or services; (b) an agreement for a loan or some other transaction for or in respect of the provision of finance; and (c) a guarantee or indemnity in respect of a financial obligation; but does not include a contract of employment or a bill of exchange.